Been a few weeks since I've discussed the price action of steem. So let's take a look and see where we are at!
Same Levels Still Coming Into Play
This is the daily chart of Steem/USD and all the support and resistance lines drawn are the same ones that were there last time I did a review.
Looking at the chart you can see we bounced of the 2.60 support area on an intraday basis five days ago.
It was encouraging to see that and then without much of a surprise, we saw price run into resistance at the 4.30 area.
The current candle failed its attempt to breach that resistance and we are now seeing a doji candle (indecision candle) as neither the buyers or sellers are in full control at the moment.
So it looks like we are currently established in that 2.60-4.30 range, which I'm more than fine with for the near-term.
Looking back further...
You can see numerous instances where price tested and bounced off 4.30. It did the same thing with the 2.60 area on the occasions it failed to hold 4.30. These make for good reference points for entries and exits.
Outlook
For the upside, we need to establish above 4.30, then ideally $5 before we can take a run at that 6.75 resistance.
On the downside, let's just hold 2.60 as a bottom so we do not have to worry at all :-)
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Best Regards,
Disclaimer: All info in this post is my opinion and for educational use.
Free e-book: ScaredyCatGuide to Knowing What the Heck Bitcoin Is
Best Regards,
Disclaimer: All info in this post is my opinion and for educational use.