Dear Steem Price - Why Must You Tease Me So?
We've all seen the spike in SBD this week, but STEEM made a bit of a move itself, more than doubling for a brief moment.
Finally, we are out of the range.....Err, wait.
The price of steem has basically been stuck in a range for nearly six months and unfortunately has spent most of the time in the low end of that range.
The range I speak of is about .80 to roughly $1.80
What I Do Like....
See that rounding bottom we have gotten starting with the down move in October and then concluded with the push we just got here in early December - That is a Bullish Price Pattern
The thing is we need to consolidate above $1.60 for the pattern to truly be confirmed. You can picture it as a cup and handle. We formed the cup, now we need to go sideways at or above $1.60 at a minimum to form the handle.
What I'm not a fan off....
Steem spiking intraday (the big upper wick at end of the chart) over $2.80 only to come crashing back down into this range.
I zoomed further out on this chart so you can see how things played out.
Steem had a price spike up to highs established back in June. The run was short lived as it immediately pulled back.
That high is are resistance point and the level we need to breach and close above in order to make a run at the all time highs.
But first...let's just get established above this damn $1.80 level. Then we can go after the $2.60 resistance.
Some things I use:
- 1broker to trade stock and currency using my bitcoin
- Bitconnect to earn daily interest lending bitcoin. Love me some passive income.
Best Regards,
Disclaimer: All content in this post is my opinion and for informational purposes only.
Awesome analysis, man. I see a bullish picture emerging to, but a few further confirmations needed before we can get all excited and stuff. Though I must admit. It will be sad saying goodbye to that "cheap steem" too so to speak, lol...
Great post, bud. :)
Thanks man! The price action is a bit positive compared to prior months. We shall see if she holds!
Looks like it's pulling back just like it would if it was moving into a cup and handle. You see the same shape all over the place these days. IMO this looks exactly what I'd expect to happen to go up.
People are always going to be cashing in their steem so I don’t see it hitting all time highs again until major adaption of people join. Plus, inflation and stuff. Just my opinion though
There is that constant selling that will always cause pressure.
What is the deal with SBD? I thought it was supposed to be pegged to 1 USD?
Yes, they are. It's an outlier they will eventually trend back down there.
By outlier you mean bug that made it stop functioning as it should?
Nice analysis. I really don't think that works with crypto like it does with the stock market. I'm not bashing your post, I think you did a good job it just seems like crypto is to everywhere right not to be able to try and predict it.
Thanks for the analysis! Just wondering: I've heard some really bad things about bitconnect, notably that it's built on a very shaky foundation. What's your experience with it?
It's the best platform of all the lending coins, imho. Yes, there are a bunch of other lending coin platforms that have popped up this year. It's been good to me so far, getting my daily payments for 3 months now.
As long as BTC is trending higher on a whole bitconnect will be fine, once that changes things likely get ugly.
I asked myself when I got involved, do I think this thing will blow up in the next 6 months? I felt no it won't so that means I make money, even if I weren't to get my loan back, still turns a nice profit in that time frame.
It seems they are trying to build it to last, a bitconnect debit card just launched. I don't see how they can maintain there payout rate over the long-term but over the next year or so I'll take the payday :-)
I think we will see a steady upward move in the price of steem from now on. The fundamentals are getting stronger with every step towards the SMT, Community feature and the overall interest in the Steemit Blockchain.
Definitely super interesting price action for steem and sbd this week. Full pump and full 76% fib retracement completed as I write this:
Yeah, I could have done without the 76% retracement...lmao ;-)
We need that to the moon pattern :)