ScaredyCatGuide Heard the Price of Steem Utter the Words - Level Up!
The recent price action in steem has me touching on it more than usual, but that's a good thing! We just thrust up to a new level on some good volume (which is key) - pushing through the range I discussed in my past two posts.
Let's take a look at where we are and the upside and downside targets!
Level Up
If you need a reminder; Here is the analysis from Monday: Do You Remember the .40 level Mentioned
New Territory!
Looking at the chart above I circled three key items:
Volume Spike
Looking at the volume bars you will see Tuesday's (6/6/17) bar circled. What is noteworthy is the spike in volume on that big green candle that pushed us through the prior high.
If you look at our last few spikes that proceeded to hold that new area - THEY ALL CAME ON VOLUME SPIKES.
Prior High Breached
The second circle from the right of the chart is our prior high. On the initial bounce in price we were able to breach the closing high of that move, but not the intraday high. Establishing above that was the next target.
Tuesday's move got us there and more importantly the candle closed above it. Thus far we are still holding above that level while we get a little digestion after the big move.
Closing today's candle above .00077 is important in order to start establishing a new range and turn that level into a support.
Upside Target
Looking to the left of the chart we will see another prior high circled. This represents are next upside target as we likely find some resistance there given the prior price action.
Basically we are shooting for .0010 up to .00115 as are next upside targets.
Conclusion
If we can consolidate in this area and establish a new range in the .0007 to .0011 level it would keep us right on track with the positive price action we have seen in the past couple months. More than happy to watch steem take its time stair stepping up the chart!
The next few days will tell us the story, here's hoping we hold higher!
Regards,
post image source
Disclaimer: All info in this post is my opinion and for info use only.
Just followed you!!!
Sweet! I just entered the lotto and upped a few of your recent posts as well :-)
Thanks for your analysis you have some good insights :) The recent climb has been explossive, so I just hope we won't see a sudden pullback below your targeted consolidation range. Fingers crossed :)
My pleasure, yeah the price is flirting with the bottom end of the range now. Let's hope it holds!
On the other hand, if it does dip below it could be a opportunity to buy and hold on a long position :)
This is true. I got too excited when I first got on steemit in July and ended up buying with some fiat on the whole ride down last summer...LOL. What I get fro not acting on my own charting analysis....hahaha
https://www.facebook.com/steemitbc
https://twitter.com/steemitbc
Thanks man! Appreciate it.
I got you buddy, your ahead of the crowd due to the growing friendship between us, you helped me very early on and its really the least I can do for you. I don't and won't forget stuff like that. Just keep blogging away and I will keep posting for you.
Cool man! Keep grinding. I just put up a new post - Wall Street basically called Advanced Micro Devices a proxy investment for Bitcoin..LOL. No need to do an SBC share on this one, not a good fit in my opinion. I just thought you would find the info interesting.
Up up and away!!!!
Its a bird, its a plane.....nope its Steemit! :-)
I don't always level up, but when I do I say:
Oh my god, lmao. That was awesome!
When you level up, you really gotta feel it and just put everyone on notice.
Great information, excellent results. Steem is here to stay. Welcome to the future. Full steem ahead. Resteemed my friend
Yes, hoping for continued momentum!
🍒 I'm new to all this stuff, but one thing I know is that I love it, so thank you for sharing your expertise with us scaredy cat's hehehe ;) and I will follow you because I liked how you explain it :D
Thanks- I try to keep it simple and easy to understand. And that is one scared kitty! lol ;-)
Respect your analysis!!! @scaredycatguide
Thank you sir!
You all have forgotten me, I feel very sad
Thanks for this, exciting to watch Steem grow! Upvoted and following you for more insights.
Thanks, appreciated!