STEEM: Fractal Analysis & Pattern Say Serious Breakout Potential is at Hand
SUMMARY
Are you feeling down that STEEM isn't yet sharing in the uptrend glories of Bitcoin's rise? My analysis shows that the price future for STEEM can be unbelievable. Here is why, the below chart shows a triangle where price is ever so close to the Apex; the point at which the two triangle lines intersect. This has been the final pattern likely selected by STEEM to finish off it's near 3 months correction. Such close proximity of price to the apex usually results in explosions...upwards!
The fractals of the blue and white triangles are amazing! IF the white triangle proportionally exploded as much as the the blue fractal #1; where would the price be? Remember, fractals are only one of many components of analysis and gives no guarantees but only analytical perspective.
IF this analysis is correct, STEEM could target $22.06 by November of this year. That explosion of price out of the current symmetrical triangle is the final comfirmatory step needed. It could happen overnight! I measured the widest width of Fractal #1 and since price exploded 3x the width; I've overlayed the same for Fractal #2. In a later update, I will overlay the Elliott Waves.
Look at the MACD daily. It's like screaming to explode! Look at the prior similar MACD conditions...it's very bullish!
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
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Steem and the platform is continuing to grow!
https://t.grtyv.com/exwdhcx9hc?offer_id=5145&aff_id=48944&nopop=1
FULL STEEM AHEAD!!!
Steem is the most used blockchain application til now . And with so many good things happening around i think the fundamentals are strong. Of course speculators will have to count on TA and Fundamentals.
My bet is with steem. $50 by Dec 2018
steem blast off.... as i type......! great call @haejin!!!!!!!!
I have been dreaming about $20 steem price. Hope you are correct :).
This is the first big step closer to $100. 🙌
Its all a big dream! Many just don’t know it yet.
Its all a big dream! Many just don’t know it yet.
Thank you for the chart. Why did you choose the STEEMUSD instead of STEEMBTC? You can't trade the STEEMUSD anywhere, it's only an estimated value by Tradingview? The STEEMBTC chart doesn't show any of these patterns or the potential upside from the triangles. Let me know what I am missing here....
I'm not super adept at trading or technical analysis. But one thing I have been able to pick up from studying and watching lots of videos is that it is more stable to look at a usd pair when viewing a crypto. I watch the crypto news stream on YouTube, and they were just talking about this earlier. When you analyze x/btw, you are looking at x AND btc, so you are tracking two things in relation with lots of volatility. A usd pair will have the volatility of x with the stability of the dollar. I think that makes technical analysis easier?
I honestly am not sure. Explaining it made the waters a tad more muddy and murky for me, so I hope I didn't do the same for you.
Yep, that's right. There is definitely value in looking at the STEEM/BTC graph too. I think traders get it wrong if they completely disregard one or the other graph.
I agree completely. Much easier to set targets versus the $.
Sorry do disapoint you, but you got It backwards. All price that appears as steem/usd graphs are derivative of the BTC price, not steem.
All platforms that show the price in usd of coins that are not traded in usd (like steem) do this conversion to define the usd price:
COIN -> convert to BTC -> convert to usd
That way, If the price of steem/BTC stay stable, but the BTC/usd price goes up, then the price of steem/usd goes up only because the price of the BTC went up.
True but it's not ONLY because the price of BTC went up, it's also an indication that the value of STEEM is going up because people choose not to sell it even though it's USD value is going up. In other words, USD value goes up is two-fold - on the one hand it's because BTC is going up but on the other hand that has to mean that STEEM value is going up, because people are not selling to bring it back to the lower USD price.
What you Said Just make no Sense, because people dont trade steem for usd, only for BTC.
If people trade STEEM for BTC and they see BTC go up in value but decide not to sell STEEM, that is the equivalent of accepting that their STEEM has also increased in value. Example:
Say I use 5 USD to buy BTC to use to buy STEEM with, because I think 1 STEEM is worth 5 USD. Let's say I want to sell that 1 STEEM once it's USD equivalent value goes to 6 USD. That means that if BTC goes up 20%, I should now sell my STEEM for BTC and convert that to USD. IF I DON'T do that, then i must think that the value of 1 STEEM has now INCREASED to 6 USD. Hence if the value of BTC goes up in USD terms but the BTC equivalent of STEEM stays the same, one has to assume that the value of STEEM has also increased.
This is the reason why Tradeviewer converts alts into USD equivalents whenever possible.
What you are saying still make no Sense, and reality dont bend to fit what you want.
You are still buying steem with BTC. So the steem/usd still derive from BTC/usd pair.
You cant accurately evaluate the usd price of something If this something is not directly traded for usd.
Any price movements that happen on steem/usd is heavily affected by the price of BTC/usd.
The price increase because the BTC price increased. Check the graph below from Tradingview that show the % price change from these 3 pair:
https://steemit-production-imageproxy-thumbnail.s3.amazonaws.com/U5dtgHARsAjv83vFzsbMMrN1Jrqeciw_1680x8400
Since It started Trading on bittrex, steem Lost 64% of its price, while Bitcoin increased 2300% of the price.
Now Tell me, what made the steem/usd price rise? If you didnt Saw It yet i Will Tell you: BTC is what drive steem/usd price up.
All movements of steem/usd price ia a reflectir of BTC/usd graph.
You can trade to USD on the Bitshares DEX.
Yeah, with a volume of 600 dollars.
I trade to the usd pair because it has only one variable, change in demand for the coin. The /BTC pair has two variables: change in demand for coin and rate of change in btc price. This causes btc pair to lag usd.
I will wet my pants if Steem ever get to $20.00 I will be fake rich. Can't afford a Lambo yet, but I can start to dream. Steeeeeeeeem Tooooooo The Moon
@haejin, do you personally believe it will go to 100$ by 2019?
I'd like to request an update on Pillar (PLR) if you have an opportunity.
Will do later tonight! Very grateful for your continued support.
You have helped me immeasurably in my crypto journey. You have my full and continued support.
I think the $22 target is quite modest. The fibonacci projetctions are even more bullish than that (see below)! Great times ahead!
https://steemit.com/trading/@downhillblues/steem-very-bullish-outlook-i-e-another-long-term-moon-count
What was the truth behind my previous comment being greyed out?
WAS IT BECAUSE PERHAPS I HAVE, WAY TOO MUCH LOVE FOR CRYPTO, THE BLOCKCHAIN, AND THE PLATFORM OF STEEM!?!
IS THERE SUCH A THING AS TOO MUCH LOVE
IS THERE THERE SUCH A THING AS TOO MUCH POWER 🤔💪✨✨✨