STEEM is Beginning to Look Really Bullish on the Technicals, Long-Term, ...Yes, You Heard Me Right, LONG-TERM!!!
Steem price has been delivering the goods as of late and it's beginning to look more and more like it may continue to deliver for many months (years?) to come. Take a look below at the chart and a gander over my analysis in the next section to find out why.
Daily Candlesticks of STEEM/BTC at Poloniex Exchange:
Click on link for a larger image: https://www.tradingview.com/x/qGWmohvA/
Price has broken away from a major resistance zone, now a support zone, and is testing the next major resistance zone as we speak. This, in itself, is bullish, but it's not what has me excited about the chart.
A major bullish signal happened today on the daily STEEM/BTC chart, one of the strongest bullish signals known to the market - a "golden cross" of the 50 simple moving average (SMA) over the 200 SMA. Of course, this is no guarantee that price will continue to climb and climb from here, but it is a statistically dependable indicator that the "momentum" of the market has turned to the upside.
My best guess would be that price corrects downward from this resistance zone and takes a few days to weeks to test the new support zone and/or keeps within a smaller price range until the 50 SMA catches up. Moving averages often act as strong supports to further price advancements.
The golden cross is considered one of the most reliable indicators of long, trending moves, but it's usually not a good "buy signal" in that price usually corrects a bit after the cross happens before it continues the move up. In other words, it's a signal to look for logical points of entry, such as a test of the 50 SMA or the support zone.
My blog post on this news came out hours ago...... I love what you do as you know, so just now, I quoted your article here and tagged you in it and cross reffed people back here for you.
https://steemit.com/steem/@barrydutton/steemit-update-series-e-4-steem-smashes-the-usd100m-market-cap-last-night-gains-usd5m-overnight-price-moons-to-50-53cent-usd
What a wonderful gesture! Thanks, Barry :)
Least I can do, you provide good content and I certainly appreciate it very much. If you stuff helps people, I am going to share it, I say.
Be well my friend. Great stuff from you today. See you next weekend on my page for the weekendly
#SteemitCampfire
series every weekend, all weekend!
Upvoted and resteemed !!!!
Thank you :)
steem :O
Indeed :)
Regardless of the price potential (or crash?), I still believe we have a unique platform here that may just allow us to continue speaking freely. The value of the site is still very underestimated, but I do not think it is for the 'earning potential'.
Read more at https://steemit.com/funny/@dracosalieri/today-in-stupid-south-africa-edition to see how bad it could get. My country wants to make it even harder for people to connect and communicate.
This sounds like great news ! I seen steem up to .55 cents today !!! I couldnt believe my eyes lol ! I will have more steem powered down in 5 days , do you think steem will go up by Friday or should i cash out the 900 steem i still have now !? I appreciate any help you can give , as im very new to all of this ! Thanks !👍👍👍😊
Well, the price absolutely blew through the resistance zone that I expected to hold down the price, so it's now a SUPPORT zone.
I don't know what Steem will do by Friday, but I would expect that price comes back to test the recent resistance zone breakout area (second yellow rectangle from the bottom on my chart below) before taking out the resistance zones (shown in orange). Bear in mind that I was wrong on my prediction before, on this very post.
All I can say is that odds favor a test of breakout areas before continuation of uptrend, but it doesn't always happen. The fact that Steem busted through the last resistance zone so quickly indicates to me that this is an abnormally strong move, especially given that the 200 simple moving average is still so steeply declining, as it's usually a dependable indicator of selling/ buying momentum.
Bigger Image: https://www.tradingview.com/x/LOrYiwzw/
Fingers crossed you are correct, the current up and down did cost me some money, then i did benefit a lot - confusing a little bit but that makes the excitement of such a platform too @jamesbrown
Yes, excitement IS what the market is feeling towards Steem right now, which is why it's so difficult to map out where it might be going short-term.
When emotions are running high in the market, it's nearly impossible to predict minute to minute and hour to hour what's going to happen.