Steem Update: Bounce or breakdown?
After breaking below 2.50, Steem has landed at a support of 2.21, and has developed support there for about a week now.
We have since then had a triple bottom from 2.21, and for me to be bullish for the next week of price action, we need to bounce off this area. Ideally I would like the price to break 2.50 resistance.
If this does happen, we should see some resistance at the 100 EMA, at 3.00. A confirmation of a bullish uptrend for Steem is if it stays above 3.00.
Otherwise, if 2.21 support breaks, I am looking for the next support level at 1.00. I don't have fib levels indicated on the chart, but 1.00 would be similar to the %1 or %0 fib level (depends on how you place the indicator). The majority of corrections to this level end up in a bounce/impulse off the level. Of course, this situation largely depends on the price action of Bitcoin, we need Bitcoin to stay above 8000.
Plus, the RSI should be extremely oversold at the 1.00 level, other sign that there could be a high possibility of a bounce around that area.
Disclaimer: (I am not a financial advisor, do your own due diligence when investing in cryptocurrencies. This is just my speculative opinion.)
I wanted to sell some steem when it was trading around 7$ but poloniex stoped deposits. Could not sell since then. :(
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Not sure triple bottoms usually happen so there may still be some downside here. Just look at it as a buying opportunity as the Bitcoin sell off continues it will put pressure on all assets in the space.
I know, I only said that it was a triple bottom because the price had touched that area 3 times, not because I was bullish on the price action. I actually am slightly bearish just because of how BTC has been acting, I think if we break below 7500-8k the alternate scenario to 1 will probably occur. Followed you since I see you do crypto as well!
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