Steem/USD Technicals: Target soon $0.80 (after correction)
From a quick glance, we can see that Steem USD we can see many confluent reasons to come to a conclusion that after a correction we will be seeing higher highs.
- Elliott Wave Theory: Steem finished a Leading First Wave Expanding Diagonal. Judging from rules of Elliott Wave Theory, we can expect a sharp correction to the 0.5 - 0.618 or even 0.786 levels. This would complete the second wave correction.
- Chart Patterns: Looking at the chart pattern on this, we spot a completed Cup. We can assume that after a slight correction to form the handle, we will see a strong upward reaction.
- Support & Resistance: It seems back in December, steem dropped to a monthly support zone and proceeded to consolidate on the support line. Soon it was rejected by the weekly resistance zone. In between the 0.618 and 0.786 there's a monthly green support line. This should be the deciding factor of Steem's fate.
Overall I am of the opinion that steem needs to slightly correct and then we can see $0.8
All technical aspects are confluent here except that BTC is starting to look weak. BTC though could take another few weeks to decide which way it wants to breakout so we are safe till then.