STEEM/USD Analysis - Drawdown / Retracement but don't worry! [UTC 11.37 2nd January 2018]

STEEM Analysis - STEEM USD

STEEM is likely to retrace down to around $4.50. In many ways this is a good thing. The RSI and Stochastics are under pressure, showing an over bought position. The top of the wick not too far shy of $7, soon drawn down and now today we are are seeing an opening at the close of yesterday, which is a good thing, but it's been drawing down since. Of course, we would all love to see STEEM continue to grow and it will. To do so, as we have seen and as we need to see in Technical Analysis, we need points of support, strong support. My feeling is that this will come at $4.50. Building on from the consolidation that we had for a short while that formed a triangle that the current strong bull run burst from. Looking at the Fib we can see that this would be a strong pull back down to $4.50, but those are quite common on Crypto's.

Look for a retracement to $4.50 or near too, look for it to build support and we are likely to see continued growth again from that strong point of support.