📊 STEEM/USD Big picture, Hairy targets?
STEEM have been bullish lately, and it is reason to believe this will continue for a while. The correction is done and it is time to make use of your steemit account as never before.
The image chart show an abrupt break in the downtrend occurred April 1th, sending price violently above the Superguppy moving averages.
Here is the weekly chart for the past two years, and based on fibonacci levels of preceding runs I have labeled up an Elliot Wave cycle with extended fifth wave target around $28.
RSI show a bull hidden divergence, and at this level it indicates underlying strength for a new higher high to come.
Do keep in mind that this is the second Elliot Wave of a higher degree cycle, of which the the final target could be up to $100!
Here is the 4 hour chart with detailed subwaves of the green 1th wave, and we are now in midst of the pink wave iii.
The volume tell a lot on this timeframe, showing the massive spike in the blue 3. wave, and the decline in volume tells me wave 4 is soon finished. Pink wave is also labeled after fibonacci levels, and target of pink iii are likely to be met this month.
I see no divergence to the RSI here.
The Moving averages crossing can also be seen here, The yellow MA50 have crossed both the green MA100 and blue MA200, indicating a trend shift.
Here is another count on the weekly, and even though the pink wave is not a technically correct Elliot Wave I think it can still be viable as Elliot stated the 4th wave could go lower than wave 1 in extreme volatile assets, of which a crypto altcoin no doubt is.
This is how many would label up an EW on a chart like this, and I think this has to do with the very high targets the correct labelling give on a higher degree Elliot Wave.
These are just my thoughts, not a trading advice.
If you have another view on this post your welcome to discuss and post your charts in the comments.
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Isn't it a bit soon to accept new uptrend has begun? I think we have to wait for two ups and their corrections to be able consider a steady uptrend.
I appreciate your advice and comment
The correction could certainly take longer time, but considering the volume spike and the decrease in time between the two preceeding corrections I also think we may be done already.
Fundamentally this can be justified with the fact many are leaving facebook and Youtube because their policies regarding personal information, Steemit and d.tube is a good alternative for private content providers.