Following up from this post I published last week, we have now hit my first target of 10,000 sats and nearly went for that crucial ascending trendline sitting at around 8800 sats. This was helped along nicely due to the BTC price spike which occured a few hours ago. So where to from here?
Well, price should be oscillating about the 200 Daily Moving Average line for a little while, until it manages to find a new direction. And I'm really hoping that the direction will be upwards as we are getting dangerously close to the 8800 sats level, shown by the black ascending trendline on the chart. If we break "and close" below it, big trouble lies ahead for the price of STEEM/BTC.
The RSI shows we're still not in oversold territory yet and some downward pressure is still possible. Again, a little worrying seeing as how close we are to that black line. The MACD is also sloping with a fair bit of distance between their blue and red average lines. Indications of more downside to come. I suppose the slightly good news in all this, is that they are both headed into areas where reversals usually take place. RSI about to move into the oversold territory and MACD soon headed below the neutral 0 mark. But we still require confirmation of a trend change from these mentioned indicators, before even thinking about any bullish future prospects.
My thoughts on where price might be going? Well, as long as that ascending trendline holds, we are still looking to eventually go higher. Especially since we already hit the first of my targets at 10,000 sats. From here onwards, we should be looking for price to consolidated before hopefully move back up, but any long positions taken should be of a very small size. Make no mistake that price is, as of now, still headed downwards and there are no signs of it stopping just yet. Hence my bias is short-term neutral and medium-term very tentatively bullish. But trade with extreme caution at these precarious levels. My bullish targets are initially above 11,400 sats and then 12,500 sats, to get that clear bullish break we're all waiting for.
Best of luck out there, my Steemian peepz! :)
