This is purely a simple technical outlook of what I see happening with the price of Steem but I think we can all agree that the way the platform is heading and crypto as a whole, we will see some huge moves to the upside over the next few years.
Who else agrees?
Here we can see the Daily chart for steem/usd preparing itself before the next leg to the upside. With 2017 ending so strongly across the cryptocurrency market, it was only right we had a correction before the next leg.
I am currently watching this chart to potentially form a 3rd bottom within the descending wedge structure and this could also give us a 3rd bounce of the ascending trendline before we enter the next stage of the bullish move. We can also see that price is rejecting the support zone around 2.80 with some strong low test candles, this level was previously resistance as can be seen from the high that formed before the last correction and has now turned to support.
I will be posting more Crypto and FX analysis as well as documenting my Crypto investments and FX trading.