Hi Steemians,
After hitting high at around 8.40$ on 3rd January 2018. Steem started to drop it's value following all other crypto currencies. And now it's trading at around 1.6 .
During this period Bitcoin BCH Ethereum and many other currencies loses their value from 60-90%.
You can see the above shared screenshot of daily chart of Steem/Usd The price is close to the support zone @ 1.47 and we have a short term resistance @ 2.28.
Here is another chart with a trendline drawn in blue color. The break above this line will take the market towards resistance level i.e, 2.28 short term.
Because I myself buy and hold steem for long term so i don't care about the short term impact but this is what charts are showing.
A break below support line at 1.47 will lead the market towards 1.22 but we are still unsure about it because all leading and lagging indicators are tired and surely need to take a break.
Here is the closer overview and the black box seen in the picture is the one to decided the nest move if the market close above this box then it's a clear bounce and if it closes below it then we will see another bearish move.
Not because we are steemians so i am trying to push price higher but it have posted the pure technical analysis on daily TF.
I am more positive for price to move higher because I can see clear divergence on indicators which indicates possible trend reversal but since it's purely a naked chart analysis,So I m not posting any indicator's screenshot here.
Support: 1.47 , 1.22
Resistance: 1.98 , 2.28 , 2.81
CMP: 1.57
This is the best time to buy and power up. Good Luck
Thanks for Reading