CryptoKraze Technical Analysis
In this post I am going to cover technical analysis of Steem Dollar for medium term trade. I am using tradingview charts and price linked to Binance exchange. Let's have a look on technical aspects of Steem Dollar.
Possibility on Daily Chart
If you look at daily chart, you will see Steem Dollar has formed a symmetrical triangle and likely to breakout. This is very common pattern in cryptocurrencies, whenever a coin makes this descending triangle, a breakout is imminent that might happen anytime soon. If we look at RSI, it has touched 70 level and has dipped below 50 level. It has to rise up to touch 70 level again.
- I have a buy entry at 0.00048000 with my profit target will be around 0.000072000 and 0.0010000 or above.
- Stop loss just below the entry area is must for trading if you don't know the Averaging Technique in Crypto Trading.
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Disclaimer
Crypto Trading is risky business and you can loss partial or full amount of money. Trade at your own risk with that money only you can afford to lose. Bitcoin unexpected move will make this analysis void.
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