STEEM is approaching a key support at 15,000 satoshi. Not only has this area acted as support and resistance multiple times in the past, it’s also the 0.8865 fib level.
If this breaks, a drop to the 14,050 support is likely. Should price bounce, there’s a strong descending resistance (orange line below) it’ll have to penetrate. Without a major increase in volume, I don’t find that likely.
Zooming out on the daily, we can see price is operating within a larger wedge. As it approaches the apex, a breakout become more likely.
I won’t become interested in STEEM until the 1 day RSI breaks above the descending resistance line below.
In today’s video update, I discuss short and longterm price movement, possible traps watch out for and MUCH more. If you’re not watching my videos, you’re only getting a small part of the story.
Video Analysis:
If you’re viewing this on a site other than Steemit, and you don’t see the above video, navigate to Steemit or TIMM (https://mentormarket.io/profile/@workin2005?aff_id=Workin2005) in order to watch.
BIAS:
Short Term: Neutral
Longterm: Bullish
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!
Workin
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by Workin2005
