Steem is being held down by a major descending resistance line that dates back to late April. We need to see a large increase in volume to break above.
Steem droped back below the 8 day EMA, signaling the bears are taking more control of the market.
Price is now being squeezed tightly within a wedge. I expect a break up OR down within the next 8-12 hours. Unless volume increases, a break down to test the support (21.5K satoshi) is likely.
The 4 hour MACD is about as neutral as it can get. The histogram can’t be and tighter. The MACD and trend line are laying on top of each other and moving sideways. This won’t last long.
The 4 hour RSI is also being squeezed together within a wedge. As it approaches the apex, a breakout become likely.
Currently it appears STEEM is in a perfect second wave, looking for bottom. It may drop further, before rising. If volume increases, price will likely begin a 3rd wave up as charted below.
Please watch the below video analysis for MUCH more detailed information not included above.
Video Analysis:
Let’s see how the next 24-48 hours play out.
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
