I know that many prefer the the price of STEEM/BTC over that of STEEM/USD. However, for us Steemians, we receive our post payouts as a dollar valuation. That makes it have more importance to us than perhaps the rest of the external crypto community. And, like STEEM/BTC, it also has it's own chart plotting out price movement since it's inception. I've always closely followed it's behaviour and right about now is where things are about to get very interesting...
If any of you have read previous posts regarding my price analysis, you'll know how much I like the 200 Day Moving Average as an indicator. It's trajectory is critical in making future predictions. The more price it's line ascends skyward, the better the chances of a higher incoming price and the exact same vice versa. Well, this particular indicator has been pointing downwards since way back in June 2018. It never really stabilized and every time the line met the price, it was slammed right back down again. Surprise, surprise then. Not only have we broken above the line but the gradient is changing to a slight ascent. This is something to really keep your eye on.
We've seen in the past what can happen if the STEEM price gets even a hint of a bullish bias. It can blast off, leaving the old price point far below. It looks to me quite likely that we are at this most important of turning points. Many signs are showing this to be a very possible case. Here are a few.
As you can see, RSI is looking OK with plenty of room to push to the upside. The MACD indicator is also showinga few green shoots to support this. And maybe the most telling of all is where we are in relation to where we've been. Just above 40 cents is the current level when in the not-so-distant past, we managed to reach almost $9. Suffice to say, this is an extremely low value for STEEM and on the absolute "negative" end of the scale. The way I see it, the opposite of where it should be, given how much is going on with our blockchain.
The 200 Day is a trustworthy and reliable indicator, from my experience anyways. It has been right many times in the past already. Fingers crossed in continues in that vein going forward from here.*
