The price of steem is in a rhythm and it's marching along to the same beat over the last few weeks!
Let's take a quick look at steem's price action since my last review a week ago.
Steady as She Goes
Steem continues to stair-step it's way up in price with breakout moves higher followed by consolidation (flag patterns in succession). As I have mentioned before, this is the type of price action we want. It's orderly, it's REAL.
You do not get orderly price action on pump and dumps. You get Eiffel tower moves on those, clearly not the case for steem!
The Quick and Dirty
Let's dig into the chart below real quick.
The top horizontal black line represents our new upside resistance of the consolidation range steem is currently establishing. If you look to the circle on the left you will see it corresponds with a prior closing top from back in September of 2016.
Coincidence? I certainly don't think so because it's these moments that give charting validity.
As you can see we made a quick intraday touch of that high before pulling back to right around .00078, which is our previous high from last month.
Right now Steem seems to be holding that level and consolidating between .0010 and .00078 and essentially forming a new flag pattern. I will take that action all day long!
Conclusion
Next upside target is a break of .0010 and then the intraday high of Sepetmber's top at .00118
If we were to pull back, we have the prior tops to act as support around the .00065 (circled in chart) so it would still keep us in a positive trend, thus not the end of the world if we hodl there!
Steem's Current Theme Song!
Gotta have theme music, every good crypto should have some!
Here's hoping we're playing this tune next week!
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Regards,
Charting Info from: TradingView