Hey guys,
As a content creator here on Steemit, we’ve all enjoyed the high price of Steem Backed Dollars that we saw at the end of the year.
If you don’t remember (or you’ve chosen to forget because it hurts too much when you look at today’s prices), check out the daily chart below as to just how high price was, compared to how far it’s pulled back:
SBD/USD Daily
But look how price has now bottomed out in that higher time frame support zone and even bounced out of it.
The fact that price has bounced out means that it’s looking like the zone has held and therefore I only want to play from the long side.
Zoom into the intraday chart and what do we have?:
SBD/USD Hourly
We have an intraday pullback into previous short term resistance turned support.
This short term level is also inside the higher time frame zone, which makes it that much more juicy from a risk management perspective.
If you’re a content creator and have been holding your SBD, don’t dump it just yet. Price is primed to rip.
✌🏻.
| Steemit Blog
Market Analyst and Forex Broker.
Twitter: @forexbrokr
Instagram: @forexbrokr