Steem Dollars are up over 11% against bitcoin today, breaking above the 0.0014 psychological handle today on the Poloniex exchange. Bitcoin has been muted in recent days with little price movement.
The chart below shows the hourly price action of SBD-BTC and illustrates that SBD may be finishing the downward trend that brought the pair down from 0.0020 to a low of 0.00125. The Ichimoku cloud has changed colour from red to green giving the first indication that an upward trend may take hold. Furthermore, the price aciton is looking to break above the Ichimoku cloud, signalling a bullish breakout.
There has also been a crossover of the conversion (blue) line and base (red) line suggesting bullish momentum is in play at present. Therefore, we should expect an upward trend to start forming in the short-term with a possible target at fractal resistance just above 0.0019.
The Awesome Oscillator also indicated a change in momentum recently. The oscillator is now above zero indicating bullish momentum and the bars are increasing in height, supporting further upward moves. Therefore, we should see upward moves in SBD-BTC over the short-term with a lower probability of a downward move. An extension to the downside is expected if the price of SBD-BTC starts to trend below the Ichimoku cloud again.
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