Hey all, some follow up analysis on the steem price action review form last week.
Meet the New Boss, Same as the Old Boss
In the last analysis we saw a new range create support at the .00040 level. This occurred with the last bull flag that formed as seen in the chart below.
This chart was the daily on 5/29/2017
Let's see where we are now....
Watching Like a Hawk
The past couple days I especially paid attention to see if we would get follow through and truly establish this range.
As you can see you can see above, it happened. After getting the large hammer candle and reversing the price immediately tested the .00040 level again before pushing higher on Friday, June 2nd.
We got a doji candle the next two days as we waited to see whether buyers would take us higher or the sellers would take us back to the support level.
So far it looks like buyers are in control today as we are now flirting with the top end of the new range.
The Outlook
Ideal situation would be to close above the .0065 level and try and make a push into higher territory, but if we stall out at the resistance at least we know that this range is fully established and has some weight to it.
Remember, we were at a third of these prices just two months ago - some consolidation in this range is plenty fine and still bodes as positive price action in the longer term outlook.
Regards,