After randomly seeing the 30 minute chart on steem a few moments ago, we are about to hit a pivot point. Some kind of move should be in the works.
Usually I do not look at the intraday action since I'm not day trading steem, but I stumbled into it......
It was due to this awesome new add-in for chrome
I use bittrex, but the charts on bittrex stink. With this Bittrex Enhanced add-in, it feeds charts in from trading view.
Yes, trading view charts on bittrex. Finally!
Looking at the Steem Chart
We can see there is a clear descending triangle on the 30 minute chart. We are nearing the point (or pivot) of that triangle. Steem will either bust out of it to the upside or fail at the support it has created over the course of the triangle at roughly 31k satoshi.
Here's what is interesting
Based on current price, if steem were to breakout of the triangle to the upside it would also coincidentally be a test of the 33k satoshi on the daily chart I posted about two days ago: Steem Rose One Day - People Go Crazy
Clearly there are some headwinds, but a break to the upside would be positive on multiple time frames. This makes for positive price action.
Fingers crossed, steem has it's work cut out for it so keep expectations in check.
Best Regards,
