With the collapse of the bitcoin market today i find myself wondering where steem goes tomorrow.
At a quick glance of the 15 minute candles chart I see that steem appears to be in a bearish reverse triangle. It will likely continue to bounce off the walls off the triangle hitting resistance and reversing as it gets narrower until eventually it breaks out either the top or the bottom at which point it should shoot that direction rapidly. What it actually does is anybodies guess in this market but i will be watching the walls of triangle and at this point i expect the breakout is most likely heading south again but steem like all alts is fairly tied to bitcoin and depending on what bitcoin does tomorrow steem will likely follow.
That's some fairly wild and unusual ichimoku activity. Currently the bollinger is hanging out the bottom of the triangle which to me increases the odds that the price may fall through the bottom.
Legal Disclaimer: This is only my opinion. It means it's not advice, neither is it a recommendation to either buy or sell anything. It's only meant for use as informative or entertainment purposes.