Yes, the price of steem is up. Even better is the fact it's charting very clean and allow us to anticipate price levels.
Price Points Keep Coming Back into Play
If you have seen any of my prior posts on Steem price you will know all the lines drawn on the chart below are not new.
They have all been there for weeks, some for months. That is what I love about technical analysis!
Re-established the higher range
The $4.30 area has been an important area to me being it was the closing all time high from way back in July 2016 and remained so until we finally breached it weeks ago.
Turning that prior high into a rock solid bottom is key for us to live in a higher price range. You can see how it was tested twice and price even fell through it briefly.
Using it as an entry signal
That support line was already drawn before this last bounce, so when I see price get to that area again and then a reversal candle forms (that last small red candle before the two green days) I know it is a great opportunity to grab some more steem.
The downside is very clear (a close below that red reversal candle) and the upside is the prior top/resistance line around $6.75, which already gave a payday.
Sidebar: the line a $5 is the intraday all time high from back in July 2016. I still like to have it as a reference point.
Taking it a Step Further
Below is an hourly chart of steem. The reason I show this to you is because that line at $6.75 on the daily chart. I actually drew that using the hourly chart about two weeks ago. I tried to approximate what the first level of support/resistance could be after we had that big rip up into the $8 range.
Looking at the hourly chart now, we see that price level is now coming into play as price just hit its head on it and retreated a bit.
We already saw on the daily chart there is price action there and it is battling with that level as we speak
Outlook (notice I said outlook not forecast)
For the upside - we really want to establish price above $6.75 so we can make a run at the all time highs up in the 8's.
On the downside - $4.30 area is our big support level. As long as we stay above that then steem price action is bullish to neutral.
Class Dismissed!
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It looks like the Weiss rating really helped! And here I was bracing myself for the possibility that STEEM would fall below $4 and slide down to <$3.
More people will start to research steem and realize its potential, from smart media tokens, to it's massive growth reach even in its current state...the sheer amount of transactions the blockchain can handle, it should not be a surprise that steem will surpass $100 within the next 2 years, or sooner
Yes, it just might. My mind is still blown by seeing NEM get well above $1.00 each. One year ago, I would have thought that insane - yet, there it is.
or antshares, was like $0.12 around February 2017.
now its called NEO worth over $141...insane
It's so insane, it's in-part scary. I actually had 3 million NEM because I saw that it was stirring up interest in Japan. 3 million was the amount needed to set up a Supernode, which I was planning to do because I liked the idea.
Unfortunately, in a way, I sold 'em off at a small profit because I couldn't get excited about the community. That's one rule I learned the hard way in re HODLing: unless you're excited and pleased to be part of a cryptocurrency's community, you won't HODL; you'll just wander off. Community spirit gives you the psychological resilience to HODL during the tough times.
The irony is, that same community spirit makes you feel like a traitor for selling even when doing so would make you really rich.
Love NEO, its my second largest holding :-)
Yeah, Weiss definitely did not hurt. There was an article about steem on Zerohedge as well.
That's right. Tbh, I thought at first that the ZeroHedge article had fired up the pump.
Steem will slowly but surely increase as awareness and mass adoption comes :)
I feel that Steem is accumulating now working its way up to a massive spike..
The blockchain is incredibly undervalued, # of transactions, # of users, the sheer magnitude of the potential being held.
Ive even heard that the steem blockchain at it's current state is only using around 1% of its total capacity...i'm starting to consider getting out of some of my Zclassic even before the Bitcoin Private fork announcement
wonderful post and amazing ,thanks for sharing
I'm ecstatic with 6.6 Steem for now. Of cause I'm looking forward to much more in the future.
Following trends in the past and recent 5th ranking of STEEM among cryptocurrencies, it is expected that STEEM will rise slowly but gradually. Keep it up steemians. Best of Luck.
I prefer slow orderly rises, let's hope that is what we get :-)
can you do one for NEO also ?