Hello all,
The STEEM has unfortunately broke the support line that I traced in orange :
This resitance line is now the next objective to test :
- If we are able to break it, we will use it to start again a UP.
- If that resistance line is enough strong to block us, it will give new lows to Steem at short term.
I wish you massive profits and a happy New Year,
Cryptopassion.io
Disclaimer : Never invest more than what you can afford to lose. This post is my personal opinion, do your own research before making any investment decisions. If you make any trades after reading this post, it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.
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From another perspective @dan is almost finished selling STEEM only 980K to go from 3.5M. He already sold 2.6M and largest whale who wanted to get out (probably full concentration on EOS). Therefore, sell pressure is much much lower. Once BTC returns to bull mode and if HF20 is released we may see higher highs and ATH. I believe next support level is $3.5-$3.8 (0.00027-0.00030) and resistance at $4.5-$4.8 (0.00035 to 0.0004).
I'm confused why this is such a big deal considering when I joined 1 month ago Steem was less than $2. Are we all just spoiled here?
what is the next support line ?
I see this area as a good buying opportunity in STEEM. Checkout my analysis: https://steemit.com/steem/@dirkboy41/steem-possible-good-entries-coming-up
Steem has a beautiful marketing and business idea, they actually know what there doing and there cryptocurrency is actually legit and will rise over time. Unlike all these others ones that people are just daytrading, those are a easy way to make some fast money but aren’t reliable at all. Steem all the way
great post #cryptopassion
You are exactly right steem has broken support. Where do you think the new support and resistance lines will form? This was a great post👍 Thank You for sharing the information and excellent charts.
Awwww , i invested my reserves in Steem 100% !! @cryptopassion
We had a similar break through a support line on Stellar Lumens yesterday, and then it caught and went up again, and broke out of the triangle today. Now Steem is not exactly Stellar, but it might happen.
You can see that it's in a triangle, nearing the end of that triangle, and it must go somewhere.
With most people insecure these days, and the FUD from Korea... everybody sells and then looks at the chart and wonders why the coins are going down.
BECAUSE THEY SOLD, AND SOMEONE ELSE IS NOW DOING THE SAME.
I saw it as a bullish wick yesterday, and I held (on XML). Not the end of the world.
If their's a panic, then the projects with the most successful tech, might be the most safe places to hold your tokens.
Its only possible to get an uptrend if people buy more? Has it actually something to do with this platform?
Rates go up when there are buyers, and down when they sell.
Steemit is sort of what gives Steem a reason to exist rather than just being another coin - that was the initial concept. This network is not exactly high tech, but it's flourishing with the crypto craze, and so it seems to be a valid business concept. Steem and Steemit go together well.
Interested to see how STEEM reacts in this off market. I'm not a TA guy but enjoy reading these analyses to balance out my approach!
Thanks for the heads up. Since BTC is taking a large hit, I have a gut feeling that we'll see some new lows until the rebound. This is all pretty new to me so I'm interested in learning how these support lines are established. Which side of the line do you think it'll lean towards?
I hope we will succeed. We can do it, right? @cryptopassion
Judging by the big wall of how many steem power were powered down there will continue to be a price decrease as that's sold into the market over time, I'd be interested to see where the majority of the new money came from or which exchanges had what volume. A stable price of the coin will help with people deciding to delegate their power and encourage adoption of the coin, a falling knife isn't really attractive to anyone especially considering it's followed such price action and an even steeper drop in the past.
Because frothy price action entices people who haven't previously looked at a coin I doubt there were too many in it for the long haul, and it remains to be seen how many of the new users here will stay if their short term rewards are halved, quartered, or more. Steemit needs to establish itself as a superior social media platform independent of the financial reward aspect or it will falter.
Excellent graphical analysis. Thanks for the updates.
Thanks for your TA @cryptopassion! UPVOTE
Thank for the info bro
I am new to steemit and have no other option than to invest into SP :) But yes, it always feels much better if it goes up.
cryptocurrency great news...
again rising steem rate...
thanks for great news...
All assets move up and down, the volatility of different assets will depend on many fundamental or technical factors. Steem and Bitcoin cannot trend higher without market corrections. A decrease or drop in price is a "normal" event to see in a market, so long as the asset still offers value longer term, there will be opportunities to buy and sell the cryptocurrency.....will be interesting to see what 2018 holds for the various cryptocurrencies....
Nice Post
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With BTC dumping and with the low STEEM volume, I doubt it will have the power to go against the trend...
Looks like there's a nice support level from awhile back around $4 that it bounced off of. I knew it would drop after such a move up but was hoping it wouldn't fall back this much. A lot of other cryptos are down 20 - 50% off recent highs.
I never expected above $5 at this point in time anyway so it's not really concerning to me.
:( I think this community should help stabilize the price. For example we could buy low at say $5 or below and sell it when it gets to $6 or higher.
Thanks for your posts on Steemit chart. Usually for confirmations of a short position we would need to see a retracement back to the previous resistance line you have drawn and fail to close above it. Based on the current negative sentiment on the news feeds it possible we can get that confirmation for further declines in the short term.
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What is your software or website on which you make your chart?