Crypto Analysis | Steem 23 cents!
Good day Steemians!
Join me in analyzing the crypto markets!
So I had personally hoped that this would have happened a bit more in the future, but here it is: Steem was at 23 cents!
In my last post I mentioned how steem had become stronger against BTC and even held its position despite BTC losses. This indicated to me that we would probably not see much more declines.
You can see that there is a strong resistance coming from the peaks in August 2018 and July 2019, which will very likely stop the price from further rising. The wedge that steem had been stuck in over the last weeks was broken a couple of days ago, indicating that such a price jump was possible. But there is another good indicator that price will decline to about 15 cents before perhaps going back to 19 cents in the short term: Bitcoin's market movement.
In this chart I have also marked a scenario for future price movement. In this we see the price halted by the strong resistance line we currently are in. Price moves along the fractal patterns of November 2019 and hits 6.500$ again. If this happens, I think the scenario we have talked about with the price going to 5.600$ is quite likely.
However, if price breaches the resistance at about 9.000$, the sky is the limit (at least short term ;)
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
