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Steem Price Now 13.61 Cent.Steem Price Chart Analysis.

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@shharafat
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I share my last steem/usd analysis here at 7th january 2020.Today is the good day for crypto coin.Almost every major coin price increased today.Last week i said i feel shy to say same story again and again due to huge downtrend.But this week i have seen scenario change little bit and steem price turned bullish.Also i hope 2020 will be one of best year for crypto currency.I wrote so many cause in my previous article.This is my last analysis about steem/usd which is posted 7th january 2020. https://steemit.com/promo-steem/@shharafat/promoting-steem-on-twitter-today-topic-steem-usd-price-analysis-of-07-01-2020

Steem/usd Info

Steem rank 81th (+2 increase from 7th january)now based on total market capital(source:coingecko) total supply 367 million circulating supply 324 million current daily trading volume of yesterday near 1 million usd.(above 3 lakh usd was in 7th january.) Steem All time high was 8.19$ in january 2018 Steem All time low was 0.07 in mar 2017 Total Market capital 45.28 million usd (41 million dollar was in 7th january.) Today price 13.62 cent (12.46 cent at 7th january).

Technical Analysis

I said in last analysis, a good fundamental news can change the trend.Bitcoin,ethereum,bnb already started bullish trend.But those coin is not our subject.We were worried about steem and sbd.This week price chart is very impressive for us.We have to wait next week for a confirm and stable bullish channel.

Daily Chart Of steem/usd

Daily High 13.51 cent just now Daily low 12.70 cent when day start

We hope to see always this type of chart.A nice bullish channel going to up.Every hour of today price up slowly.I search the resistant line.I found 13.75 is a minor resistant.If price can break it then 14.25 and 15.00. 15.oo is a major resistance point.

Market capital in Daily chart

Today high 46.03 million Today low 42.64 million

If i compare with previous week then market capital increase above 4 million.Last 2 week trader was busy due to christmach and big holiday.But this week market has much volatility.Now i want to focus on daily volume.

Today high 1.03 million usd

Today low 3.78 lakh usd.

This is the proof that market has 300% more daily volume compare to 7th january.I think this is the start.We all know maximum invester keep himself outside from market when market going on under downtrend.We have to see next week price.If price stable above 13 cent then we can say bullish channel start with strong and stable basement.

Moving average and Oscillator in Daily chart

After so many week i am seeing this improvement.Maximum indicator shows bullish signal.Although it is daily chart which is not perfect time frame for crypto trading.But i think i will see the better picture on higher time frame.Moving average indicate strong buy signal and oscilator show neutral.15 out of 28 indicator show buy.This is the very positive thing.

Weekly Chart steem/usd

weekly high 13.98 at 11th january weekly low 11.86 at 10th january

I said in previous analysis i have seen steem price rejected again and again 11.60-11.85 area.This week also same thing happen.Weekly chart is showing a nice pump at 11 th january and touched to 13.98 which is yearly high.That 13.60-14.00 area is very important.Although it is not any major resistence.

Market capital in weekly chart

Weekly high 47.38 million at 11th december weekly low 39.81 million at 10th january

Price break the weekly sideways channel.Lot of postivie things in chart.I said earlier a small pump happened at 11th january and that is also weekly high market capital.

Daily volume high in weekly chart 1.31 million usd at 11th january Daily low volume in weekly chart 2.44 lakh usd at 10th january

Increasing daily volume in this week is a very good sign.Traders want to make profit.I said before, open buy position from higher low.This is the good point for open buy.

Moving Average and oscillator in weekly chart

Do not worry to see this signal.Price just started to over turn from down.So, chart need some time to wake up.5,10,20 days moving average show buy signal.But higher moving average still show sell signal.If this price can continue up next week also then higher moving average will show the bull signal.

Steem/usd Monthly chart

This is the best time frame for technical analysis.Monthly chart is effective for long term trade.

Monthly high 14.78 at 22th december Monthly low 11.62 at 18th december

Please check this chart.This chart is totally different from daily and weekly chart.It shows a tight sideways channel.Rejection point is around 14.50 in up side and 11.85 in downside.

Market capital in Monthly chart

Monthly high 47.50 million at 22nd december Monthly low 37.94 million at 18th december

Not a bad figure compare to last month.Both figure of december 2019.We can say in 2020 still now price unable to cross previous month high and low.A proper sideways move going on.

Daily volume high 1.07 million dollar at 22th december in monthly chart Daily volume low was 2.36 lakh dollar at 2nd january in monthly chart

Daily volume drooped huge at chrismast time.Now it has increased signifantly. Today daily volume increase 500% compare to 2nd january.

Moving Average and oscillator on Monthly chart

Maximum moving average show the strong sell in monthly chart.Only simple moving average(5) show the buy.Last 1 month we have seen only red color in monthly chart.This week also same.But todays daily chart continue to move up in this month then totally scenario will change lot.

Fundamental Analysis

Fundamental analysis is my favourite.Fundamental always change a trend.Now we need a good fundamental news to rise up steem and other crypto.Today is the good day for crypto because CME (Chicago-based derivatives exchange) bitcoin future successfully past rival bakkt daily trading volume in first day.This news boost the crypto market.All major crypto jumped 5 to 10% today.

Another news is steem media token (SMT)confirm coming at january 2020.we all are waiting for it.

My trading Advise

It is better to stay sideline now.Although today is the very positive day for bitcoin and other crypto.But for clear picture we have to wait till next week.I never open buy without a stable bullish channel.

I think 2020 will be the best year for crypto.I hope with btc halving,libra and usa election.All three are important.

All screenshot taken from

https://www.tradingview.com/symbols/STEEMUSD/technicals/ https://www.coingecko.com/en/coins/steem