Cryptocurrencies

STEEM technical analysis

STEEM seen from the temporality of 1D we can observe a very well formed distribution scheme, the price has been contracting inside a bearish flag, “playing” a little between the supports located at 0.00001585 and 0.00001605, the price shows signs of a strong fall very soon that should reach the areas of lower demand that we can see in the graph above.

STEEM seen from the temporality of 4H we can observe more closely the current movement of candles inside the figure, the closer the price is to the support, the higher are the probabilities that a downward break occurs, however, I have drawn a trajectory that is unlikely to occur but I have decided to consider it in this analysis, if the price in 4H manages to break the resistance of the figure with good volume we could see a movement of 3 points on the resistances located at 0.00001680 and 0.00001740.

In conclusion, the price in 1D is very clear as to the direction the price is taking with a bearish flag and an increase in the sales force, a closing below the support of the figure would confirm a fall towards the demand zones where bulls should be positioned to obtain the best buy entry, The third zone of demand is the historical minimum marked by the long wick that made the price months ago, it will be an important zone of purchase to take into account, for the moment the recommendable thing is to wait to the break to avoid unforeseen of the market, at the moment we are very near that the market of alts explodes again, but that still does not happen, so we take our due precautions when operating.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

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