A little over a month ago the price of steem ran up into the low 40 cent area. It tested the top of this range we have been stuck and then just as it looked to break, woosh we got a bearish u-turn pattern and back down we went to the middle of the range.
New Move, Same Story?
If you look at the daily chart in this post you can see we are right back to that spot again, that same area that is circled in gold from a month ago.
At this point, things are looking eerily similar.
There is still plenty of time for this candle to form, but the state of it at the moment of this writing is a reversal candle. Meaning odds are we will run out of “steam” at the resistance once again.
However, all I can do is read the chart and form a hypothesis. As of this moment, it is kind of looking like a bearish u-turn pattern. Everything is probabilities in trading and chart reading so that doesn’t mean we are definitely going down, just means the odds favor that.
Either way, until we can establish price above 45 cents we are trapped in this same range we’ve been in since December.
Hopefully price catches a bid from some aggressive buyers and we finally see a push through this resistance level, just don’t be surprised if we don’t.