Cryptocurrencies

STEEM Price Touched Our First Price Target – What Next?

Okay, if you have read listened to my price analysis of steem on the scaredy cat investor show over on MSPWaves, then you know the price points we were looking for on steem.

Steem once again charted well technically and we surpassed the first resistance at the 40-45 cent area to touch the first upside target.

Rebound Off The Target

I’ve noticed that when steem makes a push higher it tends to have that big upper wick bounce off the next upside target.  We are seeing it today so far.

Looking at the chart you can see we finally busted out of the lower range and made a straight shot up to the next upside around 58-59 cents.

This is a level I talked about often as it was the last little consolidation before price had puked lower back in November.

It didn’t have to come in play, but is sure did acting as a point of resistance and you can see price bounced hard off of it.

Whether we push higher or lower from here doesn’t concern me much.  I’m more so recognizing the new scenario price is now in.

Level Up

That is exactly what we have finally see steem price do.  Level up!  That resistance in the 40 cent area is now the support.  It represents the bottom of the range as opposed to the top.

If price does pull back then we just need to hold that level for things to be all good.

The current range we are now in has pretty clear up and downside price points.  40 cents and roughly 60 cents.

As for the next upside target, well if price gets above 60 cents then that puts 80 cents in play.  However, I’m fine with a little backing a filling here as I will take an orderly move higher over time then rips and dips.

Either way, it is nice to see price action bullish again.

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