Cryptocurrencies Strategy Trends

STEEM is today the 7th best performing crypto…

...out of the top 100.

Yesterday and specially today we are finally seeing a good move upwards on the STEEM price action and also on other "traditional" altcoins as MONERO, SIACOIN and NEM that were stagnant lately.

Despite we are still far below the 50 Days Moving Average (50DMA) it is really a good signal.

The 50DMA is one of the main tools/indicators used by the traders. STEEM will need to break that line for a few days in order to reaffirm a consolidation state and a initial indication of a possible Reversal.

Typically people used to trade around this line, because a breakout upwards very often indicates a Bullish Scenario while downwards is, of course Bearish, however we have to be very careful here because there are many traps already "programmed " around the breakout.

So, in order to consider STEEM out of "Bears Jaws" we have to break that line and stay around or above for a 3 or 4 days more.

I'm not trading STEEM at all but buying small quantities these days however I am crossing fingers to see this scenario occurring soon.

@toofasteddie


Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.


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