Is Steem Price About to Complete a Bottoming Pattern?

Is Steem Price About to Complete a Bottoming Pattern?
January 23 04:59 2019

Well things may have just got interesting folks.  Last time I reviewed the price of steem it was flirting in the mid 30 cents area and all eyes were on the 40 cent level.

Cup and Handle Pattern in Play

In recent days steem has pushed through the 40 cent level into the mid 40’s.   Being able to close a green candle up here would be ideal as it establishes price above resistance.

Furthermore a cup has been formed and if we were to atleast bounce along the 40 cent area that would give us a handle.  It’s a somewhat shallow cup, but it is still there nonetheless.

If you are not familiar with the cup and handle pattern it is a well known bottoming formation on price charts.

Moving Forward

So in a technical regard if hypothetically price were to gyrate in the 40-45 cent area for a few day or more we have the pattern formed.  That puts the odds of a leg up on our side as that is what this pattern predicts.

Now remember, this is all probabilities, no guarantee, but the probability being in our favor is something I am happy to have during what has been a long crypto winter.

If price were to fade back into the mid 30’s then all bets are off.  Let’s hope this is more than a random pump!

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scaredycatguide
scaredycatguide

Providing Investing Education for the Risk Adverse

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