Steem - Looking like Steem might be starting its next leg up
Steem may be about to make its next move up
Several days ago, steem finally broke out of a long sideways period.
It turned from a downtrend to mostly sideways action many months ago and has been basically going sideways ever since.
All that changed a couple days ago though, when steem went up some 50% in a single day.
More on that can be seen here:
https://steemit.com/steem/@jrcornel/steem-up-50-on-the-day-currently-sitting-usd-22-on-bittrex
The price ultimately peaked right around $.22 and then drifted back to about $.16.
Something many could have anticipated might happen.
Though, I am sure many were hoping for a little better holding of those gains.
As I type, we may be started the next leg up from that initial rally
We just broke out of the downtrend created after that $.22 peak a few days back.
Check it out:
(Source: https://twitter.com/litecoingva/status/1219327326359638023)
The breakout was on a high volume which is exactly what you would want to see.
The above chart is in bitcoin terms, but in USD terms it looks like there could be room up to the $.30's, with an outside chance of $.40.
The measured move also indicates we could see those kinds of numbers on this next surge.
There is no way of knowing for sure if this breakout has any follow through or not, but from a charting perspective, so far it is behaving exactly how you would expect for the next leg up...
A breakout after a consolidation period, then a slight pullback to retest the previous resistance, then off to the races.
I don't know about you, but I'd love to see some $.30 steem again!
Stay informed my friends.
-Doc
The thing that's making me really happy about this latest action is VOLUME!
We've been drifting sideways and having "mini spikes" on totally anemic volume, which seldom holds anything. Even just a few weeks ago I saw days on Bittrex (for example) where daily turnover was less than one BTC...
I'd like to think we could break out here, AND see some sustained uptrends not just on technicals, but also on fundamentals like interest in SMTs, Hivemind and more...
Yep, I have noticed that as well. To me, the price action overall just looks different. I think this is the start of a real rally in steem. Not just a random head-fake and back to the lows.
Steem does seem to be breaking against the gain, moving higher than the Alt-coin market, such as today, gaining around 10% so far.
Yep, exactly, it is showing a lot of relative strength.
Am I right in seeing a Moving Average cross on that chart? If so, that solidifies the notion of a steady upwards rally for Steem. Thanks for sharing, mate!
Yes you are, but remember that is a chart if Steem/BTC terms, not USD terms.
Ah, right. That is so. In any case, it's worth being cautious when reading charts, something which I learnt the hard way :-)
Still want to see some more volume coming in if Steem is going to make a move that sticks. While spikes are nice I'm looking for steady moves up.
Yes, the more volume the better. Though it has been having a lot more volume than it has had in the months prior.
i hope next bull run Steem stays stronger as the last one. Otherwise Steem would look like a big wannabe
STEEM goes up