Steem seems to have found support on the previous up trend line, while the 235 SMA has formed upper resistance, forming a nice dovetail from the breakout run. I remain bullish, although my previous posts were a little too early.
The 21 SMA has formed a trough-to-trough sin wave curve, ending right on the 235 SMA. This could result in an inflection at the point of contact.
The price may bounce between support and resistance once or twice more, but I expect it to break resistance soon.
Pending buy orders can be placed above resistance at ~0.000285, with a stop loss below the support line at ~0.000265. Initial target should be around ~0.000395, just below the high of the previous break out at the 0.236 retracement fib. I expect the price to move higher long term, but this seems to be a zone of strong local resistance.
Another element to consider is the vertical orange line, indicating the approximate time that China could announce its new Cryptocurrency regulations. This coin should be relatively distanced from the effects of Chinese regulation, but the previous period of FUD relating to Chinese regulation has taught me to be cautious. BTC may take a hit and the market might get scared. I have taken a measure of the time and percentage of the previous breakout and moved it to the current candle. If we see a breakout within 5 hours or so, then we could have a repeat of the previous breakout to reach our target before any news hits the markets. Just be cautious, and consider taking profits early. The news was previously announced at 3pm on Monday, China time (UTC +8).
The 21 SMA has formed a trough-to-trough sin wave curve, ending right on the 235 SMA. This could result in an inflection at the point of contact.
The price may bounce between support and resistance once or twice more, but I expect it to break resistance soon.
Pending buy orders can be placed above resistance at ~0.000285, with a stop loss below the support line at ~0.000265. Initial target should be around ~0.000395, just below the high of the previous break out at the 0.236 retracement fib. I expect the price to move higher long term, but this seems to be a zone of strong local resistance.
Another element to consider is the vertical orange line, indicating the approximate time that China could announce its new Cryptocurrency regulations. This coin should be relatively distanced from the effects of Chinese regulation, but the previous period of FUD relating to Chinese regulation has taught me to be cautious. BTC may take a hit and the market might get scared. I have taken a measure of the time and percentage of the previous breakout and moved it to the current candle. If we see a breakout within 5 hours or so, then we could have a repeat of the previous breakout to reach our target before any news hits the markets. Just be cautious, and consider taking profits early. The news was previously announced at 3pm on Monday, China time (UTC +8).
Trade active:
Comment:
Position entered too early, should have waited for a CLOSE of the 343 candle above the 235 SMA resistance. Price still bouncing, should see a decision soon.
Trade closed: stop reached