Steembitcoin
STEEM/BTC Mid-term AnalysisSteem has a working product and ten thousands of users and their business model is also interesting. They're the new blogger.com and medium.com if I can say. But with blockchain. Of course. So the fundamental factor behind this coin is no doubt, aside of that their team also developing SBD or Steem dollar but i'm not discussing about it here. The thing is they have a higher chance to survive for the next 5-10 years with the consistency of their productivity right now.
As the bear market has causing a lot of majority alt-coins price meltdown, what interesting on Steem right now is that the chart looks pretty juicy. The pattern that we have here is a falling wedge that one of few famous pattern used for reversal trend. With a confirmation that the chart already bottomed and not pumped yet from the nearest price action in 1-2 weeks before. It's a good entry around 1300 sats, since I think that Steem need to be cooled down first. But if the bull is continuing as we're get closer to the one of big sentiment which is few ETFs announcement this year, we can re enter around 1400 sats as the closest resistance at the moment. but it's also quite far from the cloud, so the reason not to be perma-bull is quite reasonable.
Over all, we're investing on this one with such overview. I probably looking for the next confirmation to put next position which is average up or average down based on the trend, but we're probably not in term doing so in few days/weeks ahead.
STEEM FORMING THE RIGHT SHOULDER, 71 % OPPORTUNITY!Steem has been on a breakout yesterday, since one day it has made more than 25 % rise and has confirmed finishing the head and is just about to start the left shoulder pattern and has confirmed it with yesterday's spike. So now I am expecting Steem to finish its right shoulder pattern in the upcoming weeks where it should stop at 0.00043 BTC as there is downward pattern if we look at the tops it have been making with its left shoulder and head so we are going to meet the resistance when we intersect with the red line however if we break this trend I am expecting Steem to go up further to the price it has made with its left shoulder, in other words right shoulder will be the horizontal reflection of left shoulder where it will do its peak at 0.0005 BTC.
So my advice on this trade (this is a HODL trade), buy now sell when we come close and intersect with the red downward line and wait for the market to react if we break this trend then it is time to buy back but if we bounce back down from this trend it means we are on our way to finish the right shoulder by going to the bottom.
Good Luck, Traders!
