STEEM is above the 50 Day Moving Average for the first time since July 7
STEEM Daily Chart
The daily chart gives a two bullish signals. STEEM is being traded again above the 50 Day Moving Average (MA) for the first time since July 7. We have also broken the downwards trendline (blue line). Keep an eye on the RSI though if we keep on rising in the coming days.
STEEM 4 Hour Chart
Zooming in on the 4 hour chart...
We made a low on September 4 and then a lower high on September 7. The bears kept control in the weeks thereafter, but didn't manage to press the price to a new low.
The bulls then took control on @ned's announcement of the Smart Media Tokens yesterday. The bulls broke the downward trendline to make a new high at 0.000385 BTC an hour ago. I expect some retracement in the coming hours. The RSI shows an overbought level on the 4 hour chart.
STEEM 15 Minute Chart
The moment @ned announced SMTs, Steem was being traded at 0.00030721 BTC. There seems to be some insider trading right before the announcement as the price was already rising a few hours before the announcement.
Today's high stands at 0.000385 BTC. Let's see if we can break it in the coming hours. A pullback would give a nice buy opportunity. I'm buying the dips on this bullish sentiment :-)
Disclaimer: I hope this technical analysis was helpful. Trade at your own risk...
Very easy to read analysis of the market behaviour. Thanks for that.
Nice job tying the news to the price action. Very strong looking TA to go with some very strong fundamentals.
From what I'm seeing, everyone loves SMTs!
yeah, It has a really huge potential in my view. Just recently I read on the subreddit r/ethtrader that they want to create a token for their own trader community to reward active members who provide good value to the community. SMT is the perfect answer for them. With that, a lot of people would move from reddit to steem.
It will be great when usage of SMT starts going mainstream! Maybe reddit will be one of the first.
So is this having a chance?
I just heard about it.
And from a noob point of view, if anyone can make a token, wouldn't it be hard to keep track of them?
Greate work
Great market analysis, hopefully we're heading for the $2 mark
of their trader own community hopefully my 9887STEEM is on the way technical levels will be taken down
Bearish spot nontheless
STEEM Target $14; The Chalice of Wealth! Here is my analysis:
Chalice of Wealth inDEED!
Very good analysis. If we do get a pullback, definitely a good buying opportunity with the potential of SMTs. This development will be very intriguing to follow in the weeks to come.
NICE! Time to load up! By next year I bet this site will be making strong bank as more people join, and since it is an interactive site it wont be going down anytime soon as new users keep flooding the gates. GOOD LUCK ALL! Much love to steem and the community
The huge thing about the steem blockchain is that we are not dependent on steemit.com. We have other alternatives already in place like busy.org. I would love to see much more websites who are going to be connected to the steemit blockchain.
This seems like good news for steem holders.
Super happy to see this happening, at last... of course, coming on @ned's announcement; and (as I have mentioned before) we're finally seeing upwards movement on some stout volume. That's also a good sign, to me. Rallies on weak volume are seldom sustainable...
Yes, we need to keep the volume up! That's what's been worrying me the most recently. Price drops don't bother me, but we need the volume flowin'!
I think as soon as the first SMT´s are going to be announce we will see a much higher trading volume on steem.
WAIT AND SEE!
May be Steemit is heading to the moon.
SMT is changing everything!