STEEM Chart - Break of Downwards Trendline, Possible consolidation to $2.7?
Rise to $2.7?!
Top of the morning to ya'll!
So as we've all witnessed, Steemit has had a HUGE drop in value since it's height at $8.5, and while the river of tears of HODLers grew at an all-time high, it seems like there is some hope in the near future.
As with
https://steemit.com/trading/@tbp-hou/omgusd-chart-downtrend-broke-and-high-level-resistance-tested-what-next / OMGUSD
, price has finally broken out of the downwards trendline and began to consolidate around the key $1.91 area, which was tested earlier in the year during a massive drop.
Another View
While I typically do not use Fib Lines in my trading method, as seen below it is very interesting that the .382 level is right at the $2.7 area we are attempting to hit, which offers a bit of further validation that price may bounce off at this spot and begin to consolidate further.
It may be too soon to tell, but worth keeping an eye out (or even placing an alert) when we see price gravitate towards that spot!
Happy Trading!
Great roundup, thanks for sharing. I've smashed the like button for you!
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