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Cryptocurrency
by Seth Parker on June 12, 2018

Steem Analysis – 0.77 USD calling

The last analysis of the day, will be about the Steem, which for the last time, was analysed by us long time ago, on the 11th of May. Since that time, the price changed a lot. What did not change is the fact, that our previous view was spot on and the price did what was generally expected. Month ago, when we were around the 2.68 USD, we said:

“Technically, that sorts out the situation and gives a green light for the sellers. As long as we are below the green area, the sentiment is negative and the short positions look like a more favourable option. „

steem chart

Shorty after those sentences were written, the price created a small rectangle and then, went significantly lower. Now, we are on the 1.58 USD and to get here, we broke an important horizontal support on the 1.75 USD (orange), which was with us since July 2017. Currently, the target is on another horizontal area around the 1.35 USD (red) and the movement towards this line seems imminent. The ultimate, long-term target for the Steem is on the 0.77 USD (blue) and I think that somewhere this year, the price should get there claiming the bearish victory on the crypto market.

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

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