This entry is part 30 of 31 in the series Technical Analysis by Workin

STEEM has been getting slaughtered over the last week. It’s reaching a key demand zone between 11,000 and 9,800 satoshi. While there are some signs price may be nearing bottom, we all know STEEM (like all altcoins) is tied to bitcoin.

 

In today’s video analysis, I discuss price movement over the next week, how I plan to trade, where the bottom may be and MUCH more. I hope you find it helpful.

Video Analysis:

BIAS:

Short Term: Bearish

Longterm: Bullish

I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!

Workin

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Responses

  1. Matthias

    Great analysis @workin2005! I use primarily ElliottWave analysis combined with other technical tools you showed and I totally agree that we are at a critical juncture which will determine whether cryptos move into a deeper bear market or start bottoming out. Keep them coming!

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    1. Workin2005 Post author

      Thanks @Matti. I find EW works best with healthy volume. For example…November-January when volume was peaking, price would hit my Elliot targets almost to the tee. It was a beautiful sight to see. With volume so weak today, I find myself relying on it less…more a secondary than primary. But that’s just me. Anyway…thanks for stopping by. I look forward to reading your analysis as well! 😉

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    1. Workin2005 Post author

      Yeah…with the countless ICO’s funded by ETH, that sell off was inevitable. Still, it seems coordinated. Whales see institutional money coming. They want in at much lower prices before that happens. We’ll see if that translates into BTC dropping to new 2018 lows. I believe there’s a VERY good chance it will. That said, retail investors are getting smart. Shorts are stacked so high, I wonder if market makers will try to drive price up in the short term to liquidate shorts. If they do, they run the risk of sparking an actual bull run. This is truly an interesting and entertaining stand off to watch.

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