Steem Multiple Bounces Off The Support

Since June, Steem hasn’t been popular amongst investors, and it went down from $2.8 to $0.75, where it found a very strong support. Although Steem lost over 70% to USD it found a very strong support at $0.75 which has been rejected multiple times.

On the 2nd of November, STEEM/USD rejected the support and shortly after it rejected it again on the 11th of November forming a bullish divergence. Straight after the price went above the 200 Moving Average and it still remains there. It is also worth mentioning that Steem has been producing higher highs and higher lows, which does suggest the beginning, or better said, continuation of the long-term uptrend.

The first upside target is seen near $3 psychological round number. To be precise it is $2.8 area which corresponds to the 227.2% Fibonacci retracement level applied to the corrective wave after the descending channel breakout. It also appears to be the previously formed high and potential should act as a strong resistance or an upside target. Only a break and close below the $0.75 support could invalidate bullish outlook.

SHARE

LEAVE A REPLY

Please enter your comment!
Please enter your name here