Here is my analysis of STEEM/USD. I am an Elliotician an combine Elliot wave principle with standard TA and Fibonacci levels. From this lens, STEEM/USD seems to be at an inflection point at this time.
There are two possibilites at play for the SHORT TERM. If the price can find support in the red box as shown, i.e. either the 2.2 level or the 1.82 level, then it has a chance to rally above the previous highs straight into the strongest part of the uptrend, the awesome third wave.
If it breaks below this red support box, there is a risk of falling to the C=A level at 0.74 which would also be a 50% retrace of the full wave 1 upswing seen from March 2017 to Jan 2018, or even as low as 40-45 cents.
Long term, STEEM/USD is VERY BULLISH and will most likely trade above 2000 dollars in the near future. Just in the near term, it may go lower, which would be a normal part of the corrections that prices must bear through to develop the energy for the next push higher. If it goes lower, then it would be a wonderful buying opportunity!!!
Note: you can right-click and open charts in new tab to see them at full size -- they are quite large and clear.
Note to the site designers: If there was a way to create "threads" of blog posts on the same topic, that would be super useful to chronologically catalog the analysis into a living blog. If you are reading this, please take this as a suggstion and request to enable blog threads!!!
