Steem has been trading sideways as of now,trading at 38K satoshi and in last couple of sessions it has found support near 30K satoshi which is also the level in between 50% and 61.8% Fibonacci retracement of the last bull run (from 10K to 56K satoshi). I have explained in the video why this level of 30K satoshi will continue to provide support and what will be the target for STEEM in near term.
If we look at the chart, the price of STEEM bottomed out at around 10K and from there, it staged a massive bull run to as high as 56K satoshi and from there it corrects to 50% of the Fibonacci retracement and on many occasion it found support near 30K satoshi.
Further, if we look at the Daily chart, then a pattern is forming, which can be called either as bull flag pattern or a triangle pattern, I have drawn two yellow lines one at support level of 30K satoshi and another inclined line which capped the price action on the upper side in past couple of sessions. So now the triangle pattern is not complete and this pattern is still on. But once the triangle gets complete, the price will definitely bounce from this level and if we draw the Elliot wave of 1-2-3-4-5, then the next wave would be wave 3. So as soon as the wave 2 gets complete, wave 3 will start and this wave will also be higher then the wave 1, that means STEEM will go beyond 56K satoshi in wave 3. This 1-2-3-4-5 waves explanation I have also given below in the chart.
Summary
Steem is in bullish consolidation at the moment, but at the same time it is near completion of wave 2 and this is the perfect buy zone, as after this wave 3 shall begin and wave 3 should move higher than the wave 1, so in other words wave 3 should go beyond 56K and make new high high and as per the chart analysis, wave 3 should project to a level in between 80K and 90K satoshi. So as per the chart, 34K to 37K level should be an ideal buy zone for STEEM.
Disclaimer
This projection is purely based on Technical Analysis and it should not be taken as an investment advice. An individual should make his own assessment and capital risk management before making any investment. This kind of investment does not suit everyone and one may lose more than the initial capital, so one should invest that much, which he/she can afford to lose.
Thank You & Have a Great Day
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