There is a new SHS forming in STEEM. In fact if this pattern triggers, I expect very cheap steem for a few weeks. The target of this move down is 14000 satoshi if this big SHS is triggered.
As you can see there is a smaller SHS inside the bigger SHS. As long as this bigger SHS is not triggered by breaking the neckline significantly, there is still a chance for higher steem prices in the near future. But if it triggers be aware of the most likely scenario being another two or three weeks of pain.
Those weeks of pain will most likely finish the pattern I have been talking about for months now:
STEEM update 28.09.17 - why I am still not buying more STEEM
10 days ago
To put it simply, because this is not a bullish pattern at all (red circle). If this is a ZigZag it would in fact be a bearish pattern in this case (because of the down trend)...
Of course I might be wrong about this, and STEEM starts mooning soon. I am just saying a final dive before Christmas would fit the picture better than an extending impulse created out of a bearish pattern.
Most of the time before a cryptocurrency explodes, you see a bullish pattern. The breach of the down trend line alone is not what I am talking about here. This is a good start, but could also just be due to the rule of pattern alternation.
This means that wave 2 was small and fast, so wave 4 should be big and protracted.
The rule of pattern alternation can be a bit.ch sometimes.... I don't care much. Still willing to buy more cheap STEEM.
If you think this to be useful information:
DISCLAIMER: I provide trading ideas using EW and Pattern analysis. The material in this post does not constitute any trading advice whatsoever. This is just the way I see the charts and what my trading ideas are. The author of this post is holding positions in this market at the time of this post.
If you make any trades after reading this post it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.
Tell me what you think...
Have a nice day :-)