STEEM/USD Analysis
It's been a while since I've written analysis for STEEM and also for Steemit.com. My last analysis of BTCUSD, was on the money both for the rise and fall, and subsequent rise. I've been busy upgrading and building out the new Witness server for Steem, but also putting together the website and writing the new crypto course; teaching people how to trade crypto's without needing to buy one - check it out if you're interested: www.cryptosuccess.money
Let's get to business on STEEMUSD. STEEM is on a bit of a bull run. I feel that STEEM's increase has more to do with interest in cryptocurrency resulting from the media frenzy that is Bitcoin. This will ebb and flow, but thankfully what we are beginning to see, is the 'average Joe' becoming interested in Cryptocurrency and wider media adoption of cryptocurrency being seen as a legitimate currency of exchange. Previously, the media were not so kind and chances are they will build it up and knock it down again, but they won't be able to stop the interest they created with the average man/woman on the street. This will cause a degree of momentum which I feel will only build and build. Investors are looking for more and more clues on what would be the next Bitcoin. Causing money to flow into other cryptocurrencies and also I believe into STEEM too.
This is the great news; wider adoption and awareness is only ever a good thing. However, without wanting to sound all doom and gloom there is one tricky obstacle for the current price of STEEMUSD - we have very strong resistance at $1.65. It's hit this point from similar bullish runs before. We are likely to see it hit again and possibly faulter. This is where you will need to pay attention. Previously, the resistance has caused an immediate drop. I'm hoping we don't see that, I'm looking for a small retracement, perhaps some consolidation to sure up support. If we get that, then it will be good, it shows that people support the price and those looking at the resistance as a point to get in, will turn that into support as it breaks through. Ideally, in a perfect World, we will just break through it but I feel, at least we may get the former.