Steem has been trading in narrow ranges with low volumes for many days. It has also been seen hovering around 10 day EMA, but lower volume level effecting the determined decision of both traders and investors to enter new positions on either side in Steem.
But one will agree with me that Steem will take some decisive move as this extended period of indecision will not last longer.
Lets take a help of line chart today to understand the pattern of ongoing moves in prices of STEEM. If, now i take your attention on chart below, you can see different lines in it which represent following:-
- Blue line represent price action of Steem.
- Yellow line is 10 Days EMA(exponential moving average).
- Red line is 50 Days EMA.
- Red horizontal lines are support level and green line is resistance level to prices.
- Yellow highlighted circle at bottom of chart represents volume level of last 15 days.
- Diagonal velvet lines are representing Symmetrical Triangle Pattern.
Now if I quickly come to point that price now which are trading currently around 80k Satoshi is at edge of symmetrical pattern shown in chart above. If in any given day prices start breaching above the upper leg of said triangle and price level to clear out is 81k Satoshi or breaking down below the price level of 78k Saoshi, which is lower leg of triangle, buyers or seller should get ready and if i again quickly draw your attention on chart above you can also see that decisive point approaching soon.
But before entering any side of trade after break up or break down, one must must wait of that day close and also a close above or below said level next day.
In the end, I advice traders and investors to just wait for price action and follow the instruction to enter in any new position in this script.
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previous update link: https://steemit.com/steem/@jimmyrai28/steem-update-21-06-2017-testing-waters