STEEM/BTC 4H: Showing a symmetric triangle (breakout possible)

Hey Steemians,

today I want to share a TA (technical analysis) with you.
STEEM/BTC in its 4 hours chart is forming a symmetric triangle which is very likely for a breakout! So it very likely will breakout - but it's hard to find out a safe way to tell if up or down. So we have to keep an eye on a few indcators.

Some facts 4H time frame:

  • MACD is showing a bullish signal line
  • We see a short term resistance area around 0,00001705 - 0,00001722 BTC (red box) - near the weekly pivot (P-W)
  • And we see a short term support area around 0,00001575 - 0,00001590 BTC (green box)

High Resolution:

Some facts 1D time frame:

  • MACD is showing a neutral - bearish signal line
  • We see a mid term support around 0,00001440 - 0,00001470 BTC (green box) - near the begin of the fibonacci retracement (scale on the left) and the first monthly pivot support (S1-M)
  • We see a mid term resistance around 0,00001817 - 0,00001883 BTC (red box) - near the 0.618 fibonacci level (scale on the left) - if it breaks out of this, target would be 0,00001950 BTC)

High Resolution:

Please find out for yourself what is more likely to happen. ALWAYS #DYOR !

I hope I was able to give you some insights anyways!

Have a nice day!

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