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: https://www.tradingview.com/x/NWBzzIEg/
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: https://www.tradingview.com/x/e4V0P5zX/