The market is kind of down and not giving us the vibe we were expecting but ofcourse there is still time, I will be looking at the chart of steem against usdt specifically on the weekly timeframe which tends to tell much of the story and then down to the D and unto the 4H to take a look at what price is doing and what our expectations might be.
Looking at the weekly timeframe there is sign of positives as price seems to be showing bullish signs though it remains to be seen what is going to happen.
On the weekly timeframe steem swept the sellside liquidity around $0.1482 and made a low of $0.1257 as trading view chart shows. And since then price has been moving up on the weekly timeframe from that level, since the sellside is taken am expecting for the buyside liquidity at $0.2159 to be the next target or where price attempts to draw to next.
Looking at the weekly timeframe we can see that price after taking the sellside liquidity at $0.1482 level it attempts to take the high at $0.2159 and fail to and currently after a weekly bearish candle attempting to take that high ofcourse we have seen almost 2 weekly bullish candles formed since then if today's own finish bullish and that would indicate another attempt to take out the weekly high at $0.2159 level.
On the weekly timeframe if we are to take out that high the next target for me would be the fvg around the $0.24-26 level and overall target at the first weekly swing high of $0.3387 before targeting the overall high of $0.4000.
Screenshot from trading view
Then I proceeded to drop to the daily timeframe to get a picture of what price seems to be doing on this timeframe and then I see what seems like a pattern that price is forming here.
You can see a trend line pattern with price getting supported twice and being rejected thrice now and still attempting to go up to retest that trend line resistance level and ofcourse if we get rejected then we might be really headed to $0.10 level to retest the trend line support again which would be scary indeed but if we break above that resistance level currently around $0.18 level what are the possible targets.
Well if price were to break out as we know that the resistance level have been tested thrice already and the more time price test a level the more likely it is that it would break so if we manage to break above what's the target on the daily.
Well the first target would be the weekly fvg around $0.24-26 level though the main target from that breakout would be targeting the daily high at $0.3387 level which also correspond to the weekly bullish target in an event price turns bullish.
But then again this is all depending on price not getting rejected and breaking above the trend line resistance would could signal really good upside for steem for a while.
Screenshot from trading view
I then proceeded to drop even further to the 4H timeframe to get another picture of price action here in the immediate short term atleast and really what am seeing is also interesting.
On the 4H price took out a sellside at $0.1480 level and have since then broken a 4H equal highs, not only have it broken through but have retested that high and continues moving up which is quite bullish at the immediate short term.
What's the likely target on the 4H?
Well at the low was swept and after the break I believe that now we are going to retest the daily trendline resistance so I believe we are headed towards $0.18 level, that's my price target on the 4H and then if we break that D trendline resistance then we would draw up next target but for now but in the daily and 4H I believe our immediate short term target is $0.18 then if we break it then we would be looking at the weekly and daily high of $0.3387 firstly the fvg on the weekly around $0.24-26 then to $0.33.
Ofcourse fingers crossed, let's reach and break $0.18 first or atleast let's break above the trend line resistance level first with a strong daily close above then we know the bulls has assumed full control, for now we watch.
Thanks for reading through.
0.000 SRY