Steem is Forming a Cup and Handle Pattern | I am Expecting Breakout after it does so

cryptokraze (72)in #bitcoin • 7 years ago (edited)

CryptoKraze Technical Analysis

Hey folks, @cryptokraze here and I am going to cover technical analysis of Steem for Long Term trade. I am using tradingview charts and price linked to Bittrex exchange. Let's have a look on technical aspects of Steem.

Possibility on Daily Chart

If you look at daily chart, you will see Steem is forming a Cup Pattern and this is very common in Crypto Markets. When a Coin makes Cup pattern, it will make a handle as well that is called the retracement. After the retracement price will break above as I have show in the chart. I am expecting price to complete Cup at 0.00050000 level and then retracement to 0.00040000. That will be my Re-entry zone and then I will take profits at 0.00060000 and then 0.00080000 levels. Lets' see how this analysis works out.

I have a buy entry at 0.00034000 and will Re-enter at 0.00040000 with my profit target around 0.00060000 and 0.00080000 or above.
Stop loss just below the entry area is must for trading if you don't know the Averaging Technique in Crypto Trading.

Have a look on my other Posts

Breaking Barriers with Steem Education Initiative

Averaging Technique in Crypto Trading

Disclaimer
Crypto Trading is risky business and you can loss partial or full amount of money. Trade at your own risk with that money only you can afford to lose. Bitcoin unexpected move will make this analysis void.

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