STEEM breaks out of bull flag - Fib extension targets suggest trip to $15 possible

in #steem7 years ago (edited)

Sup fuckers?

It's been a while since I've posted any charts - I've been letting the odd minnow do a guest post or two, spreading some love around the community while the sun's shining strong on the Steem blockchain.

STEEMUSD has been rather heavy over the past few days, but my steemy-senses are tingling once again and I think we are ready to resume higher.

Pair topped out at a luscious $8.84 on 4th of Jan, before channelling lower over the next few days to make a near flat correction towards the $5 mark. This channel was breached overnight and I think we are looking at a broken Bull Flag, which would suggest new record highs over the coming weeks:

Initial resistance is the $7 round figure/50% of the recent correction. A break above $7 would target the record high at $8.84, followed by Fibonacci extension targets at $11.15 (161.8), $12.56 (200) and $14.86 (261.8):

Initial support is a potential H&S neckline above $5, marked by yesterday's low. A break below $5 would call recent gains into question and invalidate my immediate bullish bias.

Let's hope the Bull Flag scenario plays out, because if Steem goes to $15, things are going to get even more ridiculously awesome around here!

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Wow that should be nice! I was expected a downtrend, up is way more fun!

I too i did not expect this upgoing

This correction was expected and now it needs to continue a trip to the moon.

Steem will rise again, I have very less steem but I am planning to earn Steem by providing useful content to people rather than buying it, if that make me more social. Please feel free to follow me.

Chooo choooo!

The future is looking good.

the correction came and went and now we see it the resistance will be broken, am stocking up on steem for the next wave, if it goes to $15 it will usher a new era where most of us will be operating on whale level

Great analysis on steemit, I like it
Thanks for sharing

Ahhh yes it is music to my ears

Mmm spicy. Wish I bought more under $1

I'm liking the intro haha

lol I never know how to start a post, I ran out of greetings ages ago

Looks amazing bro my VP is done please vote later 👍