Steem Supports $2.33, aims for $3.87 — June 11th 2017

Key Highlights

• Steem price after an exponential upside swing to 0.001 BTC found bearish traders
• Steem is currently supporting mid $2.33 USD and might be heading towards a support area over $3.87
• The most important support on the downside is near $1.55 USD where bulls might appear.

Steem is breaking through support levels of $2.3 (0.0006 BTC)swinging up to $3.8 (0.001 BTC) against the USD

Steem

It has been a decent ride for Steem this past 30 days; breaking through support levels of $2.3 (0.0006 BTC)swinging up to $3.8 (0.001 BTC) against the USD. It looks like we are seeing a double top, with a short retracement back towards 0.00075 BTC ($2.91 USD). It looks like a support wave has started to move around 0.0006 BTC — 0.0008 BTC. We are currently supporting on the 23.6% fib level while support is building up around 0.0009 BTC

The next major support on the downside is near 0.00040 BTC ($1.55 USD) as it coincides with the 61% fib retracement level of the last wave from the 0.0003 BTC to 0.0006 BTC. It is where the price might find buyers and get bids near 0.00066 BTC. However, I would say that the price might find the best support near 0.001 BTC ($3.87 USD)

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Just a few strategies you can use for this market.

• Buy and hold, without caring about day-to-day (or even month-month) fluctuations
• Buy and hold a core position and add on the major retracements; a very powerful strategy
• Buy a certain amount every week or month, and even-out your entry price, without the hassle of timing the market
• Try to catch major retraction to reduce and “re-boost” your position

I will keep providing weekday/weekend market outlooks on a few high-valued markets.