STEEM/BTC state on 20/02/2012 : Preparing for the surge

It's time to update the analysis of Steem/Btc pair. In my previous post from 16/02 I wrote that:

If the buyers fail to get STEEM/BTC above 0.00002554, I expect the price go lower the current level to 0.00002064 and there will be the reversal.

and now we can observe such state on the daily chart:

Previous resistance level at 0.00002240 zone has become current support and together with the middle line of Bollinger Bands does not allow the Sellers pull the price lower (so far).

4hr chart

Here we can see that Sellers still try to break the support line. If they succeed, Steem/Btc can touch 0.00002100 that is pretty close to target of alternative scenario I wrote earlier.

1 hour chart

shows that Sellers are weak. Even if the support is broken, the price hardly can go lower 0.00002100

Once again I woul like to put your attention at weekly chart:

Stochastic RSI looks dangerous for the Buyers. It is in overbought area for pretty long period so very soon there should be proper moment to sell Steem for BTC (maybe next week). Be ready for the correction in midterm.

Conclusion

My opinion is following: despite the fact that weekly chart tell that we can earn on sell Steem for BTC, so far Buyers have enough power to push the price towards 0.00003 (and maybe higher).