STEEM touching the trend line - Reversal? There might be a chance to enter a long trade here but first let's examine the 4H chart a little bit.
We can see an unperfect possibility of the Head And Shoulders formation which is coming to an end near the trend line. This is in correlation with the Fibbonacci level . Inside the right 'shoulder' we can see an inperfect descending wedge. Bulls and Bears are in war here and there is no clear evidence about the next move of the market (sounds funny:)
We should consider a few things here :
1) We are touching a trend line - possible strong reversal. For that we need bounc of RSI from the oversold area supported by volume. I suggest validation of the changed trend by setting a pending order above 0.00042. We want to see nice strong green candles in the new direction. Otherwise it can be only a local swing and down.
2) Head And Shoulders is a bearish sign and quite reliable. Here an imperfect version.
3) STEEM community is growing very fast. The platform itself is an awesome social media on a blockchain where authors are payed by upvoting. One actualy working aplication among many un-human IT projects. Core members and active users of the product 'never' sell.
We will keep an eye on that. Stay posted.
Good luck and peace!
