Long
Elliott Wave Count on Steem
BITTREX:STEEMUSD
Here is my Elliott Wave Count on Steem, from March 2017 to January 2018, it had a mayor multi-month Bull-Market, going from $0.06 USD to about $9.3 USD, that is a 155 to 1 rise. It climbed in a clear 5-wave impulse if you look at it in a Weekly Logarithmic Chart, which I did.
From there it has decline almost 99% from the January 2018 highs, to the November 2019 lows, almost 23 months. From $9.3 USD to $0.09 USD, but above the March 2017 lows of $0.06 USD. The bottom could have been set at the November 2019 lows of $0.09 USD.
The decline from the January 2018 highs to the November 2019 lows has been in a 3 way decline, as seen in the char, an ABC Zig-Zag, elliottwave-forecast.com/elliott-wave-theory/ , a deep and long one.
From that low, it has been rising, along with the stochastics indicator, which is bullish.
This is not a recommendation, just my doing. I’m entering long here, at $0.20 USD, with a stop at $0.08 USD, one cent below support, and with and initial target of $0.60 USD. But of course, it could climb much higher. That is a risk-reward ratio of 3.3333 to 1.
Steem is the cryptocurrency related to the Steemit Social Media Platform, steemit.com/ , here you can find more information about it: coinmarketcap.com/currencies/steem/ , steem.com/
Good Luck to You
Here is my Elliott Wave Count on Steem, from March 2017 to January 2018, it had a mayor multi-month Bull-Market, going from $0.06 USD to about $9.3 USD, that is a 155 to 1 rise. It climbed in a clear 5-wave impulse if you look at it in a Weekly Logarithmic Chart, which I did.
From there it has decline almost 99% from the January 2018 highs, to the November 2019 lows, almost 23 months. From $9.3 USD to $0.09 USD, but above the March 2017 lows of $0.06 USD. The bottom could have been set at the November 2019 lows of $0.09 USD.
The decline from the January 2018 highs to the November 2019 lows has been in a 3 way decline, as seen in the char, an ABC Zig-Zag, elliottwave-forecast.com/elliott-wave-theory/ , a deep and long one.
From that low, it has been rising, along with the stochastics indicator, which is bullish.
This is not a recommendation, just my doing. I’m entering long here, at $0.20 USD, with a stop at $0.08 USD, one cent below support, and with and initial target of $0.60 USD. But of course, it could climb much higher. That is a risk-reward ratio of 3.3333 to 1.
Steem is the cryptocurrency related to the Steemit Social Media Platform, steemit.com/ , here you can find more information about it: coinmarketcap.com/currencies/steem/ , steem.com/
Good Luck to You
Note
On a much shorter time frame, it looks to be making a bullish Cup & Handle Pattern with a minimum price target of $0.36 USD.freeonlinetradingeducation.com/cup-and-handle.html
Good Luck to You
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