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Steem Breaks Out Of Triangle Pattern - Up We Go! by futuristgear

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steem · @futuristgear ·
$3.74
Steem Breaks Out Of Triangle Pattern - Up We Go!
# Steem Breaks Out!

The triangle pattern that has been forming on STEEM has broken out! @haejin posted about it [here](https://steemit.com/steem/@haejin/steem-s-pathway-to-usd6-40-looks-like-this) just yesterday, and today we have seen the result of the triangle pattern:

![image.png](https://res.cloudinary.com/hpiynhbhq/image/upload/v1514824205/f7yackuuwhzw8limibsd.png)

MACD gives us a bullish reading, but the RSI is a ___little___ overbought on my 1 hour chart. So we may see some resistance and/or consolidation in the shorter term, but longer term this is a great sign that a new wave higher is on the cards!

# Happy New Year Steem!

___
For more great technical analysis and crypto related posts, see also: @toofasteddie, @gazur, @ew-and-patterns, @pawsdog, @cryptomagic, @exxodus, @beiker, @allthereisislove, @lordoftruth, @masterthematrix, @cryptoheads and @tombort
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> Not intended as investment, financial or trading advice.
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vote details (68)
@debunked ·
$0.06
Would be interesting to compare a Steem chart with a BTC/USD chart. I suspect this breakout could be due to BTC dip, but excited for another upward trend
👍  
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vote details (1)
@futuristgear · (edited)
$0.07
I looked at the BTC/STEEM chart and there are two things I can see as a possible reason for the breakout there.

There is a cup & handle pattern:

![](https://steemitimages.com/DQmUBx51SDvjkf3oZu8LJT3hftFRDMXii7pHd3w94PkJx7g/image.png)

But I'm not 100% sure if it's clearly defined enough to be a true cup and handle or not. 

There's also what appears to be a rising triangle on the BTC pair too:

![](https://steemitimages.com/DQmb9aaeMsm2YG5BEgTkYzosePnQ4axYoF2WhJWdp3WvnTK/image.png)

So either one of these could have helped the breakout too I think.
👍  ,
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vote details (2)
@minnowsupport · 
<p>Congratulations!  This post has been upvoted from the communal account, @minnowsupport, by FuturistGear from the Minnow Support Project.  It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews/crimsonclad, and netuoso.  The goal is to help Steemit grow by supporting Minnows and creating a social network.  Please find us in the <a href="https://discord.gg/HYj4yvw">Peace, Abundance, and Liberty Network (PALnet) Discord Channel</a>.  It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.</p>

<p>If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: <a href="https://v2.steemconnect.com/sign/delegateVestingShares?delegator=&amp;delegatee=minnowsupport&amp;vesting_shares=102530.639667%20VESTS">50SP</a>, <a href="https://v2.steemconnect.com/sign/delegateVestingShares?delegator=&amp;delegatee=minnowsupport&amp;vesting_shares=205303.639667%20VESTS">100SP</a>, <a href="https://v2.steemconnect.com/sign/delegateVestingShares?delegator=&amp;delegatee=minnowsupport&amp;vesting_shares=514303.639667%20VESTS">250SP</a>, <a href="https://v2.steemconnect.com/sign/delegateVestingShares?delegator=&amp;delegatee=minnowsupport&amp;vesting_shares=1025303.639667%20VESTS">500SP</a>, <a href="https://v2.steemconnect.com/sign/delegateVestingShares?delegator=&amp;delegatee=minnowsupport&amp;vesting_shares=2053030.639667%20VESTS">1000SP</a>, <a href="https://v2.steemconnect.com/sign/delegateVestingShares?delegator=&amp;delegatee=minnowsupport&amp;vesting_shares=10253030.639667%20VESTS">5000SP</a>.  <strong>Be sure to leave at least 50SP undelegated on your account.</strong></p>
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@tombort ·
$0.06
You spot the triangle right (or haejin was first) but what trigger a breakthrough through the resistance line is hidden inside a triangle. this is a harmonic pattern ABCD indicating that price move will follow. Check my analysis here [#1](https://steemit.com/steem/@tombort/steem-analysis-steem-take-of-hard-1). I start a serious of Steem price predictions, because we are Steemians.

One more remark. Support line in this triangle is very weak. It's defined with just two price dips far apart. More dips or picks define a line stronger it become. In my analysis I even not draw support line of a triangle.
👍  
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vote details (1)
@futuristgear ·
$0.05
I'm still learning EW theory so I missed that. Awesome post @tombort! 

Yeah you're right! I thought the triangle looked a little weak too, but it seemed to follow it pretty well. :-D
👍  
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