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STEEM Analysis by mikej

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· @mikej · (edited)
$0.33
STEEM Analysis
We just closed out the week week with a green 5 candle at $3.23 and a weekly high of $4.32 which was rejected by the bears. 

![](https://steemitimages.com/DQmWA4y2S3wSwJSNYP6d1UZX4ebRjs2yNqBHqqjp7kehJeu/image.png)

The weekly chart looks great with 6 previous green candles and closing out the week with a green 5.

Weekly: BULLISH

The daily chart looks interesting as seen below...

  ![](https://steemitimages.com/DQmZHi6QwbEZspGWRMFedhviCjUwUXoezQ5NyHUVqr2SjxD/image.png)  

The daily is still bullish even though we are starting the day off with a red reversal candle.


Daily: BULLISH

Now let's look at the hourly chart. 

![](https://steemitimages.com/DQmRsggRESuKzBJQowKrZR1aA3kqDGwKLstcmT6prmtF5kw/image.png)

As you can see, we are dropping like a rock on the hourly chart with a red 1 candle in the previous hour. The new hourly candle is also the start of the new week. 

Now the 20 hour candle closed with a red 9 and a red arrow which shows to sell and take your profits, so if you sold a few hours ago, you made a good move and you can buy back in when the hourly reverses. We haven't had a 9 red arrow hourly candle since December 18 but it quickly reversed two hours later and a small correction five hours later.

On the hourly chart, I'm bearish but this can reverse in the next hour. Yesterday we had a red 1 and 2 candle in a down trend that reversed with a green 3 candle the hour after. So let's see if we can close out this hour with a green candle.
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