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Steem Price Approached Support and Formed a Bullish U-Turn! by scaredycatguide

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steem · @scaredycatguide · (edited)
$34.07
Steem Price Approached Support and Formed a Bullish U-Turn!
Just like several other cryptos Steem is seeing a reversal pattern setup, the real question is will we see any follow through.

## A Bounce or a Rally?

Looking at the chart below (and its amazing these lines I drew last year still come into play) you'll see price come into the support zone in the $1.65 area 

![](https://cdn.steemitimages.com/DQmSxPbVxB8siE5VqznrXwckYDhJvmDMCrqEyj4opUjaD66/image.png)

### A closer look..

![](https://cdn.steemitimages.com/DQmdGAyiLG6x1ytFCB76eBp6iRr5tfaPHXMXqzFcoDK4hLQ/image.png)


Looking at the candles over the past few days we got my favorite pattern; the bullish u-turn.  It was completed when yesterday's candle closed above the prior days low and now we are slightly green on today's candle.

We are oversold for sure so this could just signal a small relief bounce or it could be the reversal rally.  The only thing we do know is that we need to hold yesterday's low otherwise the pattern fails and we also happen to breach the $1.65 area support - that'd be no good.

![Steemit_txtdvidr.png](https://steemitimages.com/DQmQALmjjiQfvMZNBY1AtHwNiZLf6jnD6P1yuGe4v25iHRe/Steemit_txtdvidr.png)

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**Disclaimer: All info in this post is my opinion and for informational purposes only**</center>
šŸ‘  , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , and 7 others
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vote details (71)
@intelliguy ·
$0.12
The only reason steem price isn't doing better, is people do not understand what long-term means.

Long term these days seems to be redefined as holding for a week or two.

Hold it for a year, you'll see... it goes up huge.  But that's just my opinion. :)
šŸ‘  ,
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@scaredycatguide · 
Ain't that the truth.  One or two weeks is called swing trading, not holding! :-)
šŸ‘  
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@investorsclub ·
$0.02
Upvoted ($0.14) and resteemed by @investorsclub

[Join the Investors Club](https://steemit.com/bitcoin/@investorsclub/welcome-to-the-investors-club-week-3-highlights) if you are interested in investing.
šŸ‘  
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@kubbyelizabeth · 
Come on price handle, hold it and keep it together! Reading your post felt like Iā€™m watching the World Cup. šŸ¤¦šŸ½ā€ā™€ļø
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@scaredycatguide · 
Steem is bouncing around like a soccer ball of late!
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@manorvillemike · 
At this point any words of encouragement is welcome.
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@realestatecoach ·
$0.10
Little shocked on how much the price has come down.  Then again everything has seen a recent blood bath.  Steem is the currency I can weather the storm the best because as I keep making more I know it will be worth more as long as the project continues.
šŸ‘  
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