Steem Weekly
There is possibility which will be clear at the end of the week that pair on weekly chart will create very interesting candlestick formation which is called rising three pattern. It will not be exact as the perfect one but if you consider nature of cryptoccurency(extreme movements in short period of time) I think it is justified to use it as suggestion for continuation of trend.
Rising three pattern is used to confirm trend and looks like this that there is big bullish candle which is followed but 3 small bearish candles and then there is 4th candle which is also big and body should be closed above the body of the previous big bullish candle.
Second important signal is Fibonacci 23.6% retracement. This is as much important as the 78.6% and it is very goo indication of trend reversal.(in our case from bearish to bullish)
Let observe what level the weekly candle will close. The perfect closing level would be 2k +
For TP area I would go for 161.80% combined with round number which is 5k or the one from my previous chart linked below.
…..I will post 4h detailed idea also.
Rising three pattern is used to confirm trend and looks like this that there is big bullish candle which is followed but 3 small bearish candles and then there is 4th candle which is also big and body should be closed above the body of the previous big bullish candle.
Second important signal is Fibonacci 23.6% retracement. This is as much important as the 78.6% and it is very goo indication of trend reversal.(in our case from bearish to bullish)
Let observe what level the weekly candle will close. The perfect closing level would be 2k +
For TP area I would go for 161.80% combined with round number which is 5k or the one from my previous chart linked below.
…..I will post 4h detailed idea also.
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