STEEM looking to test monthly resistance (HIGH VOLUME)
STEEM has broken the daily resistance level at 2381 by wicking above the daily resistance.
If new candle opens above daily level, then we may see some move upward till monthly resistance. It is the 3rd time the monthly resistance is going to be tested.
The more times a level is tested, it becomes weaker.
We may see the monthly gets broken due to
1.High Volume
2. 3rd Time Test
3. Candle forming above daily level
4. Upper trend line also acting as a support.
In other case if 3rd time the resistance is rejected then it may retarce back to test the new support at daily level.
Also 3rd situation is:
If candle is unable to form above daily level which is 2381 then we can see a retracement back to 2260.
Wait for the new candle to be formed.
Then decide accoordingly.
If new candle opens above daily level, then we may see some move upward till monthly resistance. It is the 3rd time the monthly resistance is going to be tested.
The more times a level is tested, it becomes weaker.
We may see the monthly gets broken due to
1.High Volume
2. 3rd Time Test
3. Candle forming above daily level
4. Upper trend line also acting as a support.
In other case if 3rd time the resistance is rejected then it may retarce back to test the new support at daily level.
Also 3rd situation is:
If candle is unable to form above daily level which is 2381 then we can see a retracement back to 2260.
Wait for the new candle to be formed.
Then decide accoordingly.
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