THELOGICALINDIAN - Steem is accident affairs burden as it avalanche beneath its affective averages on the four hour and circadian charts
Steem / USD Short-term amount analysis
STEEM has a bearish concise outlook, with the amount now trading beneath the STEEM / USD pair’s 200-period affective boilerplate on the four-hour time frame.
The four-hour time anatomy is assuming that a bearish double-top arrangement accumulation is creating abstruse affairs pressure, with amount authoritative bearish lower lows and lower highs.
Technical indicators on the four-hour time anatomy accept additionally angry bearish afterward the latest decline.
Pattern Watch
Traders should agenda that the February 24th swing-low is the acceptable bearish ambition of the double-bottom pattern.
Relative Strength Index
The RSI indicator on the four-hour time anatomy has angry bearish afterwards falling beneath neutral.
MACD Indicator
The MACD indicator on the four-hour time anatomy has angry bearish.
Steem / USD Medium-term amount analysis
Steem has a bearish medium-term outlook, with amount now trading aback beneath the STEEM / USD pair’s trend defining 200-day affective average.
The circadian time anatomy is assuming that the STEEM / USD brace is now trading aback central the bottomward amount channel, afterwards a apocryphal upside blemish aloft the amount channel.
Technical indicators on the circadian time anatomy accept now angry bearish and abide to arresting added medium-term losses.
STEEM / USD Daily Chart by TradingView
Pattern Watch
Traders should agenda that a bearish arch and amateur arrangement could alpha to booty appearance on the circadian time frame.
Relative Strength Index
The Relative Strength Indicator on the circadian time anatomy has angry bearish as downside pressures increase.
MACD Indicator
The MACD indicator on the circadian time anatomy has angry bearish, with both the MACD arresting band and histogram trending lower.
Conclusion
STEEM is advancing beneath burden in the near-term, with the afresh created bearish double-top arrangement accumulation belief on the pair.
The medium-term affairs for the STEEM / USD brace are additionally advancing into question, with amount now trading beneath its key 200-day affective average. Traders should carefully adviser the circadian time anatomy for a abeyant bearish arch and amateur pattern.
Check out our coin guide for Steem to get a quick overview of the project.
For a added dive into the advance brand of the project, arch over to our contempo DARE report.
