THELOGICALINDIAN - The brace is accident Steem with amount bottomward forth a abrupt amount acclivity beneath its affective averages
STEEM / USD Short-term amount analysis
Steem has a bearish concise outlook, with the cryptocurrency now trading beneath its 200-period affective boilerplate on the four-hour time frame.
The four-hour time anatomy is assuming that a bearish double-top arrangement is in play, with the Steem / USD brace giving aback all of its hard-fought account trading gains.
Technical indicators on the four-hour time anatomy are bearish, afterward the abrupt abatement in the Steem / USD pair.
Pattern Watch
Traders should agenda that a ample arch and amateur arrangement will anatomy if the Steem / USD brace continues to abatement appear the February 2024 trading low.
Relative Strength Index
The RSI indicator on the four-hour time anatomy is bearish, with the indicator still arising a advertise signal.
MACD Indicator
The MACD indicator on the four-hour time anatomy is currently neutral, with the indicator declining to accomplish a bright trading signal.
STEEM / USD Medium-term amount analysis
Steem has a bearish medium-term outlook, with the cryptocurrency now trading beneath its trend defining 200-day affective average.
The circadian time anatomy shows that the STEEM / USD brace is now authoritative bearish lower lows and lower highs, while a ample bearish arrangement is additionally demography appearance beyond the mentioned time frame.
Technical indicators on the circadian time anatomy abide bearish and still accept ambit for added downside.
Pattern Watch
Traders should agenda that a bearish double-top arrangement has additionally formed beyond the circadian time frame.
Relative Strength Index
The Relative Strength Index on the circadian time is bearish and shows ambit for added downside.
MACD Indicator
The MACD indicator on the circadian time anatomy charcoal bearish, with the MACD arresting band continuing to affair a advertise signal.
Conclusion
Steem has now angry bearish over the abbreviate and medium-term, with the aciculate abatement in the cryptocurrency currently assuming few signs of stopping.
The actualization of bearish arch and amateur patterns on the four-hour and circadian time frames could abode the STEEM / USD brace beneath alike greater downside pressure.
For a quick attending into Steemit and STEEM, analysis out our bread adviser here.
If you charge a added analysis, attending into our Steem DARE.
