The Price of STEEM Continues Positive Price Action With A Higher High and Higher Low by scaredycatguide

scaredycatguide · @scaredycatguide · May 24 '17

$10.36

The Price of STEEM Continues Positive Price Action With A Higher High and Higher Low

About a week ago I posted about the price action of steem after we saw another bull flag formed. The subsequent price action from that time has been positive, here is why:

## New Closing High
Looking at the chart you will see the prior move circled in black (its the high of the last bull flag seen in the 2nd chart). Though we had an intraday spike into the .00070's on that move the closing high was a price was .00059278.

![steemprc524.JPG](https://steemitimages.com/DQmSg1ganaEi8fCBrxGjYNYqY8REK5Dt1j2UXvuFVimxzSu/steemprc524.JPG)

After a small pullback (forming the flag seen below) we pushed higher and formed a new closing high of .00063716 before Monday's down day from which the price has already bounced a bit.

+ Chart of last week's bull flag
![steemprice518.JPG](https://steemitimages.com/DQmNbKgiVaqVP4spdXahnpuA5cw3QikaJQs5cXtD4sPmMc4/steemprice518.JPG)

## Targets/Point of Interest Going Forward

Now that we have a new closing high (positive price action) ideally we would like to see the next leg up clear that intraday high of .00078 from the prior high. If we breach that and then consolidate I would still feel very good about price momentum.

More importantly, clearing that hurdle sends us to our next real opening/closing price target. If you look to the left of the first chart you will see a prior top (resistance level) at roughly .0010. That is a nice piece of real estate, nearly a double in price - but that is in fact the next clear target.

On the flipside, if price momentum does flame out then holding the .00040 support is key in maintaining the positive price momentum on the daily chart.

___
Regards, ![SCGLabel.JPG](https://steemitimages.com/DQmT1f9RYQpCfEXKsANM4hczZU85YyUMLiL8K6n7zFKzQf1/SCGLabel.JPG)

👍 ats-david, ace108, kaylinart, cryptomancer, carrinm, penguinpablo, moon32walker, gringalicious, scaredycatguide, gutzofter, cristi, supergoodliving, allasyummyfood, aleksandraz, strangerarray, jason, sandra, razvanelulmarin, mammasitta, heymattsokol, spiz0r, andrewawerdna, mitchelljaworski, bitminter, ihashfury, themeanbean, tryptamin, dmacshady, benjamin.still, elenka, bitland, recrypto, spluff, eirik, lazariko12, mathfortress, siniceku, digitaldollar, theodosis63, jmehta, albertvhons, elena000, emilniz, ap2002, ireneirkaola

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@jmehta · May 24 '17

Love Steem :)

👍 jmehta

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@digitaldollar · May 24 '17

Upvoted @scaredycatguide . Please upvote and follow me @digitaldollar

👍 digitaldollar

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@allasyummyfood · May 24 '17

great report it will keep growing!!!

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@scaredycatguide · May 24 '17

Thanks, Fingers crossed :-)

👍 benjamin.still

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@dmacshady · May 24 '17

Cool article, you should get into forex if your already not.  Cheers.

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@scaredycatguide · May 24 '17

I trade USD/JPY with my bitcoin on [1broker.com](https://1broker.com/?r=13279) a bit.   It's pretty sweet, commission free trading.

👍 benjamin.still

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@dmacshady · May 24 '17

Yeah that's cool, yup when usdjpy goes up, gold goes down.  Other then that I'm always learning forex.

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