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Steem / USD Technical Analysis: Struggling Against The Pattern

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  1. Steem is bullish in the short-term, although the MACD indicator is showing bearish divergence on the four-hour time frame

  2. The medium-term outlook for the cryptocurrency remains bearish despite the recent rally

  3. Bulls have much work to do to invalidate the bearish head and shoulders pattern on the daily time frame

 

Steem / USD Short-term price analysis

In the short-term, Steem is bullish after the recent rally in the cryptocurrency triggered a large inverted head and shoulders pattern on the four-hour time frame.

The MACD indicator on the four-hour time frame is showing bearish MACD divergence, which if corrected, would see the STEEM / USD pair falling back under its 200-period moving average on the mentioned time frame.

A downward correction may be nearing as technical indicators are starting to appear overstretched.


STEEM / USD H4 Chart                                                           (Source: TradingView)

Pattern Watch

A degree of caution is warranted as the bullish inverted head and shoulders pattern on the four-hour time frame has yet to reach its upside objective.

MACD Indicator

The MACD indicator is currently showing bearish MACD divergence on the four-hour time frame.

Momentum Indicator

The Momentum indicator is turning lower as the recent up move is starting to weaken.

 

Steem / USD Medium-term price analysis

Steem is bearish in the medium-term, with the recent up move failing to invalidate the large head and shoulders pattern across the daily time frame.

The cryptocurrency is trading well below its 200-day moving average; buyers will need to make significant gains to start to trade back above it. Technical indicators are also starting to approach overbought conditions on the daily time frame.


STEEM / USD Daily Chart                                                                         (Source: TradingView)

Pattern Watch

Traders should watch the head and shoulders pattern for the potential creation of a right-hand shoulder or eventual invalidation of the bearish pattern.

MACD Indicator

The Momentum indicator on the daily time is still rising with a bullish crossover underway.

RSI Indicator

The Relative Strength Indicator on the mentioned time frame is turning lower after reaching overbought trading conditions.

 

Conclusion

Steem is bullish in the short-term, although the four-hour time frame is signaling that the latest up move has created large amounts of bearish price divergence. STEEM / USD medium-term outlook is likely to remain bearish until we see the cryptocurrency breaking to fresh 2019 trading highs and invalidating the head and shoulders pattern on the daily time frame.



Steem Chart

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