Based on the chart for
$STEEM /USDT, here's a detailed analysis and trading plan:
Market Analysis
1. Current Price: $0.2995
2. 24-Hour High: $0.3200
3. 24-Hour Low: $0.2465
4. Resistance Levels:
Immediate Resistance: $0.3102 (upper Bollinger Band).
Stronger Resistance: $0.3200 (recent high).
$STEEM 5. Support Levels:
Immediate Support: $0.2879 (middle Bollinger Band).
Stronger Support: $0.2682 (lower Bollinger Band).
6. Volume: Volume has increased significantly during the price spike, signaling strong interest.
Trading Plan
Buy Zone
Entry Range: $0.290 - $0.300
Wait for a slight pullback to the middle Bollinger Band or support levels before entering.
Targets
Target 1 (Short-Term): $0.310
Target 2 (Mid-Term): $0.320
Target 3 (Long-Term): $0.340
Stop Loss
Place a stop loss at $0.280 to protect your position in case of a bearish reversal.
Indicators to Watch
1. Bollinger Bands:
Price is approaching the upper band, suggesting a pullback or consolidation might occur.
2. MACD:
The MACD line is slightly below the signal line, indicating potential consolidation before the next move.
3. Volume:
Monitor for a surge in volume to confirm bullish continuation.
Risk Management
Position Sizing: Risk only 1-2% of your total capital on this trade.
Risk-Reward Ratio: Maintain at least a 1:3 ratio for better returns.
Next Steps
1. Monitor Price Action: Ensure the price holds above $0.287 before entering.
2. Confirm Momentum: Look for bullish candlestick patterns or increased buying volume.
$STEEM 3. Adjust Targets: If price breaks $0.320 with strong momentum, reassess for higher targets.
Disclaimer: This is not financial advice
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