Trend assessment:
Observing from the 1-hour chart, STEEM experienced a rapid surge, retouched the high point of 0.35252 and then corrected, currently oscillating around 0.31598. Short-term bullish strength is strong, but there is certain profit-taking pressure.
MA7 (0.30822) and MA30 (0.27467) have formed a golden cross, indicating a high possibility of continuation in the bullish trend.
Candlestick patterns and trading volume:
The high-level doji after the surge indicates increasing divergence between bulls and bears, suggesting a need for adjustment in the short term.
Trading volume has significantly increased, indicating enhanced capital activity, which may intensify short-term fluctuations.
Indicator signals:
MACD: Golden cross upward, the momentum bar shows an expanding trend, with bulls still dominant.
RSI: Entered the overbought range, indicating a need for a pullback in the short term.
Today's operation suggestions
Opening position: It is recommended to open a light long position in the 0.310-0.320 range, waiting for an entry opportunity after adjustment.
First take-profit level: 0.345 (close to yesterday's high, leaving about 300 points of space)
Second take-profit level: 0.360 (may form a new wave resistance level after the breakout)
Stop-loss level: 0.290 (below the short-term moving average, timely stop-loss is required if breached)
Summary: STEEM is currently showing a strong trend, but is in a high-level consolidation phase after a surge, which requires caution against chasing highs. Patiently wait for further confirmation of market direction. Pay attention to the breakthrough of short-term volatility range; if it breaks above 0.345, a bullish trend is likely to continue.
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