๐ STEEM Market Analysis โ Hanging Man & Double Top Formation! โ ๏ธ
๐น STEEM/USDT Price: $0.1395
๐ Resistance Level: $0.1410
๐ก Support Level: $0.1377
โ ๏ธ Market Signal: Hanging Man at Resistance + Double Top Pattern โ Potential Reversal?
STEEM is trading near its resistance level of $0.1410, but two key bearish signals have emerged:
โ A Hanging Man candle at resistance, indicating potential selling pressure.
โ A Double Top pattern, a classic bearish reversal formation suggesting resistance is strong.
With these signals in place, if STEEM fails to break $0.1410, a downward move toward $0.1377 is likely. However, if it breaks above resistance, bullish momentum could continue.
๐ Technical Outlook:
โ A breakout above $0.1410 could invalidate the bearish setup and lead to further gains.
โ Failure to break resistance might push STEEM back toward its support at $0.1377.
โ Traders should watch for confirmationโif the next candles are bearish, a pullback is likely.
๐ Trading Strategy:
๐ธ Bearish Scenario: A rejection from $0.1410 could lead to a downward move toward $0.1377 support.
๐ธ Bullish Potential: If STEEM breaks above $0.1410, it may signal further upside.
๐ธ Watchlist: Monitor volume and price action to confirm the next move.
๐ข STEEM is at a critical levelโwill it break out or reverse? Stay alert!
#STEEM #CryptoMarket #TechnicalAnalysis #DoubleTop #TradingInsights
