Bitcoin price today: inks new record high near $119k as ETF inflows surge
Cryptocurrencies are the most popular in the last couple of months and after that sharp decline at the end of 2017 and at the beginning of 2018, we can finally see a recovery in an impulsive manner.
One of many cryptocurrencies that shows a bullish setup is Steem. We saw an impulsive five-wave rise from 1.3 to 4.6 levels into wave A/1 in April, which suggest a bullish trend. As we know, in EW theory, after every five waves, a three-wave correction follows. As you can see, Steem made only three waves A-B-C down into a potential wave B/2, but what is important is that it retraced exactly for 61,8% Fibonacci level and back to a previous wave (4) at 2.5 level, which is actually ideal support level for a bounce. So, currently we can see that Steem slowly recovering away from that support and already breaking above channel resistance line, which can be the first evidence of a reversal, but we strongly suggest to wait for a break above 3.5 level, which would confirm bullish reversal for wave C/3 towards new highs.
Well, we know that wave 3 is the sharpest and the most impulsive wave, so Steem can be headed much higher towards 8-9 levels or maybe even higher into new all-time highs. But we always look for a minimum target, which is wave C. Even if it's only a wave C of a corrective movement, Steem should see at least new highs towards 5-6 levels.
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