STEEM price Technical Analysis: Bearish Sentiment Growing

Hello my fellow Steemians and crypto enthusiasts!

Let's have a look at the STEEM price charts on different time frames! And, of course, I will apply Candlestick & Technical Analysis.

So, at the moment STEEM (STEEM/USDT) is trading at the level of 0,3221 on Huobi Global crypto exchange. On 1 Hour chart a few days ago (on January 25th) the price of STEEM went out of the Ascending Channel:
Chart 1.jpg

And, in my view, it is a bearish signal, even if we have in the next few days some kind of rebound:
Pic 2.jpg

The situation on 1 Day chart looks quite bearish as well:
Pic 3.jpg
We have a «Shooting Star» (In technical analysis, a shooting star is interpreted as a type of reversal pattern presaging a falling price). The «Shooting Star» candlestick is followed by another solid bearish reversal candlestick pattern called «Three Black Crows». So, in my view, the «Three Black Crows» simply confirm the bearish signal of the «Shooting Star».

All of the above-mentioned confirms that the Bearish Sentiment is growing.

Now, let's have a look on 1 Week chart.
Pic 4.jpg
We see that the chart is going sideways and we still don't have on the chart a sequence of candlesticks (of, at least, three or four candlesticks), which have higher Highs and higher Lows. So, it means that the bulls cannot push the price of STEEM higher. That's why, in my view, the situation looks quite bearish. But, lets see what will happen ...

So, what are you thoughts on the STEEM price?

Important!
Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency trades, investments and etc.

A few words about me:
Just to let you know: I've been working professionally as a currency analyst for the last 12 and a half years, and as a cryptocurrency analyst for the last almost 2 years.

You can also have a look at my recent posts about trends:

#trading #investing #technicalanalysis #candlestick #trading