BTC Uptrend continue & STEEM Sideways
Hello Steemians! As of this writing, BTC is firmly above $11K. It held the trendline and trading above 50 EMA. Let's have a look
As you can see that I have changed the uptrend line to solid green. Still there is no second test of this trendline, but since it is above 50 EMA, we can say that BTC is in an uptrend. $12.5K remains the near term resistance, but if volume picks up I do not see any problem with that.
Let's take a look at STEEM:
As of this writing STEEM is trading at 3.24. That 2.85 dashed support line (dashed because it is weak) still held.
One of the items I like to point out on STEEM. You might see many people are drawing a big triangle on STEEM and making an argument that price is close to apex and it will break massively to the upside. While this is possible, I like to point out that this is no exact science. Even if we take technical analysis by heart, there is equal chance of the triangle pattern to break to the downside as well. However, the most important thing is the pattern does not need to work. All pattern can fail, and they frequently fail. Just keep that in mind.
Disclaimer: This is NOT professional advice, this is all just my own opinion and experience. I am NOT a Certified Financial Adviser. Consult professionals for any financial, accounting or legal related questions you have.
steem and SBD seems to have been hit quite hard recently sadly :(
i am happy that btc is on an uptrend but i still want it to go slowly as we have seen what a major increase can do
Great post! You just got a 9.95% upvote from @edensgarden!
Thanks for tasting the eden!
The 50 EMA crossed the 200 one yesterday. Last time that happened we saw BTC rising over 375% in value :p
This is the first time you commented on my currency post! Noted :)
What you commented is correct. However, there are several things we should always remember about technical analysis:
BTC's very impressive move earlier is perhaps not going to match in future. Because now there are bigger players in the marketplace who were absent earlier. Now that can mean a good thing too, as more money might come into the system. But so far I am not seeing that.
There is so much hype in this space. Everyone wants prices to go up. Hell, I want prices to go up. But you are my friend, and we must keep our expectation in check. This thing I have done all my adult life. I have seen many expectations ruined. I am not a cynic, but we keep our expectations modest.
Do you own any BTC? Or any crypto other than STEEM?
I am like a fish out of water, commenting crypto, that's why this is the first one :D
I have news for you my friend; 95% of the people who comment on crypto are fish out of water. Many of them are ‘expert’, some of them even launched coins of their own. So I wouldn’t worry about it. I am sure your general knowledge is better than most of them.
Thanks for this post my friend, very informative!