Crypto Rally Continue: BTC in Confirmed Uptrend
Hello Steemians! We continue the rally mode in BTC, and our king crypto is above $11K at the time of this writing. Just to have a perspective, after we put the bottom in on Feb 02, at $6K, we have rallied 5000 dollars in just 15 days. That is nearly 100% move! If we consider crypto an asset (I do), no other asset class moves at this momentum. Let's look at the daily chart:
Notice that I have now changed the uptrend line to solid; we are above 50 EMA, and it is about to curl up. Volume is picking up, but still not to my satisfaction. I like to see more volume ideally. We have 12500 resistance coming up, but when we continue this kind of upward momentum, that one should not be a problem. I take one bar at a time as always.
Let's take a took at STEEM daily:
Here we continue to see very low volume and STEEM continue to struggle at 50 EMA. We need a trigger event to break out of this range.
Normally I do not discuss STEEM/BTC chart, but due to the recent rally in BTC it is a useful chart to look at:
This is a very interesting chart. We know when BTC stages a powerful rally, other altcoins struggles as money comes out of the alts and go into BTC. We can see the exact thing happening to STEEM. That explains the low volume as well (no new money coming into STEEM). STEEM/BTC now have broken the uptrend line, 10 and the 50 EMA, and printing red bar after, red bar. It is in a confirmed downtrend and broken the psychologically important 0.0004 level.
So as long as BTC remains strong, and looks like it might be, without a trigger, it is rather hard to stage a rally on STEEM.
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.
I appreciated the study of bit coin and steem, thanks upvoted!
Thanks. How do you think this study is different from countless others that is available on steemit?
I liked how you mentioned alt coins struggle with bit coin surging and to further it alt coins struggle with bit coin crash, people liquidating, I just like that you not only had BTC but steem as well. I know there is a lot of chart analysis and it takes a lot to set yourself unique :)
Thank you. Now that you shown that you have read the post, you got yourself an upvote.
Awesome :)
Great! Do you think it will breach $11.5k?
Also, I'm currently looking at this scenario.
What do you think?
Thanks for visiting. I read your post as well. I like that you presented both scenarios where your wave count fails, and the resultant possibilities. It is solid analysis.
I have been doing this for a long time, as technicians we have to be honest to ourselves that none of us can predict the color of the next bar. We can only talk about possibilities. If US treasury department comes out and say, they are banning all us exchanges, BTC will drop $8k on that news. None of our TA can predict that. As long as we understand that it’s all good :)
Thanks for the information. I just pulled money out of BTC, I hope it wasn't too early!
Well that's all market timing. You could be correct and then you will pat your back, or you could be wrong and then may not feel that good. I am just a bean counter, I deal with probabilities. If you like a process just stick to it and I am sure you will see good result. Thanks for visiting my post.
I appreciate what you're doing. Otherwise I would just go by whatever I'm feeling or gut instinct. Obviously if it could be known for sure what the market was doing, we'd have a lot more rich crypto-investors and everyone would be doing it!