Interesting times for STEEM/USD price.
I'm not an expert in TA at all but I do like it.
It's just another tool in the box that can help you explain why the price is behaving in a certain way even though all the fundamentals are great.
This is the chart I now look at the most. It's STEEM/USD.
It's very simple to read. The green line is the current price momentum over 200 days. It acts as resistance on price.
As you can see it's still pointing down meaning that the price action on STEEM is still bearish.
To put the MA200 in a little bit more perspective so it's easier to understand look at the bigger picture and you realize why the momentum is still bearish. That's a huge fall!
But also notice it's starting to straighten out. Also, notice that the STEEM price is currently hugging the line, something it has not done for a long time.
The reason it's straightening out I believe is because STEEM has bottomed on the 16th of Dec 2018.
We have enjoyed a fairly nice uptrend pattern since then as you can see here.
But there is one thing that makes me more excited than anything.
And that is what will happen if we manage to break the MA200 on the upside.
The STEEM price keeps trying to break the MA200 but keeps being dragged down back towards it.
You can see it when you zoom in.
We are currently in another attempt to break free.
The reason I follow this with so much interest is because I remember what happened the last time we managed to break it.
Here' the chart from the beginning of 2017. The end of the dark ages of STEEM. The price momentum (MA200, green line) turned Bullish and stayed bullish till June 2018.
Will it all play out the same this time?
I have no idea. Drawing these charts is just a hobby of mine but I do like to look at them.
When it comes to trading STEEM all I can say is, I don't trade STEEM for a living, I build on it. Every single day.
I don't know how close we are to going up, lot's depends on Bitcoin as well and other factors.
Short term price action also doesn't matter when you are building. But I do hope a nice price rise will happen in the future.
We have lots of builders on Steem that have only known a bearish time and it would be cool for them to experience what it's like to see all their work come to fruition.
I can tell you from past experience, it's fucking awesome.
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I would like to see more bulish action on STEEM/BTC chart.. but.. it will come with time... ;)
After that big BTC run, alts were going crazy... so I hope that STEEM will pick it up soon...
You are correct. STEEM/BTC is still a bit timid, to say the least.
But I do think that most Steemians look at USD price apart from the traders on here.
Adding the fundamentals encourages me to continue my purchases as well as it continues to be undervalued in my opinion given the amount of development that has taken place over the same timeframe.
Posted using Partiko iOS
If we break the MA200 we will see a huge bump in the price.
Besides your analysis (incredibly correct) we have also seen the MA50 crossing the MA200, which usually means good times ahead.
I´m expecting by the end of May, beginning of June that we test the downward channel we are in, and, that, will decide the next weeks of STEEM price.
Great TA!
If you are a trader, you should know what to do, when it's too high above the green line. If we keep track of this MA 200 line, then we can control or emotions. I remember your sad face and now you are smiling again, but it was all visible in the charts.
I think you might post your TA once a month or every 2 month. Thanks!
This is just a hobby, I don't even know if I'm correct. I do try to keep it real simple for myself, with just a few indicators. I like the Ma200 it explains a lot.
I have very long term goal with steem and building it everyday. People with long term vision are not at all caring for current price drop because for sure price will rise and its only a matter of time. It can take few weeks, few months or few years in worst case scenario but its going to happen definitely. BTW nice chart analysis. Thanks
A friend of mine here at @caffetto has speculated that the reason STEEM dives every time it hits $0.50 is that it’s a resistance price that Steemit Inc. sells huge amounts of STEEM to pay for resources, server costs, devs, etc. He postulates it as “necessary”, but “unfortunate” because it repeatedly crashes the momentum. No idea if that’s true, but it would make sense to me why we’re watching so many alts moon and STEEM struggles.
That would have been a good argument in the past. But after the implementation of MIRA/Hivemind, the restructuring of the team and adds revenue the need to sell STEEM has been lowered significantly.
Currently, they are not even powering down anymore.
I disagree. They can restart the powerdown at any time. They need to start burning their stake to send the correct message to investors.
I've heard that this may be a slow run.
So I'm going to sit back and eat Popsicles while this all goes down.
Actually me
*up ;) (hopefully lol).
Yes! goes down in an upward fashion. :P)
That's the spirit!
Hot picture, wow!
That's something awesome news my friend. Chart is uptrend mode lets see we can reach 0.6 $ this time and hope for the best.
Posted using Partiko Android
Great post. Great closing lines.
Cheers to it being so! ⚡🚀
some exciting movements on the cards for sure lets hope for the best