Pump team in action for STEEM/BTC. Will it last??

in beyondbitcoin •  3 years ago  (edited)

This is happening as we speak.

Bottomline: I believe this is just a pump rather than a credible recovery post reaching final bottom. My view is STEEM/BTC would still need to hit 0.0005 1st sharply before a sustainable rebound can happen. I am staying out of this pump. Nevertheless, if you feel up to punting this, the near term resistance levels are 0.00812 and 0.000893 is where i would cover longs if riding this coat tail. when the dump starts, it should retest 0.00069 again

We still have bullish divergence in place.

In terms of disclaimers: these are my own views based on price actions alone and I have tried my best not let any qualitative factors influence that view (there should be enough of those shared around steemit for anyone to form a perspective based on less quantifiable information). I will not be responsible for any trades that you may end up taking based on them. You are ultimately responsible for all your trading actions.

In terms of disclosures: I currently have a long STEEM/BTC position which i may add to it when signs of capitulation based on chart signals emerges.

Have to rush out for a dinner date. Rest of the post mortem will be done later. Good hunting

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Its an interesting first sign, forgive my ignorance on your chart but I am on a phone so I cant work out the volume involved in the spike.

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thanks for your comments and upvote. volumes for the 2hr candle reached a high of 91.4k vs average of not more than 20k per candle over past few days

By the time word spreads widely about the pump to non-insiders, what you're about to witness is the dump.

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Thx for your comments. Will have to wait and see what happens

or it could be that the fundamentals, like @charlieshrem joining and attracting more Steem buyers. I just bought more Steem and powered up. I don't have the talent for short term trading. Good luck to those who do.

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thanks for your comment. Another approach is to start as a long term investor, using charts to help your entry for your long term investments. once more comfortable using charts, set aside a small amount of your pot to try your hand at active positioning - i.e. going in and out of the market. If you attain some success in that, then move on to trying to include short trades as well to complete the repertoire. then consider trading some on greater margin basis. just take baby steps one at a time and always make sure appetite and risk are managed to one's comfort levels. never risk more than you can afford to lose - if you are losing sleep over your trades, its too much. all the best