Big Downward Momentum in BTC
Hello Steemians,
The momentum trade in crypto continue to the downside. BTC recently broke the recent low of the move again and as of this writing is trading at the low of the day, week, month and year. Let us have a look at the daily chart:
Nov 25 low of 3456 was the line on the sand for BTC. Today it broke fairly convincingly. As of this writing BTC is trading near 3300 and hitting low after low with no bottom in site. On the daily chart, the next support level is around 3000, defined by June 2017 high and Sep 2017 lows. Notice now we are going back more than an year to find support. That is how parabolic the 2017 crypto move was.
Steem:
There is nothing much to write on Steem, but I was looking at the weekly chart for a change, and Steem-BTC to be exact. For Alt-coins it is always important to observe their performance against the BTC.
In the above chart, we are nearing the all time low for Steem against the BTC (since it was started trading on Bittrex, or have chart on Bittrex). The all time low is 0.00005750 BTC. As of this writing Steem is trading at 0.00006900; or within striking distance of that number. That all time low might provide some support, or it might not. I know this doesn't sound convincing, but until the downward momentum of BTC subsides, there is no point of any rally on any crypto.
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.
Charts are created in Tradingview.com, which is a free service.
:( Sigh, so disheartening when I open up my charts everyday.
Well I have been taught that the "price is always right". I try to remember that teaching. Remember there is significant money to be made on the downside trade. Shorting is equally profitable when compared to buying something low and selling high. But as it goes against our positive nature, people don't understand it well and often dislikes.
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