BTC back at Resistance

Hello Steemians! There has been a weak rally in place for a few days. Let us have a look at the daily charts.

BTC took a long 13 days to rally 700 points off the low. This is definitely weak. What this does, it make stochastic overbought again without much movement in price. BTC currently have major resistance from the neckline, shown in yellow, and 50 EMA; at exactly at the same point, the present price. Since BTC is in a longer term downtrend, being overbought in a downtrend with strong overhead resistance is a classic short sell set-up. Prices are ripe for that. But often time when charts looks like a Picasso, it doesn't work. May be that is the case here.

Steem

Nothing much to talk about here. It is a steady downtrend. Prices are struggling to go above $1. Next...

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.