BTC Uptrend and STEEM Bounce
Hello Steemians! As of this writing BTC is trading around $10760, and it is just above its flat 50 EMA. So it is still trading sideways, but there is a higher low on Feb25, which is holding, and that creates a new trendline. Let's have a look:
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As we can see from the daily chart, that I have now drawn a dashed uptrend line yet again. Why is it dashed? Well two reasons:
- This line goes through only 2 points. There will always be a line joining 2 points, question is if the 3rd point fall on this line or not :) In other words, we need another low to validate this trendline.
- The price still didn't close above its 50 EMA. Until that happens, all bets are off.
So I continue to see resistance at $12.5K and support at the last low of ~$9300 and then $6000. Granted this is a very big range. Unfortunately until we get off this range, nothing much will be happening.
Let's take a look at STEEM dairly:
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As of this writing STEEM is trading around 3.23. It is currently staging a weak rally from the low of 2.8 area, which held overnight. There is no volume in this rally though, so I don't have my hopes high. I think it will continue to trade sideways at best. STEEM is deeply oversold, so we can expect a temporary bounce.
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.
Hey @azircon, great info on Bitcoin! Thanks for sharing. The markets are fun right now and it's great to have the updates from good content here on Steemit. Cheers!
Thank for you for the visit and comment.
Good, thanks for sharing @azircon
Where do you steem by the end of 2018?
You know, to be honest I have no idea! :) My style of trading doesn't require price prediction in that long term. I just trade bar, I can typically predict next 3 to 5 bars at best.
But if you really want me to put my long term thinking cap on, I can say STEEM will be higher than it is now by the end of 2018.
It is a shame that BTC is quite stagnate, well, the whole crypto market has been between 400-500 billion cap for a good month or so. It's good to have stability, but coming into crypto in Nov 2017 when the big surge was happening it was also good to see volatility. You can't have all gains and no pains in this market! Thanks for the info and hoping your (end of 2018) prediction to @dedicatedguy is right. If there is a similar trend to last year in the crypto market - we see STEEM in the early double figures, but we're super optimistic :p
I have been trading for 17 years. Any instrument that is traded with any meaningful volume in the US markets likely I have traded it :) I enjoy volatility. However, both volume and volatility, which are related of course, are currently missing from the crypto market. That is why we are sideways.
Wow, it's good to keep you as a friend ;) We don't mind it being sideways for now as this crypto investment is more of a alternative '401K' or retirement fund and so it's the long-term gains that we are interested in. Yet, we keep a close eye on the markets...just in case. They say put in money you can afford to lose, but it is still money you want to have in the future. :) Thanks for letting us know @azircon