Hammer Day: Bitcoin & Steem
Ok, here it goes. There is some reversals across the board, mainly due to Bitcoin of course. Let's have a look at the daily, shall we?
We found support around $7300. This is middle of no where. This is why many people say Technical Analysis do not work. And they will be correct :) This is just a oversold bounce, as it was widely expected, but it didn't really bouncing from any previously defined support level. But believe me, if I want I can draw 57 fib lines, and then 93 elliot waves and I WILL find a support from this current level ;)
Jokes aside: we should always try and keep things simple. A bounce is a bounce unless proven fake. It can prove fake, as price remain below both 10 and 50 EMA, which are all still on a confirmed downtrend.
Let's have a look at STEEM:
Similar story, similar oversold bounce. Only trouble here is that there is no volume. It does not matter how many times I say this, without volume, there is no real rally.
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.
I'm learning little by little I know the green line is support but what in the world is EMA?
Exponential Moving Average. You can find good study material here:
http://stockcharts.com/school/doku.php?id=chart_school:technical_indicators:moving_averages
Is this what you learned from? If so I need to make some coffee lol
Yes, make some coffee. Learning never gets wasted.
When the mkt went down did all the whales sell their steem? What happened to the volume?
Great info. Thanks
Joy
The market is going down, right?
At the moment it is going down, yes.
Nice post!
I try to start my STEEM blog but i lack followers :)
azircon , can you have a look over my post : https://stееmit.com/@jasperjim/introduction-to-candlesticks and give me a review?
Thanks!