Keel Over?
Hello Steemians! Couple of days back I wrote about a weak rally in BTC. I wasn't expecting it to go above the neckline, but it did. Because when the charts look like Picasso, it usually fails.
However, seems like it is keeling over now. Prices failed to rally and is back at the neckline. Since prices are coming from above, both the neckline and the 50 EMA should act as a support now. However, the stochastic still look ugly and overbought in a downtrend, shown by the yellow ellipse below. This is still a classic short sell set up. I will wait and watch for the momentum.
Steem:
Nothing much to talk about here. This thing tried a weak rally towards 1.0 and failed immediately. So I do not see any hope here at the moment. 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.
"So I do not see any hope here at the moment. "
Very motivating... ha!
It is what it is! Do you want sugar coated? Because that is sugar coated :)
Well... you know I love all sugary stuff! If you gonna slap me with the ugly truth put some sugar first! 😅
What's your support level target? I'm looking at around 6400-6300, finding support at old resistance would be great... but we'll see.
Every week that goes by BTC is building a stronger and stronger price floor! At this rate there won't be much time left to pick it up cheaply before we start crossing 10k again.
How do you think @azircon what will happen next?