We are Leaking!
And could leak big time soon. But so far everything is okay, and there is nothing to worry about. Selling is gentle, just like a warm summer breeze in the evening :) Let us first look at BTC :
So I took the 7800 support like out. I don't like too many lines; and it is gone for good. The new line is at 7450 (this one had been breached already too) is weak one based on couple of highs in early April. It is unlikely that it is going to hold. So this one break we go to 6400 and then to 6K. This weekend will be interesting. We are deeply oversold in BTC, so there is always a slight chance of a oversold bounce.
Steem:
Steem is still firmly below the yellow downtrend line. It is in confirmed downtrend. We have 2.5 to look for in the beginning, and we are very close to that. If that breaches; April lows of 1.3-1.4 will be in play. We need volume; and I see little hope of volume with summer holidays in the US coming up. But again we are deeply oversold; so there is always a possibility of a oversold 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.
Charts are created in Tradingview.com, which is a free service
Yeah, but there is just so much FUD right now: idiotic investigation of bitcoin price manipulation, Mt Gox coins, regulations BS, etc...
Yes; agree. I am not much into prediction. I am mostly a momentum trader and I trade price mostly. Price is always right and everything is baked into price.
I also don't worry too much about manipulation. Any matured market can be manipulated; will be manipulated and perhaps should be manipulated. We must deal with it.
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Hi, thanks for your analysis, I am currently thinking of buying some btc and steem, you think I would better wait till after the weekend?
The selling is “gentle” but it is persistent which will lead to the puke below feb lows.
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