BITCOIN STILL CAPPED BY RESISTANCE, WHILE STEEM BREAKS OUT
Coin Telegraph
GOOD AFTERNOON STEEMIT,
With this latest STEEM breakout, I’m diving straight back into the crypto markets and taking a look at some charts. Namely, I wanted to run a comparison between the price action in Bitcoin and STEEM.
Earlier in the week, I spoke about a daily zone that would likely act as resistance on Bitcoin. Click the link and take a look at the blog if you happened to miss it, but the premise was that the bounce that price experienced last week was likely to be capped as the market turned short term bearish.
As you can see on the daily chart below, the price of Bitcoin hasn’t held above that zone since:
BTC/USD Daily
🐻ish.
But now take a look at STEEM and the difference in price action. I haven’t got the link handy but we’ve spoken about the way that STEEM seems to be one coin in the crypto world that is actually breaking free from just blindly following Bitcoin up and down.
The fact that you can see no trace of a resistance zone on the STEEM daily chart that today is up 30%, shows this fact well:
STEEM/USD Daily
🐮ish.
My personal opinion is that fundamental news around Bitcoin’s proposed lightning network and the subsequent possibilities for speeding up the currency will have a massive bullish effect on price in the coming months, but for now the short term trend is bearish and we can’t ignore that fact.
Mark your levels and trade your levels.
Peace ✌🏻.
Instagram: @forexbrokr
Website: www.forexbrokr.com
Certainly today was a good day for Steem, hopefully every day should be like this.
Haha, if only it worked like that 😉
Bitcoin had a crazy run, lot of people fomo'd in about 15k
Yep. But I don’t think that’s going to be the top long term. See if those that FOMO bought, freak out and bail before the next leg up.
I really hope a lot of coins finally decouple from BTC.
I do too. But we’ll see.