STEEM Update: Any Change? When will it go up?
STEEM is "marinating" just like Bitcoin Cash did and XMR did. It needs to marinate to have the energy to surge upwards. Here is an updated chart:
The cup and handle remains valid and pretty muc nothing has changed.
Here is a close up of the EW counts. I can count i,ii,iii,iv and v. Now, the handle of the tea cup pattern is comopsed of the invariable abc (red, small letters) correction. Is it almost done? I think so? So what should one do to enter? LADDER!
If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTC Wallet - 19gHMJc9wi9KkP47wokz8y4cFNgz1kAAUE
ETH Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
LTC Wallet - LU1mEw1LHvffoWf9VDEVdP7Day4jv6VLqu
EOS Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
Thanks for sharing
Good post. Could explain a bit more what you see and what that likely means.
The cup and handle formation is bullish but takes time to finish. The handle pattern is finishing and I'm using Elliot Wave analysis to count the corrective abc (red) price movements. Once the three wave abc corrective retrace is complete, an impulsive surge up in price is expected and when this happen, I will update with the additional wave labels.
And the cup is the long support level? Is there some inverse to the spike and cup support ? I see many charts lately that have this beginning trend.
This site can perhaps help explain. http://www.investopedia.com/terms/c/cupandhandle.asp
I used this site when I was investing in stocks. They killed me. Cryptos seem different.
I meant only to use for information purpose. Learning TA for self analysis is best journey and painful too, but once adept, profitable.
Thank you much! So the trailing abc pattern happining twice can signal a good buy signal with uptrend likely?
You'll want to see prices start rising and break out of the handle channel. But yes, a second abc on an uptrend is a good confirm.
This is a masterpiece.
Awesome!