Market Wrap: Bitcoin consolidating below new record highs, bearish reversal candle on Ether and STEEM can't catch a break
Hi guys, welcome to another wrap of the latest goings on in ...
Crypto Markets
BTCUSD set new record highs again yesterday, tagging the 200% extension at 4180, before pulled back a little to finish the day at 4060. Pair is currently down on the day, and as I am now flat, I'm hoping for a little correction here before continuation. As I said yesterday though, pair could well move higher without me and as long as we are trading within this ascending channel, we will be heading to 5000 sooner or later:
ETHUSD failed to benefit from Bitcoin's gains yesterday and remains capped by 320 resistance. Yesterday's candle was a bearish engulfing reversal candle and could well signal a lower high. I am currently neutral on this pair - it could go either way from here. A move below 285 would confirm the reversal signal, a breach of 320 would negate:
STEEMBTC printed an impressive bullish reversal candle on Saturday, but bulls failed to follow through Sunday and pair finished the day lower. May still rally from here, but bears are actively pressuring 30 support - a break lower would target the 21-24 zone:
Currently fetching $1.77 AUD, up from $1.73 yesterday. Down against the US Dollar, fetching $1.23 from a 24 hour high of $1.44. Steem Dollars are trading at a substantial discount, you can pick them up for 93 cents on the dollar and they are up from a ridiculous 24 hour of low of 81 cents.
Deposits and withdrawals are back on at Bittrex, but are offline at Poloniex - I'm not sure how long that has been the case with the latter as I don't trade there, but this is no doubt a big driver of recent weakness in STEEM and SBD markets. Hey @Poloniex - sort your shit out.
Team Aus footer by the amazing @bearone
This post was brought to you by @msp-creativebot
Gracias por este tremendo análisis!
Thanks for the update and analysis. 👌🐸
No worries magaman
I am starting to get addicted to these statistics. Keep them coming.
lol I sprinkle a little something special in them
thanks bro, for your Meritorious post
Meritorious! Thank you, you taught me a new word :)
i upvoted your post plz upvote me back!!
Great analysis, thanks!
What are your thoughts on LTC?
This post has received a 0.52 % upvote from @drotto thanks to: @banjo.
Good analisis... Becarefull btc will down.. Thank your sharing 👍👍👍👍
I hope so, nice little healthy correction would be perfect!
Is a 200% fib extension even a thing?
Yeah bro, it's default on the tradingview fibs I think (Unless I put it there?) ... 161.8, 200 and 261.8 seem to be the important ones. Price didn't just stop right there for the lulz!
2's in the fib sequence ... 50%'s aren't fib but everyone uses them
Edit: Actually they say 50 isn't one ... but they also say the 61.8 comes from dividing any number in the sequence by the next (get's more accurate as the numbers get higher) so 1,1,2,3,5 ...
Divide 1 by 2 and you get 50% ... it's all a crock of shit really, but it works lol
Self fulfilling prophecy!
Loving your reports @bulleth. If BTC moves up without retracing will you jump back in despite the loss or catch the next train?
I'd probably wait it out, or maybe trade it more aggressively short term with futures. I've been pondering this past 24 hours lol
Thought you might be!