CHART ART: BTC/USD and STEEM/BTC Continued
GOOD EVENING STEEMIT!
Just quietly, how bloody good is the weekend. A few quiet beverages, football, markets and digesting as much Steemit related information as I can.
Shout out to #teamaustralia here. Loving the content in my Aussiecentric feed at the moment.
Keep it coming!
Chart Art
These CHART ART blogs are just an extension of my ongoing thoughts on markets. I already post my charts on Twitter (@forexbrokr) and thread them as the setups unfold. Just the same, my Steemit blogs are going to need to be linked to as the ongoing narrative of what we're watching unfolds.
With this in mind, today's Saturday morning blog follows on from Wednesday's CHART ART featuring BTC/USD and STEEM/BTC. It might be the weekend, but as we know, that doesn't stop the crypto markets from moving or trading and it's been a doozy of a start!
@bulleth has beat me to the punch with his Crypto Chart Update which literally just went up and echos exactly what I want to say on the topic. The man is a trader I have a lot of respect for and his analysis is always worth reading if you get the chance.
But back to the development of my charts, here we go!
BTC/USD
Let's start with the grand daddy of crypto, Bitcoin.
Daily:
On the daily we have a major bullish trend and a pretty healthy pullback back into previous horizontal resistance that has turned to support.
That support level is still the key and price is nowhere near breaking it yet. On top of that, price has broken out of that little bearish trend line to the upside and this latest pullback could also be viewed as just a retest of that break.
Well that all says things are still pretty bullish, doesn't it?
Hourly:
As for the intraday chart, you can see that price is playing around with the zone that we had marked out... but not in the direction that we wanted.
With obvious momentum behind the drop, the positive thing is that unless you had a buy limit in, you didn't really have a chance to get long anyway. There was not even a hint of a bounce even on the intraday charts.
I've now added that next intraday support/resistance level that we can look for a bounce on. As I said above, if this is in fact just a healthy pullback, then the daily chart really looks pretty bullish.
I'd still rather be buying than selling while clearly above that daily trend line support and it remains all about getting an entry of these intraday levels.
STEEM/BTC
Next up, it's onto everyone here's darling, STEEM!
Daily:
If you were watching your charts last night and into this morning, this chart looked horrible and like the level was goneski. But with some recent strength, we'll have to wait and see whether this trend line can hold.
I still like it for now and as long as Bitcoin stays above its daily trend line support level, there shouldn't be any reason for STEEM to get hammered too badly... Yes, I do realise that those sound like famous last words.
Hourly:
Again the same as in Bitcoin, the intraday levels that we had marked are in play but once again on the wrong side. That's just the nature of support/resistance and momentum.
STEEM/BTC stays all about that daily trend line support level and also whether correlated big brother Bitcoin gets some legs to drag this chart up with it too.
Weekend trading doesn't seem to be too different to weekday trading in crypto. None of us can really be experienced pro here, so lets just go with it.
Random Thoughts
I just want to say one thing before I wrap up and that's how shit the #forex and #trading tags are...
They are dead set just full of affiliate marketers pushing links to unregulated bucket shops based in places like Dominica and Belize. I've made a few comments on the odd post to try to steer n00bs away, but it's honestly fruitless.
As a result, I want to create a tag for traders and market chat that doesn't involve affiliate links to fucking bucketshop brokers. Something that wont get hijacked and go mainstream so I'm thinking about #nobucketshops or something similar.
If you're a trader, give me some input in the comments and we'll see what sort of community we can create.
Instagram: @forexbrokr
Website: www.forexbrokr.com
hei, i love your idea for a better tag for actual forex traders, been toying with the idea myself. anyway, need to be short and simple, you idea of using #nobucketshops is good, but i see tens of traders here use in their titles the expression "chart art", so #chartart is another idea, after all, thats what we do. maybe thats already used. anyway i support you on this and this thought needs to get more people onboard. lets hear some more ideas from traders
Hey Furious,
I just picked something random to make sure it wasn't too generically trading related because then you'd just get the same guys tagging it anyway.
#chartart looks the goods as it's never been used. I'll start tagging my posts with that.
i'm with you on this. as your posts are already a little popular, you might wanna mention this in your next few articles' headers, to get wide coverage. cheers!
Great insight! Will be watching the Steem chart today against that resistance level. Was thinking of buying more Steem but want to see a bounce to be safe.
Hey man, cheers for coming over and taking a look.
I still think the fact that STEEM/BTC is in an overall bull trend and that daily trend line looks like holding, it says buy.
Would love to hear your opinion on Stratis. Love the fundamentals but seems to have no support anywhere in sight.
What's the story with this one? I have never looked at it or charted it before.
Just quickly for the obvious daily levels, this is what jumps out at me:
That last support break has hurt it technically pretty bad, huh. Next stop is that little consolidation area?
I also tried drawing a daily bullish trend line on it like I have the 2 in my post above, but can't really work out where the best place to line it up is.
One of the ways I drew it, price was right on trend line support right now if that means something... I just think that the trend line here might be too subjective and therefore useless. Just too many ways to draw it.
Yeah, the floor seems to be dropping. It's a platform like Ethereum, but seems less user friendly w very few videos on YouTube about it. They just released a new wallet, so was thinking it may go up....until this crash.
I'll add it to my research list and keep an eye on it.
These smaller alts are all about hype and if this one doesn't have any on YouTube, then it's not going to explode.
Steem has the hype!
You speak the truth...and it hurts!