CHART ART: STEEM/BTC Hits Confluence of Short and Long Term Resistance
GOOD EVENING STEEMIT!
With real life taking hold of my days, I've been doing a lot of my Steemit blogging at night. This has taken away some of my proof reading and editing time, which has made my posts a little more unprofessional.
But this is an anonymous social media account, on an anonymous blockchain backed blogging network, with which my whole purpose was to be free to be able to speak my mind without a filter. If you follow @forexbrokr on Twitter then you know what I’m talking about! (and if you don’t, then get on it.)
So while this lack of editing has made my blog posts a little more unprofessional, why should I care? I'm obviously not here to be professional, I’m here to speak my mind without a censor and to enjoy myself sharing what I do to make money.
Over the last week or so, I’ve let my personal life cross over with my @forexbrokr life and I can tell you right now that it sucks all emotion and enjoyment out of what I do on the account. I do Tweet under a more business oriented real name handle and my god, it is boring as batshit. Now if that account is boring as batshit for me to even tweet from, how do I expect anyone reading or following to enjoy it? I quite simply can’t.
The fact that people want to engage with, and actually end up trusting me more on this account says a lot about the human psyche. It says that no matter how alternative or unprofessional you are on the surface, being raw and honest in your communications is all that really matters when it comes to building trust and relationships.
I just hope I'll be able to keep this account pure and reality free...
That’s enough rambling from me. Let’s get on with the CHART ART!
CHART ART
Coin Telegraph
The following section under quotes is from Sunday's CHART ART: WEEKEND CRYPTO UPDATE blog post.
As you'll remember, I wasn't very... let’s say “optimistic” about how the STEEM/BTC chart was looking:
STEEM/BTC Daily:
Finally we come to STEEM! It's always a bit strange because of the fact I chart it in terms of BTC rather than USD.
Yuck. Just yuck. I don't want to even go into this one but hey, more support is approaching. Maybe this time it'll hold?
Just a typical bearish trend.
STEEM/BTC Hourly:
Drilling down into the hourly I have an intraday trend line breakout as well as previous short term support turned resistance.
Again, just yuck.
This is almost like listening to a recording of your own voice. Wait, what? I really sound like THAT?!
Anyway, take a look at where price has gone since then and where we sit now. All that matters here is the hourly:
STEEM/BTC Hourly:
As you can see, price failed to make a lower low which meant that we got an initial bounce.
HAPPY DAYS, THE WORLD IS SAVED, WE DON'T HAVE TO BE EMO ANYMO... Oh wait.
With price back up at that exact short term, intraday resistance level which I had left on my chart from the weekend’s analysis (BOUNCED TO THE EXACT PIP!), weakness is creeping in. Add the confluence that comes with the fact price is right on daily bearish trend line resistance and this has real potential to just be a short term rally in an overall bearish trending market.
As I’m typing this, I can see price getting hammered off the level intraday. While I'm not actively day trading this chart, my account obviously has a vested interest in seeing the price rise. If I was trading it however, my day trading strategy would still be shorting this chart until that intraday level that had already been retested as resistance once, broke out. Something that doesn't look like happening after this latest touch and rejection.
The fact that price can’t break that same intraday level that I had marked on the weekend says a lot about how much control the STEEM/BTC bears are in right now.
Stay safe out there Steemit kids.
Peace!
Related @forexbrokr CHART ART Blogs
This was the weekend's blog that the quoted charts above came from.
Instagram: @forexbrokr
Website: www.forexbrokr.com
True! Good research bud🙌
Thanks mate.
Have you invested in Steem yourself?
Have any thoughts of your own on the market to add?
Not yet.. New to the market! I welcome all your researches to add value to my future investments :)
Just wrote two blogs.. Check them out.. Follow And upvote if that interests you :)
Ey, well done on this post brother! You were in the 'hot' category :D
Awesome stuff. I see you doing them Technical Analysis! Keep it up! I gave you a follow.
Hey Zane,
It's not what you know, it's who you know. A man of your social stature should know that ;)
Definitely keen to do some cross promotional stuff with you if you ever take some of your content down the trading path?
"It's not what you know, it's who you know." - What are we getting at here? :D Are you saying it was no coincedence to find yourself on the 'hot' tab? Love it haha!
Well, I don't think I will ever really switch themes to such an extent.. I mean, it's in your name lol.. My theme is more personal-development, motivation, and inspiration. But hey, never know what the future holds!
Talk soon my friend.
Awesome thanks for sharing this insight. always enjoy reading through a chart analysis to help sharpen my skills.
I'm a big believer in finding a particular setup that works for you personally and just hitting it over and over so it becomes second nature. If you look at all my analysis blogs, they're all the same, just with a different date at the top haha.
Do you trade or hold Steem yourself?
We need the hourly and the daily to both start showing positive momentum, then there is a real shot at making a breakout move. Charts don't look super great right now for that....we will see what the coming days brings.