CRYPTO Breakouts Look False -- Pullback Still ExpectedsteemCreated with Sketch.

in #ethereum6 years ago

Screen Shot 2018-09-18 at 10.20.25 AM.png

After waking up today and seeing this breakout, I looked at some of the things that were happening and realized that it's MORE THAN LIKELY a FAKE breakout.

Right after the initial boom, we saw no follow through. We saw a quick period of bull volume which surprised the bears. No surprise, there weren't many sell offers, so small volumes pushed prices up. Volume is basically the biggest and main indicator here! If we saw increasing volume on any chart, we'd be able to assume that there's a bit more strength in this.

Instead of strength, what I predict happened is that there were plenty of buy stop orders which bought a breakout.

Now....there's still technically an opportunity for the cryptos to hold higher lows and then make a new higher high. Likely? Not THAT likely in my opinion -- however, still possible.

For now, I'm staying liquid and in cash.

happyTrading.png

Sort:  

Yeah we saw a 14% spike in Steem. I bought some Bitcoin last night so I could buy more Steem but I didn't realize Steem wasn't operational so I wasn't actually able to buy any. Still a good price but not quite as good.

Yea long term I'm stoked for this Steem price. Load up baby!!!

Coin Marketplace

STEEM 0.17
TRX 0.15
JST 0.028
BTC 62102.06
ETH 2415.08
USDT 1.00
SBD 2.49