Did STEEM/BTC cross the 200-day MA on the top side?
Last night I went to bed a 2 AM because of the little STEEM pump that we had.
Even though this has happened many times before this one was a little different and enough for me to stay up for.
This pump made us close/cross above the 200-day Moving Average (the green line) on STEEM/BTC.
The last time that happened was in the end of may 2018 (we closed below it and stayed below it = bad)!
Ever since @ezzy taught me about TA and made some incredible calls based on it I have changed my mindset about TA a little (I used to think it was all voodoo) and I have adopted it as a sort of hobby and tool to help me spot resistances and trends.
But don't worry I haven't changed into a TA master and I can't predict the future.
I also have never bought anything based on it (I'm a sucker for fundamentals for long term).
So what is the 200-day MA?
It just shows the trend of a stock or in this case STEEM over a 200-day average in the form of a line.
You can use it to get a quick overview of the general trend which obviously on this chart is bear! (it's pointing down).
They also say that when the price trades below the 200-day MA it's not a healthy sign but when it trades above it's a healthy sign and when price crosses it it can indicate a possible trend reversal.
And that's what happened yesterday. It crossed it on the up side! Pretty cool! (I think).
But what will happen now? I'm not 100% sure.
From what I read: when the price manage to stay above the 200-day MA the green line will flatten out and slowly reverse back up. It also will start acting as support.
So let's see. For me this is all new. But it's fun.
Like I said, I will never trade of it, my position in STEEM is already done.
My position in STEEM.
My position in STEEM stays the same as it has been. I have made my investment in the downtrend. And have managed to almost double up in the course of a year.
If price decides to go lower I can still buy more but if it goes up I can only buy more if other crypto goes up faster.
I'm sort of in limbo right now. Can't sell, can't buy. But I can earn! (STEEM's most underrated aspect).
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I've also changed my mind about TA recently. So many trader rely on it, that it becomes a self-fulfilling prophecy, therefore it's good to know.
Posted using Partiko Android
Interesting to read your position. With the small increase in price I was wondering whether to maintain my buying plan, or whether to start developing my selling plan (I at least have a goal for the selling plan, which is a step forward)!
I agree, it is very interesting to learn about these things, although I have been following a consistent and conservative buying plan since last November. As you say, we can earn while we watch and learn :)
I think STEEM is still a good buy at these prices. It's just increasingly more difficult for me personally to 'substantially' add to my current position when it goes up. I can only do that when it goes lower.
Mark @exyle Yes Earning and that is Why @steemmonsters is so much FUN........
O yes! See you on the battlefield!
This really got me @exyle......
I really wanna earn. I wish for it to count, all my efforts here trying to add value. Your position on steem is a good one and worthy of emulation.
It will be good if STEEM will go more upwards and stand there for few days to create lower Resistance of chart .
Posted using Partiko Android
If we hold this level for a while we might have some very bullish times coming for STEEM.
Agree. But looks like it struggling right now to maintain it. Let’s see. I have a plan either way.
Posted using Partiko iOS
Just as Bitcoin painted its first green monthly candle since June, the bull run is starting!!
Wow, that is a lot of data! I am usually okay with a lot of data, but in this case it is all way over my head. I just know that I see the price going up and as long as it stays up I am happy! I've actually been doing a much better job of not even looking at the markets every day like I used to. It is much more relaxing. I just do what I can on Steemit and move along with my day :)
I love TA, many professional traders use it, so its far from voodoo. I think most people don't understand that it just gives you a probability and isn't 100% guaranteed. I'm keeping an eye on the Bitcoin 200 week MA, see how it held in the last bear market and where it is now. This makes me think there could be a spike below it but there's a good probability that the bear market could be coming to an end soon. https://www.barchart.com/shared-chart/%5EBTCUSD?chart_url=i_1545214948_1464784760&page_url=%2Fcrypto%2Fquotes%2F%5EBTCUSD%2Finteractive-chart%3Fid%3D935914
Yes, it took me a while to 'get' the probability aspect of it and to cut all emotions out.
well seems like we are already bottomed out on the prices its gonna move up : )