A Price Analysis Update on "STEEM/BTC"
This is a follow up to my STEEM/BTC price analysis posted a few days back and the news isn't good, I'm afraid. I highlighted the fact that if we broke below the 11,200 sats level, the trend would change to a bearish outlook. That occurred last night. So, what can we expect to happen from now moving forward?
Well, the candle close on the daily chart yesterday told all, really. A full bodied red candle complete with a fair sized wick at the top. Chances were definitely to the downside after this. So unless we can somehow get back over the 12,500 sats area, price should slowly grind lower. A minor precursor that this was going to happen was indicated on the 200 day moving average where the line always seemed to be slanting at a descending angle. I mentioned this in my previous update. Compare that to the ADA/BTC chart which looks decidedly different and therefore price action also looking much better too.
So, from here on, I expect us to touch down at 10,000 sats, which sits on the moving average line itself. After that, we could make our way lower towards a long term trendline that sits around the 8,600 sats area. Not what anyone wants to hear, I'm sure. But it is what it is. In terms of other indicators, the RSI is dipping just below the halfway mark, showing that there is certainly more room to fall. And the MACD (not pictured here) gives further confirmation of this negative bias. All in all, things don't look great for the short to medium term.
But is there any positive news to be had at all? Well, I guess that bullish trend line down at 8,600 sat. This shows that there actually is overall momentum to the upside, but unfortunately much lower than where we are now. And some further good news is should this bottom trendline hold, then we are looking at 17,000 - 19,000 sats with ease, on the way back up again. But as I said, it is imperative that we hold this bottom line. If not, the STEEM/BTC pair is in major trouble.
So, to recap. I think the first target is 10,000 sat followed by the second which is 8,600 sats. Although this is crypto and anything is possible, but judging from my current TA point of view, we are officially bearish. When will the eventual turn come? That is something nobody can predict. However, if lightening happens to strike and we break back above that 12,500 sats area, the picture will change yet again. But from the way things look at present, I am bearish and fully expect more price action to the downside. Hopefully the next update from me will have more of a bullish stance. We shall see...
You know what I see looking at those charts? A new opportunity to buy steem cheaper...Accumulation all the way
If only everyone could have that same mindset. :)
As of now STEEM/BTC recovered to 0.000115. Lets see if it moves to 0.000125.
To listen to the audio version of this article click on the play image.
Brought to you by @tts. If you find it useful please consider upvoting this reply.
just when I bought some :'( why didnt this post come earlier...
HODL time, my friend. :)
Really like the comprehensive nature of the post, but I’m not so happy about the result coming out from it even though that’s the truth.
Well like @mindtrap just said; there’s opportunity in every situation! Time to buy Steem!
Posted using Partiko iOS
Thank you so much for participating in the Partiko Delegation Plan Round 1! We really appreciate your support! As part of the delegation benefits, we just gave you a 9.15% upvote! Together, let’s change the world!
ADA just better so to the updates to their protocol launch... Don’t mind Steem having some rest to build a base; I have funds ready for more if lower!
Posted using Partiko iOS