My Price Analysis of the "STEEM/BTC" Chart
As I mentioned it my last update post a few days back, price continued to consolidate and we now are sitting around the 12,000 sats area. Hence I thought I'd let you guys know where I think we'll go next based on several subtle clues I see in the charts.
In the grand scheme of things, we are still bullish. The black line I've drawn is around the 11,200-11,300 sats level. If we break "and get a candle close" below there, things won't look quite as rosy anymore. However it must be said, we will still be above that blue 200 day moving average line. So, a bit of a mixed bag of signals there. But again, watch for price to move and stay below the level I've shown. Otherwise, I'm hoping where we are at now holds up and initiates a new short term run to the upside.
Also, if you count back six candles on the pictured chart, you can see the huge green historical bar left behind. After which each subsequent red candle proceeding it is small and weak, possibly hinting that what we are seeing is indeed only a pullback, thus signifying a little more evidence aimed at a potential imminent bull run. And yet another good sign is the RSI is now well clear of the overbought territory so my previous concerns about that, are now negated.
I would have preferred if the 200 daily moving average was on a bit more of a rising incline, but I'll take the "flat-line" looking nature of it for now. Hopefully that'll remedy itself in due course. Again I repeat, as long as price is on the topside. All in all, from where the market bottomed out a few months ago at the 6,600 sats level, we have been making higher lows ever since. Therefore, from here on out, I am tentatively bullish and waiting for a move above the last previous high at around the 14,500 sats region. But first, we need to hold on to this current support, whilst preferably not breaking below 11,200 sats and definitely not under the 200 day moving average.
All the very best, my Steemian peepz. And as always, please remain disciplined and diligent in your trading endeavors.
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I was watching the same levels but got too anxious and just bought a portion now and holding some more fiat to put to work if an opportunity arises over the weekend. If not, I think I may tip my toes in some other crypto I need to bring my average cost down on.
Posted using Partiko iOS
thanks for charing this
Posted using Partiko Android