Chartissimo

Good morning readers! I'm back from a long and hard weekend and having trouble getting into gear. I love what I do, but Mondays still sometimes hit hard.

What best way to prepare than look at the charts. Leaving my emotions about said charts in the background, lets see what the tech could be telling us (remember, we as traders trade probabilities and R:R).

STEEM

Was watching something like this on STEEM/USD chart for some time now. While this is a high-possibility tech pattern, meaning sellers are exhausted, alas Steem price, like most others, follow the movements of Bitcoin and sometimes tend to sell off even more, percentage-wise. My idea was that Steem should find a rapid, perhaps a short-term bottom near the $0.65 area, this analysis heavily relied on Bitcoins movements.

Which brings us to

Bitcoin

Everyone can see the lower highs here, and usually the case is - the more the support gets tested, the more time we spend here probing it, the higher the possibility of us breaking through it.

Unless, some magic happens and Bitcoin rallies off these areas, allowing altcoins to rise again, (especially have my eyes on Steem, as per the analysis above and some other alts as well).

We've yet to see some capitulation, that is often seen near market bottoms/trend changes, but that doesn't mean that the recipe for market turning isn't there.

The following is not a specific price analysis, but this kind of price behaviour, if it should happen, would be most bullish for Bitcoin itself and alts as well, playin out the bull scenarios:

The baseline here would be - we breakdown, allowing for a brief panic selling and then we immedaitely reverse. Remember - "fake breakdowns create breakouts" A recipe for a bull case. Whether it happens or not - keep an eye out for the divergence and this scenario.

And lastly, heres the positions of Bitcoin longs versus shorts according to Bitfinex data:

Been a while, since we saw such positioning. The pressure is still there and we are still on track lower, but the stars are aligning for a market turn. Make sure you don't jump the gun with positions larger than you can manage. Be nimble, build, lurk, pounce.

Good luck, traders!

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_{Title image from pixabay}

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