STEEM Technical Analysis - 28 July 2017
Within the market you have to understand that Tops become Bottoms and Bottoms become Tops.
☑ Right now we see a classic example with STEEM where the top became a bottom.
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In my recent post of 26 July
I spoke in a comment
"*From what I see just now there is a possible window that when Bitcoin Reaches $2700 before August 1 that it could drop again all the way to $2200 for a bit and I would assume STEEM would then drop around $0.90"
☑ Bitcoin did indeed reach $2700 and above and now we wait to see what's gonna happen After August.
Current: Uptrend
☑ We can see that STEEM has dropped from a $1.38 High and is now declining back to the $1.20 Price Range with a drop of -9.01%. After August STEEM could potentially drop to a low of $0.90 if there ends up being a Negative Effect with Bitcoin.
Current: Consolidation into Downtrend
☑ The Trend shows us that at this time there is a bigger decline than an upward climb, we can, therefore expect STEEM to be in a downward moving Trend.
Current: Downtrend
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so if i get this right you are saying here that when bitcoin is up steem is down or are you not drawing that conclusion here
this could be just a coincidence or if it is not what is or could be the link between these 2 currencies?
ps nice to meet a fellow belgian on STEEMIT
pps its nice that you have a lot of posts and some are really interesting but they do make up a very big part of this post and for me that is a bit of a turnoff, do not know what others think about this? maybe tune it down to the last 5 or 10?
No, no I'm not drawing that conclusion that is just the current projection for current events as they stand now
Oh Nice to meet you as well :D not many belgians on here haha we need more!
I will take your point of view into consideration thank you @felander :)
I get what you mean, more people should see this I am really thankful for you creating this post I said it before, but steem and many other coins are not going to be stable even after then end of August and so many people buy bitcoin when it 's at it max or high price, there is a social phenomenon here this things affect how people invest in other coins and how the price changes around different currencies. But that's just my perspective.
I knew bitcoin was going to come over since it has a strong support as well as ETM. However steem grow depend on many different factors.
Yes indeed, that is the main reason why bitcoin soared it was pretty obvious that would begin to happen you are a genius as always @siragrays ;)
No, I know nothing about currencies, but I know about people, and with many investors taking out their investment it was meant to happen sooner or later.
I like to believe your graph, but could u explain to me why we only look at a 6 day graph to conclude that the price is dropping is that what is the standard?
How bout all money that is going to btc right now in order to cash in on BCC. I think to make a conclusion of a possible trend like the above we should consider a few more variables? Overall picture overall sentiment towards altcoins right now.
I say anything can happen right now as there are to many variables.
Without wanting to sound like Inknow it all, how technical do you think your analysis really is?
I do a Daily Statistic but im thinking about making it a 3 day analysis or weekly even. That is why the chart is a 6 day overview at this moment.
I take into consideration many of these things you talk about but after today im not gonna make any analysis, since you said anything can really happen but i do see STEEM drop significantly if these things do happen in the coming days. Its a very historical moment.
How technical mine is well pretty technical in my eyes since i spend many hours looking and adjusting many statistics.
Thank you for your input @oudekaas
Hi beyondthecrypto I follow you! I am genuinely interested in analysis but I do sometimes wonder what people look at in terms of drawing a conclusion in terms of where the trend probably goes.
What is the idea behind the drawing of the two lines, it gives a trend obviously, but if a spike is up or down how do the lines tell us if it the trend is downwards if there is for instance huge support at the lower levels of the line, which actually would indicate that there is a likely hood that the support is strong enough to possible reverse the downtrend?
Thx for the reply