Oversold Extremes
STEEM and BTS are at oversold extremes on the daily charts, and showing strength on the hourly charts.
A panic sell through critical intermediate support on low volume reaching oversold extremes after an extended downtrend is where one might look to pick up bargains.
More so once the hourly starts looking strong.
The 4 hour is starting to generate buy signals too.
Remember, buy low, sell high. 😎
Read the "The Dos and Don’ts" here if you're not aware of my rules.
Hello @cryptographic,
Extraordinary good trade update. Unlike all creepy signal providers, you're providing the analysis of the valuable market times. Incredibly good idea & I believe this must be the last time that we see STEEM & BTS in a sale. Never again we'll not get any chance to buy them in this dip.
~@mywhale
It very well could be "never again" for both STEEM and BTS.
Even BTC is showing signs of short term health. The provisional daily chart below shows a pin through the 200 DMA yesterday down to the 61.8% retrace level of the move from lows. It's still fighting a big daily short setup, but the 7900 level looks solid intermediate term, with 9000 providing initial support. 11,800 looks to be the first resistance BTC needs to get through, but it might take some time.
@cryptographic - What are your long term predictions regarding the price of STEEM and SBD?
What’s STEEM really worth?
I see, you're extremely bullish on STEEM.
I hope the market will came to the same conclusion as you did. I like this platform and I'd like to see it prosper.
@cryptographic - Oh Sir, I missed this opportunity... I made a big mistake, I was panic Sir... :'(
+W+
Also BTC is about to close above the 200 SMA. Which will trigger a lot of buy orders across the board.
Steem has a very serious support at 2.50 level and BTS is also at a very good level. Definitely entry points are good at the moment.
I would like to remind the traders/investors to NOT buy their crypto all at once. If you buy something buy 1/3 or 1/2 here and then add once your position shows profit. Or in general if you like Steem from 2.50, buy it from here and then make a plan where to add to your position. Nobody ever can know for sure where the market is going, so better be safe than sorry !
Good luck to everybody, let's hope this bear market ends soon.
Yes, price recovered and we got that close above the 200 DMA, leaving a pin down through it.
Great advice about scaling in and never buying everything all at once. As you say, nobody can ever know for sure.
@cryptographic this is buy time for steem! Crazy to see steem went to $2 again, and if we think about it now almost 3, its 3 times compared to how it was in average 1 for almost 2 years, so people need to know this and post according to this.
If you think steem was at $6 2 or 3 weeks ago, and now it pays half, I would not see it that way. Lets think when steem was 1 for around 2 hours since it started.
We are on incredible times, and once we reach the floor at $6 it will be crazy, then $10 , then $17 , then 30 and so on.
People that have passed through all the steps and all phases of steem, and that know all the plans for it, and all the developments that will happen, would never sell.
I thought most of the steem funds around 70% were powered up, but it seems just 50% or less, because steem was at 1 billion about 2 or 3 weeks ago, and know around the 500 million in marketcap. So there is a limit there, is there a way to check the amount of steem that is already powered up?
If that is the case, if we see 400 million or so powered up, its very difficult that it can get lower than 1.80 or $2 USD per steem. It would take weeks, and I believe the ones that powered up and see the real power of this investment would not let it go!
Thanks for your analysis!
Regards, @gold84
Buyers are currently getting in at fantastic prices. That being said, they are having to be very patient since there is extremely light volume. Hopefully it's the selfish discontented whale who is selling to the smart money that is buying.
BTW, the best source for the basic data is here: https://steemd.com/ By my calculations, there is around 188,000,000.00 STEEM powered up, almost 75% of circulating supply.
Hi @cryptographic thanks for the follow up! So, this means that the price of Steem can only drop down to 75 cents in a big dip. The time for recovery should be faster, than the 3 months it takes for the other volume to power down, if the worst case scenario happens (that we know it will not, at least should not, for all the good things that are going on for the steem blockchain).
Regards, @gold84
I'm going to be watching volume here as we are getting this, bounce for now. If volume will start decreasing as prices goes higher, this would suggest that more down move may be in cards. No guarantees though, but you get here and there odds on your side.
Something interesting. I have some BTS that I'm planning to buy some (more) EOS with them. And man, EOS in BTS terms didn't move one bit for more than a month now. These two are like pegged for now lol (34-37 BTS for one EOS) If this continue, my stink bids will never get triggered!
Oh, and good call on this reversal so far! Lets see what will BTC do close to 10000 (seems like everything is moving with the BTC these days)
I checked that out. Pretty much the same with STEEM too. Everything else has been trending up vís a vís BTS, all at a rate on par with the USD, which means that we are seeing a true washout in the world's favorite blockchains relative to BTC, ETH, USD, EUR; you name it and BTS, STEEM and EOS are getting sold, on very light volume, I might add. In my opinion, that's a beautiful setup for the long term buyer.
Thanks for the TA @cryptographic. It is certainly a test of one's nerves. Fortunately, I do not care a bit about the price of either. At the moment I dont have fiat to put into either token and I believe fully that we will see much higher levels.
Everything that is on the agenda (that we know about) only adds to my conviction. The FUD out there is going in full force which mirrors the advancements of both blockchains.
I am not trading these tokens so the ups and downs are meaningless. The only think that disappoints me is that SBD is pulling back. I liked the increase payouts on my posts.
But hey, cant have everything.
Maybe SBD will move up with STEEM.
Yeah, for anyone who is long term, daily price action is really anecdotal. I'm pretty much in the same boat since I finished buying back some time ago already. Got what little dry power I have left on bid for EOS, and that's it. Nevertheless, it's still a good buying opportunity for those who are still waiting.
@cryptographic I have an idea and I would like to discuss it. I want to buy $ 10,000 from the steem coin, and I will add it to my steempower. Is this profitable?
The only thing I can tell you that might remotely resemble just another third party, independent opinion, would be to say that it is what I've been doing and I'm very happy with my decision. Of course, everything could always go to hell in a hand-basket at any time, which is to say that there's always the possibility of being wrong. I'm very bullish, but I'm very much aware that this is a high risk investment that is correctly accompanied with the warning to only invest what you can afford to lose.
You have thought successful entrepreneurs. Your advice is frankly good and at a high level. Deserve appreciation and respect ♡
thank you ^^
I bought some Steem this week when the bloodbath started. Looking for some good volumes on the bounce. Volumes have been lackluster when price is recovering so would like to see it truly come back before adding to position. Buy and Power Up!
Ups and down are part cryptocurrencies. A little rumours can create FUD among the traders and price fall downs but the most important thing i have seen that it recovers very rapidly. I don't have fiat to buy crypto otherwise this is best time to buy cryptocurrency its like we are getting a huge discount in crypto sale. There is nothing to panic it happened due to the Binance and SEC regulation rule. Everything will be all right in few days. If you have lot of steem like you have you don't need to worry about market crash because we can earn steem and recover we get some loss in other cryptocurrency. All i can say is buy the dip.
"Remember, buy low, sell high" well said. This is simple tactic to get success in cryptocurrency .I did not panic in recent dip instead i bought some coins. This type of dips give us chance to get good profit at little period of time. Steem and bts are in great dip so we get good chance to buy. Rumors of a Binance hack caused a flash crash in crypto market but it is temporary nothing is fundamentally changed.
This is a better tactic than waiting until prices are high and then buying when everyone else is or panic selling the bottom.
The oversold bounce is a commonly occurring phase in the security. An oversold bounce is typically a counter trend rally as price corrects itself into the decline. The oversold bounce occurs during the selloff period when it is too severe. Sometimes, the oversold bounce is referred to as a dead cat bounce.
Prices intermittently bounce after a sharp selloff only to resume a new wave of selling with the bounce failing to be anything meaningful.
A dead cat bounce can occur for several reasons. The most common being that it is a result of weak long positions or buyers coming into the market. However, the failure to push the price of the security any higher often leads to the buyers capitulating and eventually the selloff resumes or at times worsens.
Oversold levels in an uptrend is ideal to buy the dips as price falls and corrects itself in the uptrend.
I think it's time to take advantage of oversold condition and convert fiat to cryptos specially to steem .
https://tradingsim.com/blog/oversold-market-condition/