Market Open Update on Steem/USD & Silver (SLV) 1/8/2018 9:30am EST
Summary: Value of Steem is trying to put in a new floor here. The pattern here is merging into a wedge so we will likely see an impulse move on 1/10 Wednesday. It is likely that price will retest the 0.50 before making a push to the upside.
Summary: Silver is still in a very narrow flat range. I have timing at 1pm EST for a move to the upside but it may be short-lived.
EOD Update on SBD
On this chart I wanted to focus on the relative movement between SBD and Steem as I have seen offers of SBD for Steem the past week. As the chart demonstrates, The bullish move in Steem is almost 14% greater than the rise in SBD so think carefully before you take that kind of offer
EOD Update on Silver
Today we finished right in the same range we have been stuck in since last week. Stay tuned for more action coming in the overnight futures market
EOD Update on Steem/USD
Price was not able to get to the 6.19 level but I do have timing for an initial flash move around noon tomorrow and a full impulse move occurring on Wednesday but until then we will keep and eye on this range
Summary: SBD defining a floor for itself also atw 10:55am EST
Side-by side you can see that Steem is less volatile than SBD
So far only the opening gap is the only action of the day, consolidating at the moment
Intraday Update on SLV
We have a little bounce at time and price but we do not see an indication that an impulse move is incoming, at least not yet
Intraday Update on Steem/USD
Interesting V-shape recovery on the 1m chart. We may even see a move back to 6.19 before the day is over
Intraday Update on SBD
Possible H&S on SBD but I will only get concerned if it breaks the neckline
Intraday Update on SBD
Lot of different ways we can project this based on a 1m chart. The daily candle will provide a clue, but the outside bar will be a concern if we can't get a better push to the upside