STEEM has a problem called BTC rally
While BTC starts mooning again and BCH is tanking hard, STEEM is in a bad shape again. Basically we can only hope for this pattern to play out like I project, because if it doesn't, a retest of the alltime low seems imminent...
A new bigger triangle has formed and STEEM has a chance to rally in the coming hours... But if it misses this chance the selloff will accelerate again.
It actually looks similar to the BCH explosion pattern that we have seen in the BCH daily chart:
Let's hope for the best. Because if the BTC rally continues, the price of STEEM usually has a hard time being unable to go up...
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If you think this to be useful information:
Feel free to use and share my charts, but please mention me, @ew-and-patterns as the author. Otherwise it is considered plagiarism and I will flag you and advise my friends to do the same.
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DISCLAIMER: I provide trading ideas using EW and Pattern analysis. The material in this post does not constitute any trading advice whatsoever. This is just the way I see the charts and what my trading ideas are. The author of this post is holding positions in this market at the time of this post. Please conduct your own due diligence, if you plan to copy anyones investment decisions.
If you make any trades or investments after reading this post, it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.
Please consider leaving a comment, like or resteem, if this post entertained you or helped you see things differently...
Have a nice day :-)
UPDATE: No new low in STEEM/BTC yet. Hope it starts exploding now off this double bottom, but i doubt it.
With Bitcoin mooning - it seems all cryptos are pushing down their prices in regards to bitcoin quite a bit...in satoshi's that is...this trend will likely continue somewhat over time even as the value of the value of alt coins rise relative to usd. I speculate that over time relative to bitcoin the gap expands - purely speculative guess based on my observations thus far.
What do you think?
I think this trend will reverse after BTC is done with wave 5 of biggest wave 1. I expect a huge correction after this. It should take months to find a low of this wave 2. In this exact timeframe most altcoins will multiply their value in comparison to BTC and USD.
coool - thanks for sharing your perspectives brother
Steem on
Steem holds against USD that´s more important. Just want to mention , all time low would be 0,00006 , march ´17
important post..
Brother please upvote or comment me..Just once or two time..
Thanks
Informative content....... Upvoted on behalf of @babuplrk
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What you and a lot of TA people don't understand is that Crypto prices aren't just based on graphs, they defy what has been happening in traditional stocks and the rules are not the same. Some of these analyses that I've seen have been so far off, all I can do is laugh
It is all about probabilities. It is called analysis and not "I know the future 100% of the time".
If you like to laugh at people with a longterm accuracy of close to 80%, then my blog is 100% not for you.
There are very few good analysts on steemit. For most of them it must seem like 50/50 or worse.
If you keep saying the same thing over and over, eventually it will be right. Analyzing stocks and analyzing cryptos are not the same, and I feel not valid
Considering some of us make an incredible living out of trading stocks and crypto, I can tell you it is the same. There may be slight nuances in the EWC i.e. extended 5th unlike an extended 3rd in stocks. As for chart patterns they work the same in both. You keep on laughing at it and I will keep using it and laughing all the way to the bank as I do now.
Don't worry, as soon all the FIAT that is currently entering will be fixed, it will be a transfer from BTC to STEEM and other altcoins.
A very good time for Steem is approaching!
Steem will probably go up a lot in value if the corruption, bot, profiting off spam, and auto-everything issues are taken care of.
plz up vote my post