ADDRESSING THE HOLIDAY MARKET CRYPTOCURRENCY PULLBACK
GOOD AFTERNOON STEEMIT!
Well that’s Christmas done and dusted for another year. I’ve had a great little break with family and various loved ones, consumed a ton of prawns 🦐 🦐, and topped it off with a bout of food poisoning which I’m sure is totally unrelated to the prawns! I hope you all took my Christmas advice and turned off your charts and allowed yourself the time away. We all deserved it after the year we had trading!
My yearly time off from the markets hasn’t quite finished, but I plan to integrate Steemit blogging into it so stay tuned for a change of pace.
But first, I wanted to quickly address this holiday market pullback. No matter which crypto chart you flick through, all you see are healthy bull market pullbacks into previous resistance turned support.
Heck, Take a look at some charts that are close to home for us here:
STEEM/USD Daily
The STEEM daily chart shows price rallying vertically through $4.00 USD. A trajectory that just can’t be sustained. Bull markets just don’t work that way forever!
How they do work though, is by having a consolidation period that sees price pull back into previous resistance turned support before making a new high.
A period we seem to be in right now.
SBD/USD Daily
The SBD chart is exactly the same. Price ripping uncontrollably vertical, before pulling back to retest precious resistance as support as you can see above.
You’re probably going to see some overshooting of the levels due to the lack of liquidity over the Christmas/New Year’s period, which shouldn’t be stressed over. This is what markets do.
Relax. Have another 🦐!
Peace.
Instagram: @forexbrokr
Website: www.forexbrokr.com
HODL! The next bull run in the cryptocurrency market Steem will rocket, because the fundamentals are doing great!
I agree that STEEM is a game changer when it comes to fundamentals.
Just wait until they get their act together on the front end side of things. Going to be epic!
Agreed :) The markets need a pull-back. It's healthy. All my alts are showing significant gains overall, so I'm happy.
Thanks for sharing my blog Katy, it's appreciated.
We've seen such huge growth in alts over the last few months so even this sort of pullback is merely a blip on the overall radar.
Thank You bro good post
No wukkas.
I also consumed more than a few prawns myself over the holidays, no food poisoning though. I think the markets have actually been pretty stable over the last week or so, there had to be a little pull back after the massive bull run we had but nothing too severe. Volatility is just part of the fun of being involved with crypto, always need to take movements with a grain of salt. Happy New year my friend
Yeah mate, exactly :) Also from a forex trading background, this sort of volatility caused by a lack of liquifity is normal during this time of year.
Relax and enjoy the holiday... which by your blog, looks like you're having no trouble doing :) See you around in 2018!
Haha indeed. Sometimes you need to stop and enjoy life or else what's the point?
Happy New Year.