Using Fibonnaci and other indicator for STEEM/BTC

in #steem7 years ago (edited)

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Last Updated from my chart of previous Steem/BTC in my tradingview. It did broke the channel around 9k satoshi and begin a downward movement. Using Fibonacci tools to let us know where the upcoming resistance and support that we have in upcoming future.. as for Steem/BTC i think it's still in respecting the previous support around 8k satoshi. followed by latest Fibonnaci Spiral. acting as a potential support and upcoming resistance.

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So far it's pretty bearish movement for Steem/BTC with Fibonacci resistance fan after being rejected by 200 EMA but looking at Indicator such as RSI, Stochastic RSI and Macd seems give me a signal that it's a good time to accumulate.. notice a small buy momentum begin to appear in Macd and lower level of RSI also Stochastic RSI.

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so.. will it hold 8k satoshi line or fall further toward 7k satoshi? who know what might happen especially if the crypto that didnt have big liquidity as top 10 cryptos anything could happen. Not to mention the bitcoin dominance level may affect Steem value against BTC, in my opinion it's a good time to accumulated toward this level if interest in this asset -i'm not financial advisor-.

please feel free to share what your thought..
peace...

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woah I never thought to actually apply the spirals, it's such an awesome visual aid. thanks for the tip!

i dont know if you do sarcasm to me or not.. but thanks for the reply

ahahah, sorry for that mixup. no sarcasm, I was always familiar witht the levels but never the spirals. And it just "clicks" way more this way somehow, will definitely try that out <3

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