STEEM/BTC Technical And Fundamental Analysis In Detail By Professional Forex Trader - Steem Gonna Recover. Graphical Charts Included.

Hi Steemers, PrinceWahaj here. SBD/BTC started to take its pace up again and recovering from a huge drop. Its time to analyze SBD/BTC with both techniques, fundamentally and technically. As a professional Forex trader and having around 6 years of experience in Forex market, almost every time I analyze charts, it goes successful.

Let me share you some important information before we move further, to make it easy for you to understand what is mentioned here. Before we analyze any pair or any currency, it is necessary to look on USD first, because USD serves as a benchmark currency. If there is a drop in USD, then it affects all other currencies in different ways. Some of them get low impact and some of them change with high impact. In case of BTC and SBD, I often noticed that USD price is playing a vital role. Whenever there is a drop in USD, SBD and BTC receives huge changes. To analyze SBD/BTC well. We need to go step by step. In this detailed analysis. I am going to analyze the following in order:

• USD Index
• Bitcoin
• SBD/BTC

USD Index (USDLFX):

As I mentioned above, USD serves as a benchmark currency. I am sure that you already noticed a big drop in bitcoin price and recovery in SBD. Did you try to find out what is the reason? There was a reason, we had huge drop of USD on Friday and my system gave me a huge signal that USD might drop heavily over the weekend which actually happened but just few hours ago, after its big fall, USD started to recover again

This chart is taken on Friday and it is not updated with current situation. It proves that how my system gave me a signal that USD will continue to drop.

It seems pretty clear from the chart that USD might start falling for next coming days which is NOT a good signal for SBD to recover from previous fall. You might be wondering that what caused USD to fall so badly. There were few known fundamental reasons behind the drop. One of the reason was that, we had Advance GDP q/q report which resulted in negative. Take a note that negative news often generates negative impact. Another reason, it was Friday and Friday is often noticed to have crazy moves in Forex market. But that was on Friday. The impact continued even today but 3-5 hours ago, USD started its recovery phase and went upwards again.

Short Term Trend Of USD Index:

The fact which you can see on the chart is, USDLFX touched recent resistance and started to drop. Although there were some support levels which caused a bit recovery after big drop on Friday but it doesn't means that these support levels could stop USD from dropping. I expected more drop on weekend and that's why, defined a new level which might cause recovery again and it exactly happened today. You can see how USD was oversold on Friday, this was an indication that USD might start gaining its strength again after touching my new defined support level.

Fundamental aspects which can change the trend:

We have some huge upcoming events for US Dollar. There are some red news on USD. Please note the days and be careful on these events:

• ADP Non-Farm Employment Change. Big event which can turn the trend in seconds. It is scheduled on Wednesday. Check the time of news.

• ISM Non-Manufacturing PMI And Crude Oil Inventories. Two high impact news at the same time. Extremely dangerous. It is also scheduled on Wednesday.

• Unemployment claims on Thursday.

• And finally, a BIGGEST event which can cause destruction. Non-Farm Employment Change report and it is scheduled on Friday.

It looks pretty clear that USD might continue to rise for Monday and Tuesday. Wednesday is dangerous, Thursday is dangerous and Friday is extremely dangerous for trend of USD and new trend might born on Friday.

The question is, what is good for Bitcoin and what is good for Steem dollar?

The answer is simple. If USD drops, bitcoin will rise and if bitcoin will rise, then steem dollar will go down. If you really want to see SBD rising then USD must rise. Today, it seems like USD had a recovery phase. It dropped heavily on Friday and then today it is moving upwards.

Drop in USD is good for bitcoin to go upwards and Drop in USD is bad for steem dollar because it will push it downwards.

Technical And Fundamental Analysis For Bitcoin:

After analyzing the chart of USDLFX, it is easy to find out what caused changes and what is next possible direction. Lets have a look on bitcoin current chart at first:

Can you tell me what did you notice? There was a huge spike to upwards today in bitcoin which is a sign that USD fell today and did a huge recovery at the same time. The figure of 700 USD represents a great level of resistance which gives us indication that bitcoin might keep falling for next days.

You can see that I marked three levels on my chart. At first, I marked 750 level because if you'll go back in history, you'll see how strange price reacted on that level. Second level is 700 which is most recent resistance and yet effective. The third level is historic support level which might push bitcoin to go upwards again. Last level is at 565. And finally you can see a beautiful trend-line that how it is connected with ups and downs. I do not expect TL to come in play right now. But we'll have to see.

You must pay high attention to upcoming red news. I indicated SOME of them and it is now your work to find all important events because fundamental effects are more greater than technical effects.

Technical Analysis Of Steem Dollar:

Just like I mentioned before, bitcoin dropped heavily today which opens the room of recovery for steem dollar against BTC. It is noticed in last 2-4 hours that SBD started to recover and it also succeed in beautiful recovery..
This is 30 minutes chart. 4 candles = 2 hours.

If USD continues to recover from its drop and if bitcoin continues to fall against USD, then we should see decent recovery from SBD. Although there are some other things on which recovery of steem highly depends like its distribution, overbought and oversold things etc but that's future and it is too early to say anything. But overall I can say one thing that I am expecting quick recovery of SBD. We might see SBD to $0.95 worth once again.

About Me:

I'm referring to myself below, lol.

PrinceWahaj is a professional Forex trader, and he mentored around 50 students from all over the world. He developed his own system and taught his students so well that his students are making money on daily basis with Forex trading. He is well known with the name of "PrinceWahaj" on the web. Due to some religious issues which are personal, he had to take a step back from marginal Forex trading (which means, no leverage in trading = no big risks)

I hope that you enjoyed my detailed analysis. Thanks for spending your precious time with me! Have a good day!