STEEM/BTC Chart Update - More Sideways Pattern
Happy Friday everyone! We're coming to the end of yet another week, and I just have to post an update on STEEM/BTC before the week officially ends.
I've added some channels to reflect the recent price movements. Specifically, I've added a (rather short) uptrend channel that ran throughout April, 2018 (depicted by the rightmost green-colored channel). A subsequent retracement ensued, and I believe we are now in the midst of a sideways pattern (orange horizontal channel on the rightmost section of the chart).
There was a lot of price action throughout the week, but as you can see from the chart, we have simply been hovering around the region of 0.00032 and 0.00040. Notice the 50-EMA line in the chart (orange-colored line) -- price has been crisscrossing the 50-EMA line as it seemingly appears indecisive on what to do next.
Support and resistance levels remain the same -- 0.00033 level for immediate support and 0.00040 level for immediate resistance.
Personally, I do not expect a lot of price excitement over the weekend, and believe price should maintain this sideways course.
In any case, I would like to wish you all the best of weekends!
Risk Warning: All comments, charts and analysis on this post are purely my own and should in no way be treated as recommendations or advice, nor should they be construed as an endorsement or recommendation to buy, sell or hold. Please do not trade based solely on the information provided on this post. Furthermore, past performance does not guarantee future success. Always do your own due diligence and analysis when trading.
Chart courtesy of TradingView
This chart is effective and not complex to understand, thanks for sharing this chart and your words on current market conditions. And i also read many charts and try learn from many market analysts, in my opinion also the market will dance slowing in both red and green trends. Let's hope that market condition will improve and people can get some profits out. Wishing you an great day. Stay blessed. 🙂
Thanks for reading @chireerocks. If you are not a day trader, just focus on the longer term. Short term volatility will always be there, but a trend should emerge and be visible in the longer term perspective.
Yes, i am not an investor so i left with one choice and that is long term investment. Thanks for your kind advice. 🙂
Being a long term investor is good! Just make sure you pick fundamentally good and strong instruments/counters. Good luck!
Yes for sure, once again thank you so much for your kind advice. Stay blessed. 🙂