CHART ART: STEEM/BTC Breakout and Retest on Multiple Levels
ONCE AGAIN STEEMIT!
After taking a look at some EUR/USD CHART ART earlier this morning, I'm back again with a cross-over to the Crypto side.
In the Forex v Crypto battle for supremacy, I haven't actually managed to work out which side is the light side and which is the dark side.
Feel free to debate away in the comments section ;)
How about some more CHART ART though?
Remember the last time we talked about the STEEM/BTC chart? Yep, the infamous STEEM bloodbath blog! (I'm loving the gif libraries I've found!)
The chart was bleeding and the weak longs continued to get weeded out one by one as the market fell. The catching a falling knife analogy couldn't have been more topical, but I asked whether you could help yourself in buying Steem at these prices, heavily discounted by fear and momentum.
Well I sure hope you did!
STEEM/BTC Daily:
The daily shows price bottoming and then breaking out of the first counter trend, trend line. From here, price also has retested the broken trend line resistance level as support.
It's really just a big flag breakout pattern too, isn't it? I'm interested in how you're interpreting it, so let me know.
STEEM/BTC 4 Hourly:
Taking a step into the 4 hourly chart and you can see that there's also an intraday retest of previous short term resistance turned support.
As long as the higher time frame level holds, these are the types of levels that I'm always looking to take entries off.
I love it this one.
Peace!
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Well written man.. Explanation was nice..
Cheers mate. Always good to hear people gaining value from my chart analysis.
Great work @forexbrokr upvoted
Thank you. Appreciated.
I like this take on it! I usually draw my TLs just like that as you know, but on this one I've cut right through a bunch of wicks which I never usually do. The support parallel worked a lot better.
Thanks man.
NOW BACK TO WORK! :P