Chart Potpourri: BTC, SYS & STEEM

Bitcoin looks like it wants to take a rest, while Syscoin and Steem look like they want to run higher. Will the positive Alt-BTC correlation hold, or will we finally see the inverse?

Bitcoin is holding within its ascending channel, but hasn’t been able to get past the mid-point. Longer term moving averages are ascending in line with the channeling, and shorter term MAs are curling higher towards positive realignment. Shorter term, price rose in rising wedge fashion before softly breaking down and is now backtesting the former lower boundary of that rising wedge. There are no opposing short setups currently present, a perfect environment for longs looking to get in on a retrace, perhaps back down to the 50% full halfway back which lines up with the lower ascending channel boundary. This would also allow for more bullish restructuring setting the base for a run to new all time highs. Rather than a quick move lower though, this might work out as a protracted, multi-week chop zone that never reaches the full halfway back and that holds on the 50% of the last measured move.

Syscoin has formed a very clear falling wedge well on in an extended downtrend, right where we would look for a possible pop. There’s a lot of overhead MA resistance, but that resistance is generally moving sideways meaning that we might be looking at an intermediate term range between 3500 and 6000 SAT. Volume has clearly declined to practically nothing, a good sign that a nice break higher is a definite possibility.

STEEM was in a similar situation to SYS with the exception that it was a descending triangle that formed instead of a falling wedge. The possible bullish outcomes are also similar for those patterns, and as we can see on the chart, STEEM has already broken higher and is now fully backtesting the former upper resistance level of that triangle on declining volume. The shorter to intermediate term moving averages are all grouped together. I left enough history to the left so we could see what’s happened in the past once price moves above that convergence of moving averages and they turn into support.

That’s the general setup with some of the better cryptos out there. The question is whether select Alts will harken back to the "good ol' days" and rally as BTC pulls back, or continue to languish, be lumped together in a general crypto bag and fall even lower in synchronism.

Of course, I could be wrong about Bitcoin and they could all rise together! 😃

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@cryptographic