Chart Potpourri: BTC, SYS & STEEM

in #trading7 years ago (edited)

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?

BTC07102017.jpg

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.

sys07102017wedge.jpg

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.

STEEM07102017.jpg

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! 😃


Please leave your comments, input, questions, etc., below!

Your support is much appreciated. If you like this post, please Upvote.

@cryptographic

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Wow. Looks like just the opposite: BTC continues to rise and Alts are getting thrown out with the bath water. Wholesale dumpage! The only thing we can hope for short term is that what we're seeing is capitulation in Alts. Long term, it's HODL.

@cryptographic,
That would be a great analysis! BTC seems rise, coz panic people try to collect more BTC before the Fork! In the Fork BTC will make BTC Gold! They need to collect few BTC Gold! So, as you said I feel better we HODL all ALTs for a great run! Excellent analysis report and I am lucky read this report!

Cheers~

images (13).jpg

Not so great what we're seeing today. 😔

Thank you for sharing valuable information about Bitcoin, Syscoin and Steem. You analysed above 3 coins before last 06 month movement. But i think maybe bitcoin level will increase in future.
Have a nice day sir!!!

Yep. BTC is on the move again. And Alts are getting crushed. Bull and bear traps?

@cryptographic , thanks for sharing this analysis specially for steem. Something good is coming for it and hope to see Steem in new highs soon. Upvoted! @gold84

Looks like we might have to wait a while for new highs . . . unless we're seeing climax selling . . . that would lead to a powerful reversal higher . . . knock on wood.

@cryptographic do you mean this for bitcoin or steem too? Have you seen how XRP is climbing? @gold84

Don't really get about that but as it might be easy to say Steem might get to be going upwards and as for BTC it shall go up within some time .Simply great analysis by the way :)

As you say, easier said than done. 😨

This post received a 4.66% upvote from @randowhale thanks to @cryptographic! To learn more, check out @randowhale 101 - Everything You Need to Know!

let bitcoin rise hahah :D

Rock on! 😄

@cryptographic I follow your posts closely and have not seen something new in a few days. I was wondering your thoughts about loopring and regalcoin that today was up to 90% up.

By the way, I wanted to let you know I mentioned you again in my newst post about 7 strongbreasons why steemit will climb: https://steemit.com/steem/@gold84/7-great-reasons-why-we-should-buy-at-least-100-or-1000-steem-today-and-power-up

Looking forward to your thoughts on this. Regards, @gold84

I've been very busy and have had to neglect my lowest priority project. 😖

Just put up a new post though. 🙂

And thanks for the mention in you 7 Great Reasons post!

You are welcome @cryptographic . Thanks to you. @gold84

bitcoin rising because of bitcoin gold comming as i understood! free coins!

Bubble wil burst soon enough, other coins wil probably take over as they have backing of tech behind it. Where bitcoin is just a trading thing.

Thanks for the update and news. great graphic chart
@cryptographic
Upvote Resteem
Have a nice day

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