Steem / BTC, Poloniex : Potential Cypher Pattern [Hourly Chart]
Today, I analysed steem chart on Tradingview and found another potential cypher pattern. Steem chart has satisfied all the necessary conditions for a cypher pattern. If it completed the cypher pattern then we are looking at a price of 0.00015000 BTC/Steem As I am holding a few couple of thousand of steem and will be shorting 40% of it and will rebuy it at much lower price.
I want to post more about technical analysis and patterns of charts but I am not getting much response from you. It takes me time to find patterns in charts so better make it worth. Thank you!
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Thanks for sharing and the work you ut put in @funnyman! Brand spanking new to SteemIt and cryptocurrency, I`ve pissed away some money in the forex market so I appreciate the charts and explanations! Pretty cool that there are a thousand and one ways to make a buck or bit/steem on this platform. Have a great week, and feel free to follow @TORtalks :)
Thank you and welcome to STEEMIT, Good luck with you journey. :)
Thank you! I
ll see if I can slap up an introduction today and get to know all of you guys a little better. Pretty cool to be in this early, as long as people are providing content thats worthwhile I`ll be be sticking around voting, commenting and sharing my own stuff :) And so the journey begins!COOL!
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I think the 0.16.0 release is such a big shift in the economics of this currency that it pretty much renders most technical analysis based on previous price action redundant.
The price could go up significantly, due to the dramatic reduction in inflation. The price could tank due to the reduced SP holding period. Or there could be a standoff.
My inclination is to believe that the marketcap for Steem is still on the low side given it's potential, and the amount of dev and community engagement.
IMO there would need to be pretty bearish news for Steem to hit 15k sat. Even when Steem was hyper-inflationary selling looked to be bottoming out at around 12-15k.
No doubt there will be opportunities to short, however I'd be inclined to accumulate at these prices and only sell small on the price spikes (with a view of bringing down the price average).
First of all, I want to thank you for the upvote. I have been waiting for a while for it.
Yeah! This is a pretty big release changing the steemit economic architecture may result in a huge pump of STEEM value but there will be high liquidity in steem market, initially maybe in downtrend but that's where new whales will come in and give it a boost. For now we can't say for sure, how much value will steem gain? but there is going to be a huge competition between buyers and sellers.
I believe you have a valid pattern here.
YEP!