BTCUSD - Technical Analysis October 6, 2017 - Current Price $4334
BTCUSD
BTCUSD is trying to display price progression after trending sideways and out of the ascending wedge and while this is good news for bulls there is still a lot of work to do for the price to push back up to $4500
daily
On the daily time frame we were looking for a test of the pivot or a higher high to determine what kind of position to take, and neither have really been delivered. This is still a midground trade with a relatively neutral stochastic RSI (which has yet to cycle) with todays candlestick failing to print higher and then wicking down to its opening price. This is not the most encouraging price action.
4 hour
On the 4 hour time frame a very clear double top was set after support was found at the 68ema and the price had pushed to this level where traders were looking for a higher high. AFter the double top was set the selling calmed when the 30ema was reached and buyers stepped in providing support.
Bulls would like to see this become a higher low on the recent trend and push out of the double top setting a higher high.
1 hour
The stochastic RSI on this time frame is cause for some concern given the length of time it has been extended and the current bearish divergenc being displayed. However, catching support at the 170dma and seeing the price headback for a test of the 30ema is positive price action and bulls will be looking for continued momentum, while traders try to push through that 30ema.
Bullish Above: $4430
Bearish Below: $4294
RISK TRADE: wait for direction. R/R not here for a swing trade position
Don't forget to use stop losses!!!
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Follow at your own risk, Not a financial adviser, understand the risks associated with trading and investing. Manage your own Risk - in other words you could lose it all and it's your own fault.
Why does it have to influence the price of Steem?Still a mystery to me...
I think BTCUSD is being used as a gauge of the overall health of the market, sorta like how apple or amazon are in traditional equities. As well, regarding reg news, anything the regs apply to btc it can be assumed should be applied to all coins, just given the current climate.... so its a sentiment indicator.
That's an anarcho-sentiment if you ask me. And the odd thing is, we in Africa Nigeria took so long before Embracing BTC, otherwise i would have gotten loads of it and buy the heck outta Steem.
Wow. What a helpful page and its very organized. I will follow and check up on those nice posts
Do you think ada is worth a try? @satchmo
maybe eventually a rule of thumb for me in stocks and crypto is to wait a while after intial listing. Im a TA trader so evrything i do is based on charts -- typically and IPO or initial listing lets call it are for the developers and founders to make some money. ADA took a beating so this may affect sentiment going forward. Otherwise i know nothing about the project.
Very good analysis - in depth but easy to understand. I support the sentiment of @oluwoleolaide that it is annoying that at this time btc affects everything else so much.
Although it does mean when it is low it's easy to gain a lot of altcoins cheaply.
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Nice, you got a $8.24 @minnowbooster upgoat, thanks to @satchmo
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Useful article. Start to follow @satchmo