Bear Channel Breakdown on BTC
Hello Steemians! I wrote about the BTC trading in the channel a couple of days ago in this post. Well the channel broke to the downside. Let us have a look:
On the daily chart, the pattern was a bearish flag for the last few days, and on the hourly chart I mentioned that the price is not hitting the upper end of the channel, and when that happens, it threatened to break to the downside, and that is what happened yesterday. With the channel broken, now the price should go to where the channel started fro, which is May 29th low at 7100. If that holds great, if not we will go down toward 6400.
Steem:
Okay, so the chart looks bad, and there is no way to sugar coat this, other than may be when things look really bad, a rally materialize out of nowhere. But the fact is Steem siting right on the 2.00 support level, if this break we will go way down towards 1.3 level.
Disclaimer: This is NOT professional advice, this is all just my own opinion and experience. I am NOT a Certified Financial Adviser. Consult professionals for any financial, accounting or legal related questions you have.
Charts are created in Tradingview.com, which is a free service
Steem is being weaken in coming days more i think but SBD pumpup on hitbtc only
Well I just started in this platform and also in the cryptocurrency world like 9 days ago and this makes me a little bit sad because I was very enthusiast about this but I'll be patient because this is how the market is, it flows from top to down and I've to get used to deal with it!
BTC has a strong support at 6150$ so it may remain in a range of 1000$ for a couple of weeks then we may see a bullish move
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STOPTo support your work, I also upvoted your post!