BTC Pullback
Hello Steemians! There is a pullback in place. The real question is if this thing will hold or we go down and test and/or break the lows again. Let us have a look :
So the current rally off the low in crypto/BTC lost steam around 6850 and promptly pulling back for the last couple of days. As of this writing BTC prices are around 6350. This is a good enough pullback if this is a rally. However, we remain well below 50 -EMA so there is no way of telling if this is a rally or just a short cover action, ripe for further shorting. We must wait and see if this pullback holds or not. Good news is that we are not overbought anymore.
Steem:
Steem currently trading around 1.32. It rallied up to 1.8 with BTC and then promptly keeled over. This is a deeper pullback compared to BTC, which is expected, as there are little interest for steem in the general marketplace. If BTC remain weak chances are steem will trade below 1.0. But I am watching one daily bar at a time at the moment.
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
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Interesting we seem to have many false starts, I do wonder when we will move out of the 6-7k range, hopefully soon, either way I am patient.