Continue Upward Move in Crypto
Hello Steemians! BTC is going sideways, and the chart simply does not look at interesting at the moment. So for a change let us look at Ethereum:
First of all, this chart looks much better than BTC chart. We all perhaps remember when Ether broke out 700 on May 3rd. That was an excellent day! There were a few follow through days but eventually with the rest of the market Ether corrected downwards as well. It did fall below the 700 level to give people second chance. Now it is creeping back above 700 again. Due to the hammer low on May 12. It is easy to draw a meaningful trendline now (the lime green line). Stochastic looks strong; a bullish cross over well above the oversold level, suggest buying interest. All in all a good looking chart; ready to challenge near-term high at 800.
Steem :
Steem continue to look decent. I can draw an uptrend line here as well. However, the correction is deep, so I will wait before I draw it. We are printing third green candle here but not really making much of a headway. I see upward momentum is fading. Volume has always been an endemic problem here, until we fix that, there is limited upward potential.
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
Thanks for sharing. I've smashed the upvote button for you! This is great news, lets hope it continues!
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You got a 15.95% upvote from @upmewhale courtesy of @azircon!
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Hi @azircon, when you mean volume, do you mean on particular exchanges, currency-wide, or on Steemit's internal market? Do you think that it's not liquid enough because so much of it is vested?
Thanks!
When I said volume, I meant volume shown at the chart that I am looking at. In this particular case for Steem it is Bitrex. All other major exchanges, the volume response should be proportional in relative size. The absolute number will be meaningless of course.