Correction in Crypto Continues
Hello Steemians! As I write this post on a Tuesday morning, crypto corrective phase continues. Let's have a look at BTC daily chart:
BTC is having three red candles in the row. Hey it kind of even looks like a bearish candlestick pattern called Three Black Crow. It is just a cool name; that is why I mentioned it; I don't think it has much predictive power of a mega-downtrend imminent or anything :) Like I said many time before; many of these patterns have fairly low success rate to be of any meaningful trading value. It is coming from someone who loves (really adores) Japanese Candlestick Patterns. Anyways, nothing much have changed since yesterday. I still think the uptrend is intact and we are still above 50 EMA.
Steem:
One thing to note; from this point onward, I am changing the steem price feed to Bittrex. Poloniex is not reliable for a while; and I was thinking about changing it for a while. I guess now is the time. The steep uptrend line, green dashed line, is broken and we have 6 red candles in a row. That looks bad; but we did have a sharp and steep move up; so a correction is normal and healthy. We are still above 50 EMA, so uptrend in intact.
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
A correction in btc was fairly evident on the chart:
Clue #1 - slightly higher high is a bearish indicator to trap the fomo'ers and traditional analysis 101 mindset that a higher high = trend continuation.
Clue #2 - the way price grinded towards 10k without any conviction. This signifies buyer weakness and smart money selling to the late comers and novice traders/investors
Other indicators such as moving averages dont really do much for me.
thanks for the info
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