Did BTC held the first pullback?
Hello Steemians! I have been looking very hard to see if BTC held the first pullback or not. It seems like it, but still the action is below 50 EMA so bets are off. Let us have a look:
The oversold bounce is now 10-day old, and as of this writing, prices are hovering around 6700, which is good, but prices are still below 50 - EMA which is just below 7000 at the moment. 7K is a important whole number to climb above as well. So until that happens we are not out of the woods. Trouble is during this slow action, the stochastic is now nicely overbought, which is ripe for a short trade. Hey there is always two sides to a story :)
Steem:
Steem looks okay, but barely. As of this writing prices are trading around 1.57; and after the first two days of the rally it is under performing BTC; which may not be a bad thing as long as we hold the 1.5 level. However, continuing weakness is a concern. It is very evident from the Steem/BTC chart below:
This chart clearly shows that the price of Steem is actually dropping in relation to BTC. To some extent it is not terribly bad, but too much of this will destroy the steem trade.
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
i think that bitcoin is going to moon soon because institution money come in
I'd take a short myself, lots of bad news incoming, bear market overall, etc... stochs are also showing that you have a lot of risk up there and we're overbought... if prices we're to cross that EMA it would be a smooth move up to higher levels, but the 7K level is a strong resistance now. Trade with care, and good luck!
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Makes me wanna withdraw all my money... But I will still hodl for the meantime...
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