Another Quick Follow-Up Update Based on the Current "STEEM/BTC" Price Action

in #life5 years ago (edited)

Well, people certainly can't complain about the volatility STEEM has been enjoying during the last few days, even though this latest move is to the downside. I've had a few close friends ask me my thoughts on what will happen next, hence this quite unanticipated chart update from yours truly. Well, let's get into it then, shall we?

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Rule 101 for myself and charting predictions in general is this. "Keep it simple". Over complicating matters by drawing up double digit indicators to uncover evidence of future prices, is setting yourself up for market lag and ultimately, despair and confusion. I find that one or two moving averages as well as possibly the RSI and MACD analysis tools, are all you need. However, go ahead and tweak those settings with your own favorite personal choices of indicators.

So, from the heights of almost 14,500 sats, we've had that pullback I was expecting and are hovering just below the 13,000 sats level. Support is around 12,000 sats, so I'd like to see a move down and retest that area, which might also offer up a nice buying zone. If we break through it though, I see further consolidation taking place, but as I've always said, it's just a matter of time until we really take off. The spring is loaded and we just need that catalyst, whatever it may be, to push us much higher. So even though we've receded somewhat, it's still a good thing and shows a healthy market structure. Now let's let the indicators reset back to their respective neutral zones before the next leg up.

Most importantly is that 200 daily moving average. As long as we are nicely clear of it to the upside, price will remain in bullish territory. Not only that but it's flat lining at the moment, before hopefully turning upward into an nice sloping ascending trajectory. This would provide some very welcome additional support. The RSI on the daily is also moving back down below the overbought area, which is great to see. Again, the last thing we want is price tearing away from us. A nice, gentle trend to the topside is always the more preferable setup. And after this current pullback, that's what it looks to be shaping up to be.

So, there you have it. Things are still looking pretty good. I wouldn't chance it with any sell orders now, as the last thing you want to do is comb the market in the wrong direction. We are bullish as of right now, so buying orders on the way down makes much more sense. And keeping an eye out on that 12,000 sat area is also a good idea, though bare in mind it doesn't necessarily have to make it down to that level. I will be looking to buy up a little more STEEM if we do indeed get to those levels, however I'm already stacked up from much lower down a few weeks back so will most probably be waiting for the rest to play out. That is my personal strategy of choice. And there you have it. Stay vigilant and disciplined. Best of luck, my Steemian peepz.

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Hope you enjoyed this post, please look out for more on the way... (author: @ezzy)


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Thank You @ezzy I really like how you keep it Simple. I like You, am Here for The Long Run...................

To the moon, bud! :)

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Honestly looking forward to that support area as I have my funds ready to deploy on the pullback. However, I am also looking at bitcoin for an indicator of overall sentiment.

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Let's hope price gets there. Would be a great buy entry point. :)

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Most of the people don't understand that Steem is a whole different animal and all these charts are meaningless. You can't compare it with money, stocks or other cryptocurrencies.
When masses start joining then we'll see the true face of steem. But the problem is that masses will only join when the price will go up.
If the steem blockchain is technically good, sustainable and scalable the only worry you'll have will be which color to pick for your Lambo, my friend.

I like that final sentence, buddy! But yeah, charts only paint one side of the picture, however they've helped me immensely when it comes to "investing", not "trading". Still waiting for the day where prices are so high, any kind of analysis simply won't matter anymore. :)

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