Some technical analysis of STEEM and BITCOIN

in #palnet5 years ago (edited)

It might not be our favorite exchange, but I have made a shit load of money using their interface so lets dive right in before it's the weekend (not that trading stops during the weekend).

I wasn't so confident posting about trading because I was commenting with some high rollers who have made a lot more crypto than me.. @edicted ;) but I have to say my analysis was SPOT on (late by a 2 days). Perhaps the rally is starting again but I eloquently called exactly what was going to happen this week to MAKE MOAR crypto.

Did I do it? Hell no because I'm DRY. I have a family and I can't be going gambling their money if I need it to put food on the table. I'm not a young Teenage or Twenty something guy who can put it all on the line. Remember we are talking 10,000's of thousands of dollars. I prefer buying Gold and Silver and letting it collect dust for 20 years. I'm confident it will keep up with inflation.

When I am loaded with tokens I follow my own advice. I don't need to say one thing and do another; unless there is some type of flash crash.

Right now using Bittrex exchange there's more buying than selling..10:11 am ET

Checking 30 moving average past year:

$8200 was the top last year to date.

Sometimes data looks VERY different. Here is the 7 day moving average over a year. Because BTC is so speculative I like to collect data with smaller window of change. Anything can happen within a second, but a week is good for my data collection. When I day-trade I go for the smallest windows of change, middle window, and long. Then I make my decision. I have also learned to NEVER buy the news; but sell it.

Our waves generally follow in 5 bursts upward each time dropping slightly; or even correcting 30-50% for a retrace. To me on the 7 day it looks as though we have had perhaps 3 waves and at this moment having some consolidation (which means it's probably going to drop to $10,500). When will this happen? Probably next week! Right now we are sitting at $11,715! I am anticipating that drop. Remember when BTC was at 18,000? Well it was EASY to call the top. This isn't the top right now IMO. That's when things get dicey again.

Now it's important to realize that when trading things happen un-related to BTC, but can certainly effect it's price. For instance, this article here could have changed some long term outlooks for some traders:

https://markets.businessinsider.com/currencies/news/trump-rant-bitcoin-crypto-called-archaic-by-devere-nigel-green-2019-7-1028348749

On Thursday President Trump tweeted that he "was not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air."

So there you go. It's not like mortgages and money creation are not created out of thin air LOL! Trump isn't stupid; his baby is in the dollar like most other wealthy Americans. Plus what is more patriotic than believing in your imaginary bank notes created out of 'thin air' but I digress..

STEEM

Oh boy this is more than enough to give me heart burn.. So let's dive right in.

On the 7 day moving average it's FREAKING DEPRESSING..

The 30 day is basically showing me the same data.. All I can tell you is that we are probably going to hit some lows. There is no news to sell, even though STEEM-ENGINE and our new tribes are a success. Perhaps our new tribes will be the ones to create the NEWS. I wish I had more to talk about with STEEM but it's BEARISH.. bearbear-ish.

I'll move on quickly from that. We all know what needs to happen with STEEM. I have tried my best to on-load people; but crypto is still young in people's minds. Mass adoption is difficult when there is a learning curve. It was daunting for me at first. I was determined to learn it, get on exchanges, and get something physical from my blogging. It took me a good year of time to do that! I make a hell of a lot more money in my career than blogging and trading. That is a past time for me. If STEEM ever exploded in price, I would still have to stick to my career.

In any case, I wish you all happy trading. If you find my analysis to be poor; please let me know in the comments section. I have room to LEARN and to GROW!

See you; even if STEEM drops to 0.18 cents ;)

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There really is a learning curve, and that is what is holding us back.
I was stubborn and Persisted to learn and trade, like your example of Bittrex.
I recently got a friend started with her Steem account, I said that I will help you get started.....
Before she asked for help she started and lost her keys....... We really need to make this simpler, or we will be the only ones here.....

oy.. she lost her keys already. Damn. There are some easy and quick ways now to make STEEM accounts without spending much. I think there is even a new SCOT for that.

I am going to talk to her this weekend and see if she really lost the keys....she might not have.
It is all new to her......🙃

Have her install steem keychain, it makes things so much easier and more secure.

absolutely, I use keychain as much as possible!!!

I'm glad that my upvote will reward you with 0.084 PAL, 0.488 LEO and 0.00000 NEOXAG (LOL)... since STEEM is deflating before our very eyes.

(I have a bunch of NEOXAG staked, I don't know my my vote is worthless...)

It's not worthless! I appreciate all votes. Maybe it will rebound.. perhaps there will be a surprise. Whales have got more to loose then little fishes. I was here when my account went sub $1000.. I think I stopped posting around then and just delegated; but these new communities have got me posting regardless of that. It's just a fresh start to me.. probably cognitive dissonance

Very nice article bearbear613. Trading can be tricky, but possible to earn some extra money. You are correct on not buying on the news. That is a good way to lose a lot. Best to buy when no one wants it and sell when everyone wants to buy.

I understand buying gold/silver. I started accumulating in the 1980s and still buy some every month.

You used all the tags for the different platforms. Great!

Thank you for sharing.

When I was a kid my best friends dad told us all to go to the bank and get rolls of quarters.
This was pre 1964, and he told us all that they were going to remove Silver from coins,
I am so thankful that he opened my eyes!
This was before you could buy Gold, and only by mail......
I remember my first Gold coin was a Mexican five Peso, stapled in the square paper holder.
I passed this advice down to my two sons.......only one will listen, but thats how people, are some will listen and some won't.....

thanks @r2cornell. It's guys like you who make STEEM blockchain what it is. And if you were accumulating Gold in the 1980s; I am correct you are really freaking wise. I think it was the cheapest then!

steem chart is something i have been looking closely

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