Steem Backed Dollars: Approaching a MAJOR resistance. (SBD/BTC)
Today's post is about SBD.
Steem backed dollars is approaching a major key point which could lead to a MASSIVE rally.
This is the analysis I made yesterday into STEEM/BTC
https://steemit.com/steemit/@luiggih/steem-great-momentum-for-bulls-steem-btc-analyzed
Let's focus again on the SBD/BTC.
SBD/BTC 1HR CHART
Channeling that is evolving into a descending pennant.
Check out the huge volatility SBD has had this year.
Zoom in SBD/BTC
Short term current trend
Check out the brekout of the minor short term trend
Conclutions
Steem Backed Dollars (SBD/BTC) has broken the recent bear trend with important size and volume.
However SBD is approaching a major resistance line.
If major bear trend is broken major bull rally will happen.
We just need to close above resistance on the daily chart and we should be good to go...nice analysis.
I'm not to much of a fan of "hourly/daily closes".
I think is just distortion: when does the day really closes? GTM? UCT?
Crypto never closes which is great for trading but also a limitor factor.
The same kinda questions arise when you think about stocks:
"Daily close" yet the stock only trades for 7.5 hours. Is that really a daily?
Back to the point: after a breakout of a major trend, i always expect a retest of the trend before the new bull cycle starts.
Usually the breakout is an extended wave 1 followed by a wave 2. Then volume intensifies and before anyone has noticed wave 3 blast the price.
I've always wondered this as well - I do see daily as a good indicator if you're interested in analysing a currency in your local time, but you should be able to also set when you want your "daily" to be.
For me the only relevant thing is the maximum/minimum the price has reached.
I don't give additional value to "close" or "open" values.
My two major arguments are:
Those are my two major concerns about it. Also, I don't really believe in japanise candlesticks (they're delayed because candle is not build till volume in the time is finished... which means you're always behind price action)
Thanks for your contribution @farc!
no problem - just sharing my amateur thoughts :)
you're a pretty good TA from what I can see.. you should check out my personal favourite Vertcoin and let me know your thoughts on that :)
Check out a post I made a while back about VERTCOIN.
https://steemit.com/trading/@luiggih/vertcoin-looking-for-a-3000-trade-in-2018
Not very much of a detailed analysis. However I think you'll get my point: great future ahead.
interesting - you picked a lower low but i think you got the timing close to right..
would be interested to see an updated prediction
Great points...agree with break outs usually lead to pull backs. How long have you been trading..you know your stuff?
Been trading for years making consistent gains since the beginning. I've traded loads of stuff: european stocks, american stocks, ETF, leveraged ETF and made a few trades into futures. I really enjoyed trading small-cap healthcare companies since they follow "pump and dump" schemes and the pump is sometimes quite predictable.
My background is economics degree and uncountable hours reading trading/money management books. Hopefully I can add some value to you.
Thanks for your support @rollandthomas !
Good stuff @Luiggih and hopefully we can add value to each other and the community.
For god's sake hopefully SBD, STEEM and all good christians will MOON soon
Thanks for the insights. New follower.
If the resistance line is surpassed, do you have any predictions where it will top out?
After a breakout of a major trend pullbacks should take place. It's hard to tell an exact target because SBD is very spikey and waves needs to unfold (brekout has not happened yet)
However, i've done a fibonacci ratio analysis for you to point out key levels to be tested and accumulation/distribution areas.
Reflex point would be my short term top prior to a pullback to the broken line before continuing to higher highs.