BTC, Steem technical analysis, October 12th, 2017 @ 6:30pm PST
Hello all, here are my technical analysis views on the current BTC market.
Daily chart with a Heikin Ashi candlesticks. There are quite a few bullish signs on the chart starting with the green Heikin Ashi bars, 20 dma crossover of the 50 dma, price is over both 20/50 dma's, embedded stochastics and the price surpassed the previous high of $4979.
Still a daily chart, but with a better view of the upper and lower trend lines. I speculate that many traders are looking for a potential short term top near the upper trend line within a week or so...(?) That would be right around the $6k level.
Here is a weekly view with a fibonacci low set at $225 (Going back to 2015) to a high set at the June high at $2967. This projected a 1.618 fib level of $4682 which it surpassed.
The next potential projected level of 2.618 is at $7437. Quite a pie in the sky projection, but the way the world is accepting blockchain technology, this may be attainable next year......???
With many of the 'alt' tokens in a slow selloff, it looks fairly apparent that investors/speculators are placing the proceeds into BTC. With Segwit2x looming in mid Nov, investors are interested in obtaining the Bitcoin Gold token.
Lastly, here is a daily chart of Steem. It is apparent that Steem it caught in a trading range and will eventually break out, one way or another. I would speculate that the breakout will be to the upside.......whenever that is.
Here is a daily chart of BTC and Steem in red. There has not been much correlation since last July...
Happy Thursday!
@glennolua this is a great analysis. What I like most is the correclation between bitcoin and steem. Upvoted.
I thought you may be interested in taking a look at the latest post I made regarding 7 strong reasons why steemit will climb: https://steemit.com/steem/@gold84/7-great-reasons-why-we-should-buy-at-least-100-or-1000-steem-today-and-power-up
I will definitely mention you in one of the next posts I am researching. @gold84
Thanks for stopping by and for your comments. I'm just blogging what I see when looking at the BTC and Steem markets on a technical level, nothing too fancy or really special...
@glennolua in any case your correlation is very interesting and it can mean that STEEMIT will grow by the hand or proportionaly to bitcoin, which is a great thing, isnt it? I am following you know, and will pay attention to your future analysis. Upvoted your comment. @gold84
Good info for us about bitcoin
Thanks for stopping by the blog
This post received a 5.68% upvote from @randowhale thanks to @glennolua! To learn more, check out @randowhale 101 - Everything You Need to Know!
Great post, I appreciate your work, I'm a 20 years experienced trader from Italy, I leave you my upvote and follow, it would be an honor to have you among my own followers!
img credz: pixabay.com
Nice, you got a 2.4% @minnowbooster upgoat, thanks to @glennolua
Want a boost? Minnowbooster's got your back!
The @OriginalWorks bot has determined this post by @glennolua to be original material and upvoted it!
To call @OriginalWorks, simply reply to any post with @originalworks or !originalworks in your message!
To enter this post into the daily RESTEEM contest, upvote this comment! The user with the most upvotes on their @OriginalWorks comment will win!
For more information, Click Here!
Special thanks to @reggaemuffin for being a supporter! Vote him as a witness to help make Steemit a better place!
This post has received a 8.85 % upvote from @buildawhale thanks to: @glennolua. Send at least 0.50 SBD to @buildawhale with a post link in the memo field for a portion of the next vote.
To support our curation initiative, please vote on my owner, @themarkymark, as a Steem Witness