STEEM Update: Technical Analysis Teaches Emotional Maturity...how? Check out this blog!
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SUMMARY
Are you nervous about STEEM back at $0.90? Don't be...why? Because of this:
Yes, Cup & Handles are slow patterns to complete and confirm but they also provide the most sustained rallies, once confirmed with a breakout!
One trait Technical Analysis will instill in you is emotional maturity. The discipline to be calm and serine amidst a crow of the panicked. Why? Because Technical Analysis allows a probable peak around the corner of time. Remember, Technical Analysis is nothing more than a way to identify as many possibilities and from them identify the most probable. This is also why possible is not the same as probable.
Now here is a shorter time frame for STEEM. I'm combining Elliott Waves with Chart Pattern Recognition. I believe the upper white line of resistance will be breached. This correction is to wash away the weak hands, those who are too afraid and already panicking. So, what to do? BTFD!
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
Follow me on Twitter for Real Time Alerts!!
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If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
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Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.**
Corrections give you the opportunity to relax take a good book and read it.
Take your mind off cryptocurrency for some time.
yes sir agreed!!
i buy bts and eos...everyday...when corrections happens i buy 4times the usual amount....cuz everythings on sale...lol
Corrections are like a time machine that lets you go back to buy at a lower price, with the knowledge of what it can attain.
great analogy.
I'm not nervous, I just bought more.
I rather it stay below a $1 longer so I can accumulate more!
That kind of thinking is empowering!
Anybody notice how EOS hardly even flinched in the correction.....EOS EOS EOS!
it's kind of irritating i sold it at 3.25 and was hoping for a nice big correction to 1.90-2.00
Yeah! That's our War Cry: BTFD!!!!!!!
I panicked and sold everything. ... NOT!
BTFD!!!!its a Christmas sale. Lmao
hahahahaha!
By the way! the same applicable to BITSHARES!!!!
What I have been doing is buying STEEM with Bitshares (also EOS too). Now I've increased my Bitshares and also diversified my holdings....LIKE A BOSS!!!!
That's the game man!
I have a novice question...... When you say you buy STEEM and EOS with Bitshares do you mean you keep it as open.STEEEM and open.EOS? Reason why I ask is I cannot figure out that the "open" part is...... why are they open.STEEM and open.EOS instead of just STEEM and EOS ????
I think it's a way the Bitshares blockchain deals with it - that they're somehow a pegged asset hosted on the Bitshares blockchain, rather than the actual Steem or EOS asset - which would be hosted on the Steem and Ethereum blockchains, respectively.
Though if you withdraw to either Steem, Ethereum, or another exchange, you'll receive the corresponding amount of actual Steem or EOS.
Thank you for sharing this. I hope it gets better in the next weeks :)
TRUE THAT
Thanx for the analysis.
Thanks Haejin, newbies like me need to read stuff like this!
I was excited yesterday when I watched quite a few of my Alts jump, almost sold some early then told myself to be patient! then when I got up few hours back felt my stomach dropped a bit, however I keep telling myself when it goes up it will almost always correct and to be calm as you say.
I am holding atm..Your information is priceless and helping us through these times, until its time to reap some MASSIVE profits.. ;)
I wish you MASSIVE profits!!
Thank you Sir! I'll be sending you a tip when that beautiful day arrives!
I feel You man. It's empowering to see all of You saying "it's ok", "christmas sale" and don't get me wrong, I believe all of it. But still, days like today make me hate alts. Strong word, I know, but my attitude towards alts is deteriorating with time and now I officially hate them :-))
It doesn't change a fact that I'm still hodling and will hodl.
What made me super angry today is watching.... again.... like always.... army of kids, hiding behind big mommy's skirt, running TERRIFIED when mommy does something other than walking up the street slowly. When mommy stops for a second to sneeze, their eyes become HUGE and filled with terror. Same second or maybe even before mommy rapidly inhales, they RUN back down.
When mommy takes two steps back to talk to a friend... children become pale and RUN back down.
When mommy takes a brief pause in her walk just to tie her shoelace.... children, almost all of them, soil their pants and RUN down, leaving only stinky footprints.
After each situation like this they try to catch up with mommy, but not before they're SURE she's going back up slowly.
Sometimes mommy decides to run up. Ordinary child would love it and run next to her. Not those. The only thing that doesn't terrify them is SLOW walk up. Running up is soooo scary that they just have to RUN down, damned brats.
I'm hodling ONLY because I believe one day they'll get a bit more mature and understand their existence is so much more than holding hem of mommy's dress.
"Invest in youth" I thought 4 months back. Thought I'm betting on adolescent and talented youngsters. Up until now they're more like bunch of not so bright 3 year olds. Bah.
You have already won the battle by staying in the game. And don't mistake....the Devs at these things aren't just some kids....they're making millions for themselves and for others savvy enough to anticipate mommy's moves.
Thanks. You're right, people savvy enough to anticipate where BTC will move, can make millions on alts which are BTC's shadows, smaller, more fearful shadows.
Problem is I just hodl. I will surely sell when it looks like there's huge and longer term correction coming. Other than that, I hodl.
And what I meant by my previous reply is that this tactic (pure hodling) seems to hardly work for diversified portfolio of alts (I got ETHOS, XVG, STEEM, BTS, CVC and IOP).
My long term understanding of this market is: BTC+BCH and ETH are more or less the only players for now. The rest is just extremely long tail of prospective or nonsense products.
I invest in prospective ones (in my oppinion) with strong community behind them. I believe sooner than later their products will get huge appreciation and 90% of the long tail will be chopped.
The thing that's extremely frustrating is that for some many months now, it would be so much better if I were just 100% BTC. Almost each week my portfolio loses significant value in BTC.
Each week community is pumped up by new alt success story. Now it's Cardano, before it was Vertcoin etc. Even situations like this don't change a fact that alts as a group, even if You consider only top 100, are being outperformed by BTC, at least for last 6 months.
It may change and I strongly believe it will at some point. That's why I'm still hodling, but emotionally it costs A LOT.
I feel ya. It took some time to learn that the best earner overall is always going to be BTC....well maybe not always, but for now. I think if you keep holding the right coins, you will reap the rewards, but it will require a great deal of patience. A good practice is to remove your money from the market if you are truly planning on holding it for a long period of time. Keep it in a safe wallet instead, and then it forces you to take a lot more action if you get the urge to jump ship.