STEEM - We cannot move away from the support line...
Hello all,
Here is the chart of yesterday :
Here is the current chart :
As you can see, we cannot move away from that support line and to be honnest this is not a so good news. As always we can see it positively and say that a break out is preparing and that it is why the volume is decreasing and that we are in flat mode.
However, I'm not so positive on the Bitcoin and I think that if we start again a correction on the BTC, we will break quiet easly that support line in yellow. So be very carefull with the coming hours my dear followers, let's hope a nice bull volume but keep closely an eye on the Bitcoin which will impact us much more than any TA.
I wish you massive profits,
Cryptopassion.io
Disclaimer : Never invest more than what you can afford to lose. This post is my personal opinion, do your own research before making any investment decisions. If you make any trades after reading this post, it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.
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That's exactly the point. We are in a co-dependent relationship with BTC and as long as this is the case, even the best TA is useless. Sad but true...
Bad News?!...
I’m sure it will, but I have no idea when unfortunately, thanks mike
greate post thank you
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great news for us
There has been some good news and some bad news as we keep riding the regulation fear and panic wave. As with any market, we have to figure out how to adapt to market conditions. While we hold for the long term, we also trade in and out of positions to grow our portfolio for adding to the longer term cryptos.
Here is a prediction that a trader made today. You can see his technical analysis chart here. Make sure to read the comments as well. This chart is showing what is called a falling wedge meaning that there may be a breakout up towards $10.5k plus for BTC. So, what does that mean?
It means that you can trade bounces between short term highs and lows. This is just an example, not an actual "trade," but if you were to get some BTC right now (around $9100 as of this minute), you could then sell it when if it goes to $10.5k, then if it dips again, rinse and repeat. Right now, it is looking like BTC is staying above $8k, though it has been struggling to break through $12k. So, you can try to buy when it's in these low ranges and sell when it pops up. This can be done with other cryptos as well.
If you try any short term trading it is good to only put 1-5% of your total balance into a trade, and also, it is good to set a stop loss or exit the position if it goes down 10% from your buy in point. You also have to have a target to enter in and a target to exit. We are not saying trading is simple, but these bounces are coming fairly predictable at the moment.
Bitcoin is "the Octopus" of crypto world. To be honest, every crypto currency depends on BTC at the moment.
very interesting your post @cryptopassion! Greases to share.