STEEM: Technical analysis: Nice recovery from downward spike on poloniex
I made this annotated screenshot about 12 hours ago, but then wasn't sure about posting it as the recovery was looking a bit iffy! But it's now just about back to where it was then.
So, I'm making this post to illustrate and discuss the downward spike on poloniex and the recovery from it (so far) -- and, because a downward spike (preferably with a lot of volume) can be a good indicator for a positive move immediately after. The volume was only moderate on the spike, but higher than it has been in typical recent trading.
I've marked the downward spike with a magenta arrow.
If this spike marks the bottom point on STEEM/BTC that we are going see for a while, then we can look at the fibonacci retrace levels, which I've marked on the graph with blue arrows - as possible targets that the price could recover to, on this bounce. Personally, I like to look for the 50% retrace level, in particular, as a good potential target.
One other indicator of note on this graph is that the 4-hour MACD is looking like it could be about to turn green (marked with a cyan arrow). [Update: it has turned green now.]
On the other hand, I'm still not liking the overall curve on that chart too much, because it's a downward curve!
Finally, lets look at the order book:
This is looking very much better than it was a week ago, because we can see it's now pretty even on each side. Of course, a large part of this is because the price has fallen very significantly during this time.
Will STEEM go up or down from here? I don't know. But these are the charts I've been looking at, to try to decide :)
DISCLAIMER: This post does not constitute any trading advice, and the reader must make up their own mind on any trading decisions.
Things are looking pretty good my friend. Now that some of the uncertainty with Bitcoin has been removed maybe we can unhitch that anchor we have been carrying around the last couple of weeks... blue skies ahead! :)
Thanks for your comment! Today was a good for day for steem :D No idea what tomorrow will bring, but I like your outlook! (Upvote! :) )
Oh wow, thank you! Following you now ;)
"can be a good indicator for a positive move immediately after."
I agree with you..
May also wait for a double bottom, but my point of view, the recovery was over..
Thanks for sharing
Upvoted and resteemed
https://steemit.com/steemit/@lordoftruth/steemit-in-4-simple-steps
Yes.... and great comment. It was a nice looking formation imo - but lack of volume and that sharp downward curve means I think either a lower low or double bottom could be what to look for next as a buying opportunity.
Many thanks!
For now we have to wait as bictoin again above the critical support 2263.00 !!
Thanks for reply
Check this meme please when you have time
https://steemit.com/steemit/@lordoftruth/what-kind-of-steemit-followers-you-have-saf-or-sdf
Checking out now... :)
Thanks for support
Wish you a great sunday
https://steemit.com/steemit/@lordoftruth/steem-trend-contribution-curation-and-promotion-by-all-users-is-needed
Thank you @xaero1, but sorry, I want to ask, why in these few days, I do not see your post posting, are you busy in a few days
Busy, yes.... trading opportunities right now, no time to post! ;)
I hear you, reading charts is very difficult, and if any one tells you that it is easy they might be crazy. Charts are easy to look at after the fact, but in real time can be a little tricky
Wowwwww very amaizing..
Your post is very nice
@xaero
Cheers :)
yep, Your post is very good
Can i be as good as you @xaero1
Your posts are waaaay better than mine! :D
are you kidding me sir @xaero1 :D
No...I am completely serious!
First, I could not write poetry to save myself (think 'Vogon poetry' from the 'the hitchhiker's guide to the galaxy' (you can look it up ;) ) - and second, you can also accompany your post with a beautiful picture of yourself! :)
thank a lot sir @xaero1
You are also amazing
Thanks! ;D
I like toast 🍞
Yeah, I think it's over until Friday...doesn't it seem like every Friday we have a correction?
The charts are not looking too happy today....could be 'blood on the streets' time next :(. But if so, that's a great short term trading opportunity. ETH, in particular looks to me like it might be close to becoming a bit tasty looking!
But in answer to your question, perhaps you are right...my recollection is actually that recently Friday through Saturday are normally more positive that other days. But at this point re. market sentiment, i think it's anyone's guess.
So your TA was on spot ! and maybe we even see a pump due to polo disabled wallets on Steem (AGAIN) , well done! 👌
Hiya, thanks!!
It's a bit out of date now, but it's still holding in the sense that we have not gone lower than that poloniex spike down I pointed out. But if we don't go lower, then I personally will be hoping for steem to get back to up to 50% retrace line marked on that chart. I should post updated version, but the current chart is looking quite positive right this minute I'd say. This is not trading advice of course, just what I'd like to see to improve my bank balance! ;)
I am too old and stubborn for trading advices no worrys , plus always trade by your own responsibility we aren't a kids playground 😉 But yeah Steem holded very well !
From the other hand the problem with steem is when i buy the dip i have hard time to self for profit, just taking my capital back and stockpile some more !
great analisys
From where you learn it
I really want to be great like you @xaero1
Can I get a vote from you a little, so I get more excited in playing steemit :)
Expereience, years ;)
please help me Master @xaero1
https://steemit.com/poetry/@wahyusaputra/miss-you-201782t1566754z
It is not so professional just to drop your link here asking for upvotes :)
Good, good luck
Can i get vote from me, my post weakened ;( @xaero1
good information for me and awesome post
i like it very much @xaero1
awesome
Well thanks :)