Steem/bitcoin 1D Poloniex, Ichimoku
This is a chart from trading view
This is my first post, thus I am just going to give a very short comment on steem coin .
Ichimoku was created by a journalist in Japan. Therefore if you are going to give comments using chart, it is very useful and simple. Best friend for Journalist and contents writing.
"One look " at this chart, which is what ichimoku is use for, we see that the price is above cloud, the red color area. it means that it is bullish.
Moreover, looking at the right side of the chart, you see something green. That's a cloud that indicate bullish. Red for bearish and green for bullish.
Thus , we say that the long term for steem is bullish.
Cloud is used to measure the long term.
Price corrected to blue line, jinku sen, which means the area where most mid term buyer are. This is healthy. It means that mid term is still bullish.
The bars above the blue line are the traded price for the day.
Thus we say that the price in mid term are bullish.
Price is below the pink line, tenkan sen, meaning that short term price is bearish.
long term bullish, mid term bullish and short term bearish.
We can say that the long and mid term is healthy, but short term have correction, or uncertainty since it fluctuate around the short term line (pink line).
But we see the green line , chinkou span , to be near the price. Thus it means that steem is likely to go sideways when the green line touches the price.
Therefore , unless we see the green line to break above the highest current price, chances are, it is going to be sideways.
If we draw a parallel line , the 2 pink horizontal line, we see the range of the price if it go sideways. Now it is at the mid of the parallel line.
On conclusion, ichimoku is very useful for a quick check in the trend of the charts. Thus if you are looking at many charts to look for a something good to focus on, ichimoku is also your best friend.
The above is a standard ichimoku setup. This is not an advise but just using ichimoku as a education study for anyone interested in ichimoku trading system or find a simple way to comments using chart.
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I enjoyed your take on the ichimoku cloud for cryptocurrency. I've got a similar approach, but I like to use higher settings (20,60,120,30) for the ichimoku cloud. That is what worked for me. However, it doesnt mean it is the best setting. I also made a small ichimoku for beginners guide here. feel free to check it out.