STEEM/BTC Long on Poloniex, 60 min Chart. Triple bottom and bullish divergence. Time to buy!!
Hi Traders,
This is my analysis on the STEEM/BTC pair on the 60 min timeframe on poloniex.
The harmonic crab pattern has completed and RSI is in oversold territory, which are my number one signals to go long. This coupled with the triple bottom and bullish RSI divergence gives one many cases to open a long position.
The STEEM/BTC pair has been consolidating for quite sometime in sideways movement and now looks like it is time for a breakout to the upside.
Entry: 0.00331
Stop Loss: 0.00295
Target 1 (TP 1): 0.0052
Target 2 (TP 2): 0.0061
Bonus target: 0.00867
Here are some other traders on steemit in case you want to see other viewpoints and trading styles on the STEEM/BTC pair.
For the sideways scenario check out @quant01 here. https://steemit.com/steem/@quant01/steem-intraday-update
For the bearish scenario check out @najoh https://steemit.com/steem/@najoh/technical-analysis-steem-06-august-2016
For another view point check out @ozchartart https://steemit.com/steem/@ozchartart/usdsteem-btc-daily-poloniex-bittrex-technical-analysis-update-7-the-calm-before-the-storm-06-08-16
I hope you all enjoyed my trade analysis and feel free to ask any questions and comment. Remember to trade at your own risk and the number one rule of trading is to manage risk and protect your capital. Come find me at tradingview in the chat and feel free to look at my published charts here.
https://www.tradingview.com/u/domavila/#published-charts
Peace - domavila
UPDATE 1
Looks like support is holding nice and the triple bottom might be in. The price is slowly rising and RSI has broken the trend line resistance.
https://www.tradingview.com/x/rdkzPpz2/
Current price: 0.003846
very nice analysis! keep it up ;)
@ozmaster Thanks a lot man, I really appreciate it.
Hi domavila,
upside action after Point D in your chart is not impulsive enough. I expect a retest of 0.0025 BTC first.
BR,
holzmichl
@holzmichi Hi holzmichi,
I'm glad you commented and you are correct. Usually after the harmonic pattern completes, in this case, the crab pattern, we want to see a nice impulsive reaction straight to target 1 or near there, but this did not happen in this instance.
What the bulls have going for them is nice consolidation in this level and have possibly formed a triple bottom. If this support doesn't hold, your prediction of some downside price action to the 0.0025 BTC area is entirely feasible. If that happens I will be stopped out at 0.0029 BTC but that's trading. You win some and you loose some, the key is keeping your winners bigger than your loosers.
Always feel free to comment because discussing our ideas makes us better traders.
Hey mate, nice chart. I'm thinking I see a bearish shoe-Bomb on the $Steem/BTC chart, would you agree? https://steemit.com/steem/@satire/steem-btc-technical-analysis-bearish-shoe-bomb
@satire That post was fuc$king classic!! I want more.
Indeed this small triple bottom could precede a dead cat bounce in the short term but in my view we are heading for lower lows in the mid to long term.
@najoh You might be right brotha, that's trading. Price action is moving towards the end of the triangle and I think some moves are about to be made. Check it
https://steemit.com/steem/@domavila/steem-btc-long-on-60-minute-chart-poloniex-a-triangle-has-formed
@domavila, where or what service do you use to see steem/btc charts? I'm a rookie to the crypto game but a 10yr veteran to charting equities. Appreciate the post.
@scaredkcatguide Glad you asked. I use trading view. https://www.tradingview.com/.
I trade mainly forex and crypto but I would be down to see some of your equity charts! You can clink my link in the above post and see some of my published charts over at tradingview if you would like. I'm always lurking in tradingview chat too.
Nice analysis @domavila
Thanks. Here is a current update
I will update my blog/trading journal sometime tomorrow with more in depth analysis.
thank you very much for your analysis posts
@chahrazadi. Thanks brotha. I had fun describing what was going on through my mind through the whole trading process. It makes me think a lot more in depth about my position. Thanks for commenting and if you have any questions feel free to ask.
Wait what the fu$#ck??!! Am I in the matrix??
What do you mean?
@bacchist People saw my chart and upvoted me. I thought no body would ever get to see my charts. Pretty dope.
Cool. :)
Whales want people to buy, so they upvote bullish TA to the top. I guarantee this wouldn't have gotten 1500$ rewards if it were a bearish analysis.
@jrkirby You might have a point but that is not entirely so. @dantheman downvoted me, he's one of the biggest whales out there and he gave me a downvote so your theory has some holes in it.
Saludos desde Venezuela, espero ganar mucho dinero con esto.
@victaurus Hi man. Remember, it it is important to develop your own trading plan and style that you have tested yourself and know works for you. Happy trading, and I will be glad to answer any questions you have regarding trading, or anything else for that matter. I'm using google translator to translate this to Spanish. I hope it doesn't mess up and offend you. I swear, that Google translator will get you in trouble sometimes. Haha
Hola hombre. Recuerde, es importante desarrollar su propio plan de negociación y el estilo que usted ha probado a sí mismo y saber obras para usted. comercio feliz, y estará encantado de responder a cualquier pregunta que tenga sobre el comercio, o cualquier otra cosa para esa materia. Estoy usando google traductor para traducir esto al español. Espero que no pierde el tiempo y te ofendo. Juro, que Google Traductor obtendrá en problemas a veces. Jaja