Near-term Correction
Hello Steemians! Crypto hit a wall of resistance recently, and correcting. But before we look at the daily charts, like always, let us first look at the Bitcoin dominance chart for a change.
It is interesting to note that BTC dominance made a low and now rising. It is always interesting to observe during month of Feb, BTC dropped but the dominance rallied, and during March when BTC and every other altcoin rallied, the dominance faded. So it seems like during major rallies now, BTC dominance takes a hit. During downturns money moves into BTC, even if BTC price drops against fiat. This is a very easy pattern to trade actually.
OK now the BTC daily:
So low volume weekend, so the candle signal probably doesn't matter much. With that said BTC is printing a reversal bar at the moment and downward momentum appear to be slowing down. Rest of it still the same. We have 7800 below and 10K above. I think we will trade within this range for a little bit.
Steem:
Steem found buyers in the 2.4-2.5 range for low. Price is holding. There is a meaningful support at 2.4 level. I expect it to hold at least for a little bit. Stochastic is oversold, so that might interest some buyers. If we break that level, unfortunately, we will go towards 1.4 or so. Let's wait and watch. I expect quite a bit of volatility next week with couple of blockchain conferences on the cards.
Disclaimer: This is NOT professional advice, this is all just my own opinion and experience. I am NOT a Certified Financial Adviser. Consult professionals for any financial, accounting or legal related questions you have.
Charts are created in Tradingview.com, and Coinmarketcap.com which are free services
Yes, we can expect this in an super volatile market and this was not for first time and it will not for the last time, it's an pattern because everything is included with the human behaviour, and due to Dominance of Bitcoin on the Cryptocurrency market, the prices of Altcoins will move towards the downtrend when the prices of Bitcoin falls and vice versa. Thanks for sharing your opinion with effective graphs. Thanks for sharing and wishing you an great day. Stay blessed. 🙂
why do you write in italic?
I personally like this font. 🙂
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Can't really put a technical analysis on Bitcoin with heavy manipulation and Goldman Sachs trading desk being implemented anytime soon here. Using technical analysis as a prediction for Bitcoin especially at this moment when a lot of events are taking place.
I'm totally agree with you. Analysis on Bitcoin can't tell us exact road map due to manipulations. Blockchain is open any kind of manipulation. Even someone tweet, prices drop.
Exactly! best thing to do is buy on dip lol
What happen to people who bought at 20K? :(
Played themselves haha. But if they are forced to be in it for the long term lol. @coinahli
You are guaranteed to lose when you sell.
Sure 👍 That's always what I say "You are guaranteed to lose when you sell."
That's right!!
We don’t use TA to predict price always. That is only one aspect of TA. We use TA to gauge momentum as well and that is often profitable in trading. Also any matured market can be manipulated, will be manipulated and perhaps should be manipulated. We deal with it all the time. No big deal :)