RE: 2/22/2018 The Market View and Trading Outlook
@pawsdog i will start by saying thank you for this valuable piece of information on btc. I am one of those who have been closely monitoring the South-North movment of the price, and also it trending in the coin market and the reflective influence it has on the steem and steem dollar because of it pegs.
Yesterday, I noticed some slight change in the correlations on the BTC/SBD price which shows slight difference in the former price when it shot to 11k. But my intuition tell me that steem dollar is digging real deep and becoming more valuable by day (Anyways this is outside the subject matter for the day but i feel i should talk about it).
Price in the vast majority of scenarios ALWAYS, ALWAYS, ALWAYS comes back to test a major Moving Average for support after breaking above it. Currently the 6 hour 77 is around $9170 and will incrementally creep upwards so long as price stays above till a point that they meet. Give it another day or so and it should be around $9300-$9400 which will also be the 1 day 21 period moving average, possibly the 12 hour MACD 0 line and just enough below the 4 hour 77 so as to give us rebound momentum to the upside.
So the quote says it all.
Bottom Line;
There is light at the end of the tunnel
thank you so much.
i am me @brightfame
Thank you for the nice reply. We shall see what price does, the longer it stays up, the 6 hour will move up. No one can predict exactly when they will intersect only that they will.. We have come back to test the four again, and now back to test the 12 hour 77.. The six 77 has yet to be tested since it broke above. Ideally, all longer term trend lines would come to a point of agreement at which point the support would be nearly impossible to break. The problem with the correction was that we were so far extended from all averages we had no support. In a perfect world, price should hover just above averages, come down bump, hover above, bump, etc.. At least now, post correction we are beginning to ride much closer to most of the Major MA's.. Again a confluence of multiple 77's in multiple time frames around a single point, spells a solid bottom and something we can grow on. We shot up from 6k left the averages behind, come back now to meet them and hopefully begin to make measured moves upwards. Consider the MA's to have gravity that always wants to pull price back to them.. the farther away the price gets the stronger the pull to come back from either above or below, but if price can hover in a sweet spot just above.. then it is neutral happy and can make measured gains..