Chart Potpourri
Looks like a possible consolidation pattern on STEEM.
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Looks the same with SYS.
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PIVX at the upper end of its consolidation range?
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ARK too?
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BTS reaching for the sky?
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With ADA not far behind?
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Those are some of my favorite charts.
Please post yours in the comments!
Read the "The Dos and Don’ts" here if you're not aware of my rules.
Yes, I like STEEM chart here. One of my favorite patterns is, when you have strong up move on big volume (blue rectangles) then consolidation on weak volume (brown rectangles). When you see this, there are great odds that next move is going to be up again.
Also if consolidation is going to be long enough, we get cup and handle pattern also. (since Feb 2018)
No guarantees though ;-) but odds are good...
That's a very healthy pattern you point out and one of the first to keep an eye on. One of the oldest TA classics!
All we need to see is the round bottom in all coins. I also like ve to use Fibonacci as a guidance. BTS is looking great, 50MA crossed 200MA which is confirmation of trend change. SYS is the same, nice consolidation there. What I love about SYS is the vedge or bull flag or nice mini triangle to the upside. Once we break it it should match the same run up it had recently. I always love these breakout and then consolidating. It’s mostly very bullish. Steem looks extremely bullish to me. All coins you have here have basically switched from downtrend to breakout. It’s a great sign especially after today when ETH broke out of consolidation, I believe most coins will follow. SYS is still on my watchlist. Unless some fake news come up, I’m looking forward to nice gains in crypto in general.
There's been a 20-200 cross, but the 50-200 has a way to go still . . . on the daily anyway. In any event, you've got to love these kinds of flagging patterns when seen within an overall bullish setting. Thanks for pointing out that ETH breakout. As you say, there's a rounding bottom building on just about all coins, which is a very healthy sign for the overall market.
Yes, you are right. It’s 20MA crossing the 200MA. It’s still looking great!
@cryptographic,
Actually I didn't capture this trading pattern until I read your post. According to my viewpoint all of highlighted Charts are showing a kind of CUP type pattern! But personally I believe STEEM and BTS are having high up trends than others!
One more thing I could find out few days back! Once I read your article and you were pointed out some references and one said STEEM can be reached $2,000! I was amazed and tried to do a little research on that topic!
Now I could say, yeah it's very possible.
Alphabet (GOOGL / GOOGLE) - $709.83 Billion
Facebook (FB) - $508.73 Billion
Both are based on Social Medias and STEEM also based on the same! STEEM still at $1 Billion Market Cap! That means it has huge potential to reach that high or multiply the price of currency few times without a doubt!
Therefore, personally I believe STEEM than other coins and BTS can make a better path too!
Thank you for highlighting this valuable chart movements!
Cheers~
A STEEM $500 billion market cap would equal a $2,000 price. Yes indeed! Thanks for pointing that out.
I'm seeing that many cup and handle are forming in altcoins, Ethereum also has a similar graphic to the previous ones. Now that it seems that we have overcome the crash we have to wait for a healthy grow and not so exponential, the next resistances for the cryptocurrencies will be the fibonacci levels of the November-December rally. Maybe at the end of the year we will return to ATH.
Yes, the crypto bull just might be back!
Fundamentals are also driving the market higher as sentiment has improved over the last couple of weeks. There have also been a number of announcements that have demonstrated the continued interest from deep pockets into the infrastructure of the cryptocurrency space. Lastly, many projects have started to deliver on their roadmaps which make the reality of blockchain technology come closer to higher adoption in many industries. The only wild card left is where will regulation land as it continues to be a cloud over the interest of many potential participants.
Thank you so much for reminding us of the 'news' behind the technical. There is a reason for all this bullishness!
For me, it is an important part of the process. The way I see it is Technical Analysis lets us know WHEN to move in/out a position but Fundamental Analysis lets you know IF you should move in/out of said position. People can assign different weights but it is good to have both. This is more for long term holders as traders do not really care for Fundamentals as their timeframe can be only minutes.
I guess that the pattern that you are seeing is mostly the behavior of the entire market. A lot of crypto are consolidating these days which is a pretty healthy thing for their prices, building new support lines, and making ready for new pumps in prices. I have to say that I got a little disappointed by Steem, seeing it not moving from this $4 value since last week, but I have to keep in mind that it raised from $1.4 to $4 in the time that Bitcoin increased from 6k to 9k, even though it was not so bullish as EOS which got to $20.
I know a while ago you were asking some questions about EOS. Have you invested in it after all?
I have to agree with you about STEEM, but it's still one of my biggest potential winners though.
They all are consolidating! Steem, BTS and SYS are actualy even more bullish than the other. However, I have already seen the cases where the ugliest trend had even more gains the the other more obvious. With that said, you have to be diversified and if you actually have all these coins here in your portfolio, you should be fine. I still think we are going to be in this kind of range for some time, but it’s always better to be prepared for the worst and hope for best. With all these moving averages turning to the upside it’s imposible not to be long therm bullish, even short them bullish.
Hard to say how long we'll be in this range, that is if we are in a range. If the longer term bullish undertones start making themselves felt again, then we could be in a consolidation range, and if it's the crypto bull I have come to know, we might be heading higher sooner than we think.
I trust your instincts. Afterall you were many time right. Something is telling me we are about to go much higher and it has just started. But that’s me. I just always hope for the best and prepare for the worst. Just a few weeks ago my worst case scenario was the crash, now it's consolidation possibly going little lower than we are now. Isn’t it a nice progress when it comes to worst case scenario? Also I take into consideration stock market as well. If stock market goes down or even crashes, I’m afraid it will pull the crypto market down as well. You know these margin calls, people will be forced to sell if they don’t find another way of funding. Time will tell.
It's really hard to say how a stock and bond market debacle could affect crypto. I'm of the opinion that is could just as likely be bullish as bearish and with my long term bullish view of crypto being as strong as it is, my worst case scenario for crypto is that it will at least outperform, even if falling in value. I once had a worse case scenario that crypto could completely disappear, but I would say that is very unlikely now. Many will indeed disappear, but crypto is here to stay, and the winners are too.
What I see is still a total BITCOIN dependency. If BTC is well, then the majority of the altcoins go well and draw almost the same chart.
I would like to see a complete break from that dependency, in particular with Bitshares and Steem.
Steem on!
Okay, I can't disagree. That "dependency" is a key issue that I've been expecting to change for a long time now.
They are all consolidating & rising & shining. This will be going on & on & on like forever.
Very nice post. Definitely "broad based" among the best.
Thank you Dear Sir @Cryptographic. This means a lot to me that you Sir like my comment.
$ARK possible bounce after hitting support for a 3rd time. RSI looks good as well. 😊
And it briefly broke down through it. That could have been a bear trap. Stay tuned. 🙂
When $ARK breaks 0.00048BTC longterm resistance in the coming weeks the nxt pump will melt faces.
Can't wait to see it. I've got .000423 as a big breakout level too.