"The @brumest bottom"
No pun intended, okay! Feb 11, 2016, US stock market index S&P 500 (SPX from now on) put on a major low and then turned around and never looked back. CEO of JP Morgan Chase, Jamie Dimon was interviewed on CNBC that day, and he said over live news that the present low of SPX at that time is "the bottom". From then on, in certain trading community that low has always been called the "Jamie Dimon Bottom".
So why tell this long story? On March 18, 2018, BTC put on a low @7310 and reversed. Some of us fellow Qurites were talking immediately after, and my friend and fellow qurite @brumest called 1.4 in STEEM at the same timeframe "the bottom". That is the location from where BTC and STEEM is currently bouncing from. So to me at least, this 1.4 low in STEEM is "the @brumest bottom", until proven otherwise!
Lets take a look at the BTC chart:
So yes, in BTC there is a rally taking place from literally the "middle of nowhere", and we are currently above 10 EMA. So it is real at the moment. But we have both the downtrend (red lines) and downward sloping 50 EMA in place, which will be formidable resistance. Until we trade above that we are still firmly in downtrend. Volume is good so far.
Let's have a look at STEEM:
So again, similar pattern to BTC. We have "the @brumest bottom" in place around 1.4. We are staging a rally on no volume in this case. So in STEEM land we are totally dependent on BTC at the moment, as we do not have any volume on our own. No new money is coming into the system. So when the BTC rally fizzes we will drop hard. That's the fact. But until then its party time!
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.
Never underestimate my bottom again, mr! :D
Hey 1.4 will always be @brumest bottom to me :)
I am comparing you to Jamie Dimon, that is big deal in certain communities. :)
New crypto terminology? :D
Tried and tested!
Nice post.
Bitcoin crossed over the daily trend line and my line in the stand at $8625. I believe the reversal has started.
I need to see more conviction on Steemit. Steemit is struggling to stay above my line in the sand at $2.00. Ideally I would like to see price take out the sellers at $3.00.
This is the last time I am requesting you nicely to not post charts in the comment. I see this, and others will agree with me that this is a bad way to promote your own post.
For the last time: if you have any questions, or you like to discuss, please do that. Otherwise, do not post chart. Please tell me if this is clear.
If on don't respond, I will mute you and perhaps even downvote you with my substantial STEEMPOWER. That will take all your rewards out for good. Is this clear?
Duly noted and appreciate the heads up.
So bitcoin is down 50 EMA and we are up 10 EMA. Passing 50 is the 20k market or is that just to catch up 12k?
until we are above 50 EMA we remain in downtrend, and all bets are off. Once we do that then we have $12K resistance to worry about. It will be a long struggle, we will cross the bridge when we get to it...
sounds good, also what is 50 EMA close? On the photo it says 9829 is that suppose to be the new support?
It is 50 Day Exponential Moving Average based on the "closing" price of the bar. Currently it is 9833, but it changes as we print new bars. Price is below that, so it is resistance.
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