I'm not an expert in TA at all but I do like it.
It's just another tool in the box that can help you explain why the price is behaving in a certain way even though all the fundamentals are great.
This is the chart I now look at the most. It's STEEM/USD.
It's very simple to read. The green line is the current price momentum over 200 days. It acts as resistance on price.
As you can see it's still pointing down meaning that the price action on STEEM is still bearish.
To put the MA200 in a little bit more perspective so it's easier to understand look at the bigger picture and you realize why the momentum is still bearish. That's a huge fall!
But also notice it's starting to straighten out. Also, notice that the STEEM price is currently hugging the line, something it has not done for a long time.
The reason it's straightening out I believe is because STEEM has bottomed on the 16th of Dec 2018.
We have enjoyed a fairly nice uptrend pattern since then as you can see here.
But there is one thing that makes me more excited than anything.
And that is what will happen if we manage to break the MA200 on the upside.
The STEEM price keeps trying to break the MA200 but keeps being dragged down back towards it.
You can see it when you zoom in.
We are currently in another attempt to break free.
The reason I follow this with so much interest is because I remember what happened the last time we managed to break it.
Here' the chart from the beginning of 2017. The end of the dark ages of STEEM. The price momentum (MA200, green line) turned Bullish and stayed bullish till June 2018.
Will it all play out the same this time?
I have no idea. Drawing these charts is just a hobby of mine but I do like to look at them.
When it comes to trading STEEM all I can say is, I don't trade STEEM for a living, I build on it. Every single day.
I don't know how close we are to going up, lot's depends on Bitcoin as well and other factors.
Short term price action also doesn't matter when you are building. But I do hope a nice price rise will happen in the future.
We have lots of builders on Steem that have only known a bearish time and it would be cool for them to experience what it's like to see all their work come to fruition.
I can tell you from past experience, it's fucking awesome.
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I would like to see more bulish action on STEEM/BTC chart.. but.. it will come with time... ;)
After that big BTC run, alts were going crazy... so I hope that STEEM will pick it up soon...
You are correct. STEEM/BTC is still a bit timid, to say the least.
But I do think that most Steemians look at USD price apart from the traders on here.
Adding the fundamentals encourages me to continue my purchases as well as it continues to be undervalued in my opinion given the amount of development that has taken place over the same timeframe.
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If we break the MA200 we will see a huge bump in the price.
Besides your analysis (incredibly correct) we have also seen the MA50 crossing the MA200, which usually means good times ahead.
I´m expecting by the end of May, beginning of June that we test the downward channel we are in, and, that, will decide the next weeks of STEEM price.
Great TA!
If you are a trader, you should know what to do, when it's too high above the green line. If we keep track of this MA 200 line, then we can control or emotions. I remember your sad face and now you are smiling again, but it was all visible in the charts.
I think you might post your TA once a month or every 2 month. Thanks!
This is just a hobby, I don't even know if I'm correct. I do try to keep it real simple for myself, with just a few indicators. I like the Ma200 it explains a lot.
I have very long term goal with steem and building it everyday. People with long term vision are not at all caring for current price drop because for sure price will rise and its only a matter of time. It can take few weeks, few months or few years in worst case scenario but its going to happen definitely. BTW nice chart analysis. Thanks
A friend of mine here at @caffetto has speculated that the reason STEEM dives every time it hits $0.50 is that it’s a resistance price that Steemit Inc. sells huge amounts of STEEM to pay for resources, server costs, devs, etc. He postulates it as “necessary”, but “unfortunate” because it repeatedly crashes the momentum. No idea if that’s true, but it would make sense to me why we’re watching so many alts moon and STEEM struggles.
That would have been a good argument in the past. But after the implementation of MIRA/Hivemind, the restructuring of the team and adds revenue the need to sell STEEM has been lowered significantly.
Currently, they are not even powering down anymore.
I disagree. They can restart the powerdown at any time. They need to start burning their stake to send the correct message to investors.
I've heard that this may be a slow run.
So I'm going to sit back and eat Popsicles while this all goes down.
Actually me
*up ;) (hopefully lol).
Yes! goes down in an upward fashion. :P)
That's the spirit!
Hot picture, wow!
That's something awesome news my friend. Chart is uptrend mode lets see we can reach 0.6 $ this time and hope for the best.
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Great post. Great closing lines.
Cheers to it being so! ⚡🚀
some exciting movements on the cards for sure lets hope for the best
I'm fine with a slow but steady run upwards. Doesn't matter if it takes 2 years but I want it to be steady at $2 or something.
Do you think that's something too much to expect ?
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According to fMRI experiments, and common sense, it's impossible to fall in love with the same person twice.
If someone wants to see bull run (uphills, not down...) Steem must find another application. Or Steemit must be radically changed.
Without that, not all the graphs in the world can help.
Don't 4get the first question when you are applying for finances: Cares Who? Steem is something... MA... Graph... Cares who? How many people? With how much money? :D
Anyway, I hope you are right and I'm wrong. In that case - a lot of $ for me
We soon see what happen :) ... I want see also steem up in this summe 1 or 1.50 $ one steem . I think we start see this moves up more strongly when BTC go 9000$ . But we see , here can happen lot in one week or in one month.
Hey, this is pretty nice analysis :D
Hi! I,m TA entusiastic too. I always make the TA againsts BTC but in general í think your explanation is fine.we must keep believing
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Very interesting graphics of the charts, but I don't know much about it, but you explained it well. As always it's wait and see and drink !BEER :)
To view or trade
BEERgo to steem-engine.com.Hey @exyle, here is your
BEERtoken. Enjoy it!Does it mean if steem can manage to break the ma2000, it means there might be an uptrend in the steem price?
Looking forward to running with the bills!
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Thanks for sharing
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I only have positives for this coin as I see it has huge potential. It will return to the highs at some point and I believe it will go way beyond as well.I look out for @andriustovis to post as then I know there is something to see. He only posts when there is some information and has been quiet for months.
@exyle, Steem travelled a long journey and these price trends went through from both bullish and bearshish trends but whenever we will going to see these trends, with that we will going to remember all those emotions of times brother. Stay blessed.
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I remember it a little bit, but my account was so small then it didn't matter. It will be exciting to experience it again with a much larger account this time!