SUMMARY
The triangle line has been updated to incorporate new price data as shown in below chart. It's been discussed how the extended 5th wave can have implications on the degree of retracement and thus far, STEEM has retraced to the prior wave (iv).
Elliott Waves show a complex triple fits better as shown in blue and the subwaves indicate that the correction should be near the terminal end. The blue Z is shown with the abc subwaves and the five of the c sem nearly complete! Some exciting price reversal is very likely soon.
Here is the daily chart of STEEM and the MACD is showing oversold status that had been getting deeper since early February. If a turn occurs, it'll likely coincide with Bitcoin reversing out of its wedge pattern.
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Thanks for showing the descending triangle pattern. You're a great teacher. So now that we are on the 5th wave of the downtrend, should we see 5 waves of an uptrend? Wondering if this is all theory or Fibonacci is very reliable.
I think it's time to acquire more steem especially at it's current price in Naira (₦621.23).
Price
Thanks @haejin
I don't know if I would trust that.
2 months ago, heijin told us that the $14 target was dead ahead. I know that pinning down your dates isn't something that you like to do, but how far away is dead ahead? Because now, you're again telling us that "exciting price reversal is very likely soon." So I have to ask, how soon? If I had invested my $1000 after your last post telling me to BTFD, I would have lost close to 70% up to this point. Wouldn't it have been more wise to simply hold on to my investment until now?
The price of sbd is still dropping as of the time of this response buy i will rather acquire at this moment before sbd starts to rise again.
"MACD is showing oversold status"
I don't think you understand how to read that indicator
How do you read MACD indicator?
MACD is a momentum indicator but you don't use it to measure oversold / overbought conditions. Its not range bound like RSI, W%R, Stoch etc so there's no way to measure 'oversold'. Is it 'oversold' when it's -0.1 ? -0.2 ? -0.745 ? -23.7 ? It just doesn't work like that.
You use it to see the trend direction and strength of the past (it's a derivative of a derivative of a derivative, about the laggiest indicator you can get). Easier just looking at the actual price chart unless you're using it for some divergence indication or something.
Without a chart it is impossible to guess only from those numbers.
But have you ever tried on using MACD extreme highs and lows?
Here is a good source to understand about MACD:
https://www.investopedia.com/terms/m/macd.asp
And how to use MACD Divergence to find a possible reversal.
https://www.investopedia.com/articles/forex/05/macddiverge.asp
And some other ways on how to use MACD
https://www.investopedia.com/articles/technical/082701.asp
You Will notice that none of them mention oversold/overbought
I was more like interested in MACD as a tool for oversold/overbought conditions. There are more articles about it, but this one looks quite explanatory.
No, because that doesn't make sense. It may be -0.5 now, but what if it carries on falling to -1, or -5 ? What if the market becomes very volatile for a long time and -3 becomes the new 'extreme' ? If you look on the chart above from Aug to Dec the 'extreme' was only -0.1 that whole time. At what point then was it considered overbought/oversold ?
It's not a bounded range, it's an absolute value with no limits that changes all the time so you can't really quantify it and say 'x level mean oversold'. I think the OP is confused between a downtrend and being oversold. You can still be overbought in a downtrend ! Infact that's exactly what people wait for to enter trades...
Özet abiler bizimkileri neden kimse beğenmiyor ?
Sorry, Google translated that as "Summary Abiler why do not anyone like ours?" so I don't know how to respond really... :-(
Its good time to arbitrage http://arbiswap.com
Thanks
ok I think u fried that joke already...
It is good time to buy and holding for long time...
Coins mentioned in post:
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So based on TA the price of Steem will most likely go up?
To my opinion, we're fully depending on the news. If the media and out 5 bad news messages this week Steem will go down.
If they don't publish any news we could go up.
If the media publish a few positive articles, the price could increase hugely!
We depend on BTC price. All alts are ready to launch, just BTC is not yet.
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If you send me at least 100 Steem, then I will think about your proposal 😬
You probably could have earned 100 Steem by not upvoting this scammer & making better blog post yourself.
Who says I upvoted this post?
It's the perfect time to put more steems in da bag
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your analysis is very informative and help full. i also watch your videos on youtube. i upvote you kindly upvote me and follow me. thanx
Nice
I really like your post .. great job
All coins are oversold. because of Bitcoin.
nice information @haejin
Why do sheeple follow this guy and think his "information" has any value..It doesn't..I see lots of so called "TAs". They come from a totaly different paradigm, the fiat market..
crypto is going to keep falling, is he telling you that?? If you check his advice on a demo portfolio you will quickly see it is flawed..I saw much the same greedy behaviour with bitconnect...
Do your own thinking people...
thank you @haejin have shared my information is amazing.
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Nice post, nice to meet you
it will be very nice
Situation starts to resemble the one from beginning of January. Strong, impulse growth of all alts was finishing then. Everyone should feel it was close to an end, but because of FOMO, no one did, a lot of people even margined thinking we have much more growth ahead of us (I did). Then the hard slap came.
Now, when I'm browsing through charts of different alts, technically they all look like nearing the end of correction. It was so long and painful that most of market expects it'll last much longer, even selling to rebut cheaper (not me this time).
Sure, we can and maybe even should have one more leg down on BTC, that would take a form of nice bull wick for alts, but that's it. I guess BTC goes down to more or less 6800, not lower.
Question whether recovery from this mess will be swift or will take long months, that I don't know.
Thanks a lot for very informative information :D
Basic Elliot wave rule.
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Yeah let's do this :)
Woooooo Hoooooooo
very good
Remember your Mantra!
This one is nice!
Hello, @haejin. 2 months ago, you told us that the $14 target was dead ahead. I know that pinning down your dates isn't something that you like to do, but how far away is dead ahead? Because now, you're again telling us that "exciting price reversal is very likely soon." So I have to ask, how soon? If I had invested my $1000 after your last post telling me to BTFD, I would have lost close to 70% up to this point. Wouldn't it have been more wise to simply hold on to my investment until now?
That's why you have to ladder in, even with BTFD. Because we do not know how deep it is going to be.
But I'm more interested in what is going to happened to alts if BTC goes down.
Even with laddering, with something characterized as "imminent" and "dead ahead", I would have probably added in about every 4 days or so, which would still have left me 397.79 of my initial 1000.
That is something that should be improved imminently. 👊
Never ever buy into failure or 'ladder in' a falling stock. That's why 90% of traders lose all their money, doing exactly the opposite to what professionals do.
But isn't this guy a professional?
I'm sure I'm not in a position to comment, lowly minnow that I am :-)
nice