Hello Steemers! OZ again!
Before starting the daily blog I want to do another analysis with the same chart as in the last post, Bittrex charts again, (as I didn't save it, I reconstructed the chart to be the same as much as possible), but check out the situation that has developed just a few days later.
This post will contain a lot of pictures as I will first show the chart from the previous post followed by the developed chart showing the same area. As usual I will post the legend and do some commenting. I will again make this post in a neutral stance towards a bullish and bearish scenario, and will also explain why I do so and why every trader should also look at the charts from a neutral position, but in a later post.
Legend - old+developed charts
(LGDL)Light green dashed lines - "old" high's which should act as support
(LBDL)Light blue dashed lines - "recent" high's which should act as support
(PDL)Purple dashed lines - "recent" low's which should act as resistance
(PYL)Pointy yellow line -bottom part of recently broken triangle border
(RL)Red line - All Time High (ATH)
So, let's start!
First we have the chart showing the full Bittrex $STEEM/BTC market history.
1st old chart
1st new chart
The new developed charts have no additional lines, fibs or anything else.
July 10th onward, zoomed in 6h old+ developed and the 4h ones to follow.
2nd old chart - 6h
2nd new chart -6h
3rd old chart - 4h
3rd new chart - 4h
As mentioned in the last post, my main orientation on this chart were triangles using numerous resistance and support levels to get possible points where the trend changes along the road and reveals possible attacks on triangle borders.
On the developed, aka new charts, u can see how the price used lines of previous support/resistance to structure itself around them.
Up next are the bullish and bearish scenarios.
4th old chart - Bullish scenario
4th new chart - The bull fail
So lets see what happened here and why
Bullish fail reason chart
We have 2 important points
- After a hard dump, the price tried to bounce back up although with nearly no buying power/volume, hitting a strong historical resistance line and reversing back down, breaking the bottom triangle border and settling on a support line.
2.Nearly no effort was made into making the price bounce so it was easily maintained under the bottom triangle border continuing back down.
5th old chart - Bearish scenario
5th new chart - Bearish party
I highlighted once again the 2 lines which played the most important role into creating solid resistance and pushing the price down, breaking all the way down to the 0.0034 support level at the write time of the post.
6th old chart - bonus chart
6th new chart - bonus chart
Note to self chart :P
I gta chart all them lows ;)
To sum it up...
If you look at the chart at a bit more zoomed in time (July 10th onward) it looks like the price is going down to hell, but as I mentioned in the "bonus comment" from the last post, we are still in price discovery period, everything is being tested out and so is the market.
I heard a lot of panic, concern, crying, etc. in regards to the price in the time between my last post and now. All I have to say to that, is that the price took an INSANE pump, and is naturally going through it's flow. TBH the price of 1 $STEEM is still amazing, so is the chart, just look at it ;)
Idk about everyone else, but i'm looking forward to the future of STEEM!
If anyone has any questions or need's help fell free to ask, I will try to explain as fast and as best as I can.
Critics, comments, reply's, counters, advice's, etc. are always welcome!
Have my charts helped you in any way?Let me know with a comment below :)
Are there more people who are doing TA?
Disclaimer I am showing multiple scenarios on the price movement, in the post itself I do not take any stance, either bullish or bearish. I am not responsible for neither you’re winning nor you're losses upon trading!
Kind Regards, OZ :)
Good job! great charting
It's amazing how the price trends between your lines. The price is easy to follow when you present it like that. Thank you for the update OZ!
Glad my charts help you out :)
Keep following for more!
Thanks @ozchartart @ozmaster, this post looks pretty excellent, very mature analysis and hopefully accurate :)
regards:
@blackjincrypto
Thank you very much @blackjincrypto :)
look！
nice observation! let's see what will come out of it!
awesome chart @ozchartart! :) now to study them!!
Thanks @b0y2k :) enjoy :) thats always the best part!
This was definitely an extraordinary market
your post is very useful for the trade
Thank you @ozchartart
Thank you!, Glad it's of use for you :)
hi @ozmaster, upvote me please
I am also happy
Excellent, please consider making these post daily, thank you @ozchartart
Will start daily updates in the coming days ;)
Awesome, Thanks.
Great analysis. I really appreciate your effort.
Thank you very much ! keep following for more!
Keep it coming
will do :) thanks for the comment!
Awesome, thank you for the update!
Thanks! no problem, will do my best to keep it up:)
We should name you chartmaster , your analysis is truly amazing!
lel, lets not push it, I'm sure there are people whome skills are far better then mine :)
Tnx for the support :)!
cool on $3,857
upvote me please
That bulish Trend is highly probable, once new users invest into steemit and actually participate into the platform they will be here to stay.
So many daily original articles to read, so addictive aswell.
that is tru steemit has alot of interesting stuff to read, and its good that it's not crypto only stuff!
Great job again oz mate :) Im curious if you have any thoughts on the sbd peg situation? Works out to $0.94 per sdb today, much better then yesterdays $0.84 but still... https://steemit.com/steemleak/@ausbitbank/steemleak-funds-as-they-stand-now-the-current-sbd-discount-sdb-chart
Thanks!:) I think even if it's down as much as $0.84 its doing an incredible job, the support isn't near as big as STEEM's yet's its holding the "about" $1. as mentioned many times earlyer, we are still in the beta, new exchanges are taking on #Steem and $SteemDollar, people are slowly transfering from smaller to bigger exchanges, all of that affects the price. The price might be quite volatile in the near future, but I'm sure steem is gonna find it's rightfull part. You also must understand that the price also highly depends on the users. If we don't spread the word, we won't have any new cashflow into the Steem economy.
Volatility = Profit ;)
I feel much better about the whole situation now I understand it a bit better , I made a tool today to help with that - https://steemit.com/trading/@ausbitbank/tradingview-pinescript-indicator-for-polo-sbd-pegwatch-new
Hope people find it useful :)
Great analysis Oz, like you said, it was a huge pump and STEEM is so young. I've been holding some Bitcoin for over four years, through all the ups and downs, excitement, demoralization and panic. STEEM is having growing pains and I'm glad to be here. Best of luck to you.
Thank you cryptobarry:) yes indeed, Steem is still very high in price imho
Excellent analysis , thank you. I'll be following.
thanks hallie! I'll make sure i give my best :)
This is good stuff, no doubt about it. Thanks for the post though. The content is getting better
Thank you ! i'll keep it up and hopefully get better at it along the way!
Great analysis Oz, well written. Good luck to you.
Thanks jasmine! GL to you too
Another Grade A+ Analysis Article, Oz!
Oh man, we are gonna be up for some exciting times soon with the steem price! Hold on tight, people. :)
Thank you acidyo:) ohi believe so!
good update as always @ozchartart
i follow you 8]
Thank's @gekko :) if you got any questions or suggestions feel free to dropem :)
Thanks Oz! It's nice to see some logic and reason (and quality TA), in the midst of everyone panicking about the price coming back down to reality :)
Hope to see you continue these posts in the future, they're extremely helpful.
well said! couldn't have put it any better:)
Im hoping the more you post the more I understand! I will continue to read all I can find. Hopefully it will stop reading like Kryptonian to my brain! Thank you for your diligence!
kalaylah, if you got some questions ready just write them up, i'll give my best to explain :)
Great chart post, Keeping on top of things well done
Thanks karenb :)!
Your more than welcome :)
Again, excellent analysis @ozchartart
Out of curiosity, have you ever overlayed the cryptocurrency trends with the primary fiat indexes to see if there is any correlation?
I understand that you are charting steem/btc which then goes through btc/usd. So there should be zero correlation. But I'm kind of curious if we will ever see days where the fiat market starts to decline so we see an increase in the purchases of steem from btc.
I think I've talked myself through this to answer my own question (no relationship). But figured I would ask ...
Thanks for the comment and question!
I never did overlay anything crypto onto anything fiat related.
I'm the opinion that those markets move in a quite different way for various reasons reasons.
If i look at the EUR/USD chart I can tell right away there is little to no corelation in the things i watch out for when trading alts.
Good analysis - again. The reason STEEM will succeed is because it offers a way for you to be invested in the system but hedge against rapid changes in the price. The Steem $ is the real secret sauce.
it's still in beta, but it could be an great asset to the whole STEEM economy
Excellent chart analysis! Thanks for your useful posts!
i'm looking forward to the future of STEEM, too!
No problem! Hope it helped!
Looking forward to see Steem in a year myself:)!
Thanks for the comment!
Great chart! Steem will be Bitcoin version 3 in 2 years.
hehehe let 's hope so!:D
Thanks for the comment!
i think so what a good job, do you use some expert advisor for trading
Thanks!
I'm not rly consulting with anyone when charting these days, but, I watched alot of trading "gurus" on the net, read alot of books, and last but not least, talked with allot of traders from all around the world and learned from all of them!
Excellent analysis, thank you
Thanks ! :)
Steemit is a revolutionary blockchain platform, great post!
that is very true, thats what it is!
Nice analysis.... Keep up ur work ozhartart
Thank you!,will do!:)
Price is going back to 0.25 level where it should be.
You've explained the triangles very well. STEEM is still undervalued, and I am excited to see where it goes in the next few months!
Thanks!, glad the explanation helps!
of OZ :P?
Great chart, thanks for sharing this will very useful for trader.
Thank you very much! Glad to hear it's of good use :)
Great work!
I like your charts !
Thank you!
Glad you like my art;)
good luck @ozchartart
Its better buy on low or sell on high?
I gonna hang over
Very informative and reasonable! I'm following for more info on stuff like this. Do you think Steem will go back to $4? Actually, do you think BTC will go back up to $660 in the next few weeks?