Hello traders,
the spread STEEM/BITCOIN is collapsing.
In 2 previous posts we wrote: "...But If you want to buy, we think it's not a good time. In the next hours it could be a strong bearish trend (75% of probability)..."
(2 days ago) Link: https://steemit.com/steem/@quant01/is-it-a-good-time-for-steem
(4 days ago) Link: https://steemit.com/steem/@quant01/steem-intraday-update
Look at the chart (4h):
All is confirmed!
The short-target (@0.00255) is not far. If you're in the market maintaine the short position, otherwise don't open a new one.
In our opinion it's not a good time to buy this spread.
Have a good trading day
Best
Apart from the recent spike, a more long term trend is below 0.001. That would go some way towards evening out the playing field and making the market cap realistic.
For the long-term your view is not wrong...
I completely agree. My analysis suggests the next buy point may be at the 0.0025 mark but i don't see a massive pump or anything but more as a new support and point for accumulation.
Hello rushd,
it's possible that 0.025 could be an important support. But we prefer to buy only with a stong signal... "trend is your friend"... And for the moment the trend is still bearish...
We'll update...
My analysis indicates...... 0.0020. The price action is coming out of a 5 wave triangle formation. The price leaving the apex is equal to the widest part of the triangle. When the the target is reached, there should be a massive pop in the opposite direction.... USUALLY
We prefer 0.0025, but it's not important... In our opinion the most important thing is to understand the trend... And not it's bearish without doubt.
For a reverse, we prefer to wait and update in the next days...
Tnx
Im upvoting just because we need some contrarians here. Everyone around here seems to be a perma-bull.
*Edit: how did you determine your downside target?
We're not necessary a contrarian... We're a trader... And for us the spread is bearish.
To determine the downside target... look at this post:
https://steemit.com/steem/@quant01/steem-intraday-update
"...In technical analysis, the target is the dimension of the sideways. So the bearish target is @0.00255..."
I gotcha. Thanks for the clarification. Followed.
You're welcome ;)
Nice work @quant01.
Tnx mate