Hello Community and friends,
Today is yet another day of boredom in the bitcoin world. With all the expected hype of the halving failing for the time being. I find myself searching for opportunity. I personally am VERY new to Steemit. I only became aware of it because I follow trevonjb on youtube. I believe this is also his name here.
I started to use a method I have had great success charting with. This method is a continuation method that finds entry and exits of a moves in progress. Below is the current 5 min. chart on Bittrex. Unfortunately the charting software there is very basic, but I think you will be able to see what I am projecting.
In this method I use Bolinger Bands and a 50 period moving average. My bands are set at 20 sma and .382 B bands.
I am searching for set ups exactly like the one in this chart.
1. Candles above 50 MA.
2. At-least 5 closed candles above top B band(in this case top because it is a long)
3. Entry trio= High/Higher High/Lower high.
The center of the X in this chart shows the entry. If another closed candle closes above the vertical black line, I would buy at one tic above that line. In this case I would also be buying every pull back until I get my target amount filled. In this case I am after 10,000 Steemit.
I do not buy the full target amount here because all the markets are very volatile at this moment. If BTC were to sky rocket I am not sure how Steemit will react at this point. Also if BTC were to dump to lows under $500, It could cause this bullish up move to stall.
My initial target is 300% of the target value. The target value is the size in between the black vertical line and the red vertical line. This represents 100%. So I am after 3 X that amount from my entry level.
If you are short term or looking to scalp I suggest you pay attention and if this method reverses ( sets up the same way below MA and B bands). Then it is a sell.
I would also like to point out that in the last 36 hrs. Steemit has more than doubled in value.
In the short and long term I am very Bullish on Steemit. I think this is a excellent LONG buy at the moment. I think only positive things will come in the next 6 months. I hate to predict a price but I am thinking double digits. $10+....
Good Luck and happy profiting.