A little something about myself
I first traded stocks in 2008 when I was 19. Graduated from LSE, I traded fully time German bonds futures for a company in London, then traded forex. Right now, I’m trading brent full time alongside with my friend @wingz
Whether you have a lot or a little Steem, whether you are looking to speculate or invest. Right now is probably best time to power up. Here is why in simplest and shortest explaination:
Steemit Technical Analysis We have a look at these TA charts to grab ideas about where we are now. I will do step by step
1. Steem hit the support yesterday at 0.004 and retraced
2.
- 0.004 level also coincides with an uptrend starting from 13 July . and yesterday Steem flat out at this exact point
- Price approaches top of orange line of the descending triangles
- When a descending triangle is formed, it means this
3. Keep these same lines and zoom out to day time frame. What we see are 2 blue line representing supports and uptrend holds well. Price even seems to already break out of the descending triangle (broke above orange line), thus perhaps indicating a potential uptrend .
4. Back in 1-hour time frame, looking at at Fibonacci level. Price just passed through 38.2% tracement and is in between 38.2%-50%. Our 0.0036 is exactly at 50% Fibonacci level. That it means it’s a huge opportunity to look out for, up or down we don’t know yet, but after this level price will go Whack !
This is an example from babypips that very much mirrors our situation right now.
5. Finally all today, what I see are: prices approached 2 huge support level at 0.004 and 0.0036. trend line shows an uptrend, candle ticks broke out of descending triangle to the upward size. Fibonacci cant not be any greater. Traded volumes dies out, indicating uncertainty in selling/buying and surges back at support level.
We need to think a little about why Steem has been sell off recently too
- Steemit is a great model and maybe the first of its kind too, whilst there is potential, there is uncertainty and there is fragile in the system's infrastructure too.
- People make great money recently in steemit during this period (if you read my article about whitepaper, you shall know why). And for many of us, having $10000 overnight, the next thing we do in the morning is to cash out at least some or even all of it, regrardles of how good the steem maybe
SO WHAT DO WE DO NOW
Do we keep selling here ? I don’t think so
Then it’s it a buy ? For me , it’s a great level to watch out for. But I’m NOT jumping to buy NOW because of this
SO !!!
When you should not buy ,
you should not sell,
you should not do nothing.
Power Up about NOW is a smart move because your opportunity cost is at the lowest.
When Steem was higher you can sell steem and buy into sth else. That’s what many traders/speculators do .
We don’t buy here because if we watch closely this market for the next few days, there are likely better buys.
And in fact, bringing up Technical Analysis is just a way to show off - to be honest .I don’t think T.A apply much to steemit at least for now, Steem market is driven mostly by demand/supply of people based on hope/hype/expectation/valuation. The whole market is not consistent enough for T.A to be a truly guide for your investment, you should base your decision to invest on steemit on your judgement of its value and use T.A as a guide for your entry only.
- Power up is like putting your money is a saving account for 2 yrs lockout in return for % interest and in this case maybe capital gain too.
- The only problem with locking your money in saving account is inflation. Here looking money in steem you face inflation in real life, inflation in terms of new steem being constantly created and risk of fall in steem price.
Unlike my man @wingz who bought steem here.
Many of us, who were late, are eager to hop on steemit train. Then the moment is near, watch out for it if you want to be a part of early Steemit and I really think Steemit will go far , really far.
So here my friends, my advise is:
- 0.0040 Power Up
- 0.0036 Buy
"I’m writing this firstly for goodwill that I want to share things with you and also I’m looking for upvote and steem reward too. WHY ? because if I really think it’s a good time to power up, then I should try to get some for myself too, shouldn’t I ?
UPVOTE me people !!!"
Ok, finally a TA analysis that admits that it's probably a little like astrology or at least a lot like astrology. Not to put so much trust in...
That being said I want to say I appreciate a few things about your post:
That you start with your expertize. I hate it when people start with the advice from a position of authority of which they have NONE. You made me pay attention to what you said next. GReat job on that :)
I loved the honesty and how you walked us through your thinking process.
You write in a personal matter and I think this shows in your posts.
Pay a little more attention to editing and please use the center html thingy <> for all your photos. It will make your post 10x better and more readable
Like that:
Thanks @razvanelulmarin
Same to you , a reply in personal matter that I really appreciate
finally learnt how to center image and add .gif =)
congrats
Detailed analysis or what? Wow!
@kus-knee :)) i was lazy and decided to write thing short. but it turns out like that
cheers mate !!!
Another thing I'd add is that a descending triangle in the context of an uptrend has a higher probability of breaking up than an ascending triangle.
Also, in terms of powering up using Steem Dollars, I'd wait a little longer to convert them they're currently trading below a dollar and will most likely test parity at some point.
Stepping up the game @fiver :)
Dude @wingz you suppose to applause positively me for my effort here :)
because Steem commits to bring STD to about par level , as written in my article before too.
However, there is a risk that you may miss the trend here. if you want to buy steem for whatever reason next, dont get distracted by a small margin % when converting STD to Steem and may miss out the opportunity to buy steem at good price
:P
How much did you power up?
I power up about 1 steem. why ? because I dont have any. I convert all STD i had to steem then powered up :))
just curius, good post man!
Thanks for a detailed analysis!
Excellent read
here you go !!! upvote it upvote in
@ niemands thanks mate
Damn dude, you went full technical analytical. Wedges, fibs, price, volume, charts. I want to believe!
dude @g4l , T.A is just for reference but actually these are good indications we have here. I dont think other tools are relevant to this context
and yes, i really think that this area may be the last best entry for us. it like buying into steem right at the beginning of all the hype ever again . 0.004 is a good buy level from how i see it :)