STEEM has broken down through PWSH1 and currently testing trendline support. A close below $4.25 would break through 2 supports (the top trendline and the lower bound of PWSH1) and would invalidate the top trendline. Price could possibly trade through the lower trendine and bounce, similar to 1/16-17 where long tails were left on the daily chart (circled in red).
STEEM looks like a pretty solid entry in the $3.50 - $4.00 range.
Yesterday, BTS traded below the PWSH1, but managed to close inside of it. Currently, BTS is trading below PWSH1. If we close below $0.39, BTS could trade lower into the low-30c to high-20c range where trendline support should kick in.
Would love to see BTS rally today and trade back into PWSH1 above 39 cents.
EOS looks the strongest out of the 3 as it has the steepest uptrend and looks to be consolidating near the highs. However, EOS did close below the PWSH and could trade sub-$10 before hitting trendline support.
My guess is that the market won't do much in the next 2 weeks leading up to Chinese New Year on the 16th of February. Will this prove to be a good entry point? Let's wait and see what the market has in store for us...
Disclaimer: This post is not meant to be a recommendation to buy or sell any financial instrument. Do not invest money you cannot afford to lose. Always do your own research. This is my opinion.
Great analysis - looks like you were spot on! BTS bounced back and is now comfortable above the floors and back at $0.40. hodl!
Looking good so far! Interesting to see that these 'arbitrary' trend lines actually work as support levels in a market like this. I'm sure price is also hitting significant Fib levels as well. I'll acknowledge Fib analysis but for my personal TA, a successful trader once told me KISS (keep it simple, stupid)!
Hopefully after the 16th, all the red envelopes will be reinvested back into cryptos!
Ya, been a bit brutal today, I debated pulling EOS and BTS into bitUSD, but I feel like I'm late already, I could see a few alts performing well while we stay horizontal around 10k BTC.
Nice analysis, did you pull any into bitUSD?
I like seeing these kinds of posts, what other coins are you in on?
Luckily I'm still up from when I got in in Dec/Jan
Appreciate the feedback @jakeybrown!
Unfortunately, I didn't sell anything. I had an order to sell some BTS at 62c, but that was a bit aggressive. I actually haven't traded anything into bitUSD yet, but would like to make a trade on the bitshares platform just to get a feel for trading in and out of it. How are you trading in and out of bitUSD?
I'm in a bunch of other alts, initially as swing trades, bit looks like I'll be holding a couple of losers for longer than initially expected. Hodling LTC EOS XVG TRX RDD XRP XLM BCH
Ya, same here on QSP and BAT, but the rest of my portfolio is solid, been going up a bit during late january.
As far as bitUSD, I've only used it once, and that was to save my ass when I put my BTS stack down as collateral to buy more BTS because I thought .60 was the dip from .80 or whatever high we had. I was on vacation and BTS got to .30 before I sold EOS into bitUSD to pay the debt off. Call price was .27, which BTS did hit.
I'm hoping to sell into bitUSD when we hit highs and then buy back in at lower prices, but so far haven't had much of a chance, I was expecting us to keep going higher instead of this tether and FB fiasco
Nice posts mate. Maybe give some more explanation on why you drew the trendlines there. So everyone can understand it. Keep on going u got a new follower lets support eachother with the TA mate.
If u wanna chat about this find me on discord under the name 'Bartcardi'obivously haha
Thanks @bartcardi! Appreciate the feedback and your support. I'm definitely not the best writer, but hoping that the more I post the better I'll get.
Definitely let's connect and appreciate the follow! I'll drop a line once I figure out discord (noob here and never used it).
I think Steem's downtrend will take a while. HODL Steem
I don't think I'd call it a downtrend just yet, but I could see price action trade sideways, before ultimately breaking to new highs.
I dont think steem go under that line . I hope this et least.)
Agreed, would be encouraging to see buyers step in and close inside the PWSH and above trend line support.
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STOPI think steem will go lower but unlike bitcoin I think steem is a live cat. :) lol I might be "forced" to buy some steem.