Market update time because I've got a growing feeling that I think Bitcoin is about to push up again.
- Resistance seems to be fading
- Support is consistently building higher
- The current weekly candle body is pushing up slightly higher
- Stock RSI has been floored for weeks, its now creeping up about to trigger an rsi buy signal
- After a few weeks of fakeouts, ChandeMO has confirmed breakout and is climbing
- BTCUSD/XAUUSD (Bitcoin to Gold ratio) charts show a clear push above resistance
Weekly Okcoin BTCCNY charts
Full interactive Weekly Okcoin BTCCNY chart
Zoomed in Weekly Okcoin BTCCNY snapshot
Weekly BTCUSD/XAUUSD charts
Full interactive Weekly BTCUSD/XAUUSD chart
Zoomed in BTCUSD/XAUUSD snapshot
I doubt I'm the only one seeing this coming either, alt coins across the board seem to be suffering right now as big holders dump and move back into bitcoin at least temporarily.
You can see some of my other btc full interactive charts here: Marketcap , Bitstamp Weekly .
This is normal and expected behaviour and it happens every time bitcoin has a trend change
Suggestions for new users
If you're not a day trader I would recommend holding some bitcoin in reserve "just in case" this becomes a huge rally - and power up your liquid steem for the long term instead of dumping at these prices.
I personally bought 0.5btc worth of steem power to split between @krystle and myself the other day and will continue to power up because I have faith steem will turn around eventually :)
I am also going regularly chose to payout in 100% Steem Power and would suggest others do the same to reduce sell pressure on the markets.
I can't promise I will always do it, as it would be nice to build an SBD stash in case of emergencies , but at the same time this is an awesome buying opportunity and another easy way I can do my part to help the steem ecosystem :)
New users should also be aware that you gain 10% interest if you hold SBD , and that SBD is more stable then ever despite whats happening everywhere else :D
It's also important to keep in mind that SBD is a smart-contract and not a typical coin, so not only can you sell it on the market directly you could execute the contract to convert each to at-least $1 worth of steem.
Smart steemians have been buying up the undervalued SBD contracts wherever possible, doing wonders to stabilize SBD value over the last few weeks, see ?
Click to zoom this image , or alternatively view the full SteemUSD/SBD usd chart
Please see my recent posts for more useful promotional tools!
- New steemit recipes for iftt.com - autopost your steemit to reddit/facebook/twitter and more! [100% SP]
- Promote your posts on /r/steemit and do your bit for steemits public image! [Making /r/steemit great again]
Written by @ausbitbank - If you found it interesting please see these
@steemleak ~ steemviz ~ steemcap ~ steemUSD/sbdUSD indicator
Edit - 4 days later:
