It's been a while since I've done a market update, and this seems like a nice potential-reversal moment to chime in. I've also been tweaking my custom SteemUSD indicator now that we have more trading history to work with and needed an excuse to show it off ;)
We've had a nice little pump on Steem overnight, taking us from our recent low of $0.40USD up to $0.65USD !
Click to zoom into full interactive chart
Zoomed out version for context
Note: I'm not currently trading steem (I'm powering up), but based on my general experience trading in the past I would expect it to play out something like this. Do you own research I am not a professional anything and take no responsibility for anybodys trading losses.
My expectations In the immediate short term I would say this looks like a short timeframe double top, I would expect a retrace to the 50% fib between the low and recent high and further consolidation.
Failure to drop below that 50% fib and consolidating in that range would confirm the reversal in my mind and I will trigger the SBD conversion process.
Here are the current fib retracement levels in USD for steem based on this movement:
Fib levels: $0.57 , $0.54, $0.51, $0.49, $0.45
So steem looks great right now imo - better then it has for weeks :)
Lets look at bitcoin for context, since the markets are linked:
This is my latest BTC CNY Weekly chart from OKCoin - Not much action in bitcoin land just further consolidation on top of a previous resistance level after the bfx hack.
Click to open full interactive chart
This is a look at the BTC marketcap in weekly candles - similar pattern but much cleaner to see trends:
Click to zoom into full interactive BTCCNY chart
And one last chart - BTC priced in Gold Oz - This is usually one of the clearest charts for telling trends, but this time it tells a slightly different story. We're below a resistance point, at the top of the BTC/XAUUSD trading range imo
Click to zoom for full interactive XAUUSD chart
So - whats your trading plan ? Let us know in the comments!
Written by @ausbitbank - If you found it interesting please see these
@steemleak ~ steemface ~ steemviz ~ steemcap ~ steemUSD/sbdUSD indicator
