SUMMARY
STEEM has declined with Bitcoin but unlike it, placed a lower low. The triangle pattern has been re-aligned to include the new price data and yet the pattern and direction remain unchanged. The ABCDE appear complete. It's the simplest assessment that can be made using this chart. Does this guarantee that a lower low from here is not to happen? In a word, no. However, probability of price and pattern show that once all five sub waves of the triangle complete, then a breakout is likely.
The MACD shows a potential turn can also be supported. The white moving average needs to turn up and cross the red lagging indicator. Has this triangle fulfilled enough time extension? We'll find out but further extension is clearly probable.
Note the higher lows generated by the red histogram, the 9 day average. This is usually the early indicator and projects that the 12 day white line should turn upwards and converge with the 26 day slow moving average (red).
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
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Tutorial on the use of Fibonacci & Elliott Waves
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up!!!
@Haejin You do not provide any entertainment. I brought you some.
I wonder if the main Character in Mr. Robot (Elliot Alderson) is a reference to financial analysis and Elliot waves. Somewhere in theory the single stroke of a butterfly's wing on the other side of the world may be traceable to a local hurricane.
Up up and Pricasso, I think I need to do some more art, some of my most wonderful life like art, yes I shall, now whom shall I dedicate it too? 1 2 3 let me see.... Who will be the lucky one to receive more amazing talented artwork from the paint and canvas genius. @aka8888 make a post give me inspiration and I shall feature you
Yours always
Pricasso
Steem is an outstanding platform and price of Steem will be defined technologically , not financially .
So what will happen? More Probability up or down??
DOWN.
@haejin thanks you for sharing your analisis it is helpful.
I voted you.
@sublimar you are welcome!!!
End the crypto bear market. Everyweek day we have been going down. This is so annoying. Last year was so much more fun in Crypto.
#bringbackthefun
Dear @haejin
You have been flagged via the flag-a-bitch app. The reason is you have been found to be Raping the reward pool with a rate of around 2.133% of the reward fund. To add onto this, your TA's are so horrible that a simple check with a mock portfolio will provide a negative value.
The flag-a-bitch app is being used on you because of your consistent blattant abuse of steemit through means of: abusive self-upvoting, collusive coting groups, and disagreement on rewards. Since we deem that you have been damaging the steem economy, we flag you.
If you would like to help us out with our quest to fight abuse you can check out our post here.
Thank you!
I hope It will reach $10 again...
Goodness how often do you post?
Do you ever upvote the comments left? It would be s nice gesture.
up!!!
Thank you for update on Steem! Soon the breakout is possible.
According to my analysis the price will be in Zig Zag
Medium Term:
Bullish.
I want to use this Steem channel to contribute ideas and debate them among all, but it seems to be only a one-way channel if the ideas and contributions of others are not supported by the votes.
Giving your positive vote costs nothing and helps others grow.
Excelent post, lo disfrute mucho sigue asi te felicito
Good effort in studying the movements!
How would you be sure it's only 5 subwaves and it'll be a breakout?
Resteemed cause who doesnt want to hear good things about Steem?
Wow this is the second post Haejin has answered my request for a coin I appreciate it a lot.
I hope I can help the community/world when am free from fiat+dept
Thank You HAEJIN !!!
Thanks for the steem update. Can you please do ETH and LTC?
Starting to feel like all ALTs won't be making any upward moves for a while ! Even when BTC rises ALTs stay stagnant
That is only because BTC rise is not significant and does not confirm the bullish trend.
so when BTC does decided to turn the corner and go for a run, are you expecting ALTs to follow straight away or will there be a delay ?
Depends on alt - the most popular ones are going to shoot to the Moon straight away but others are going to delay a bit.
Bitshares and STEEM are going to delay.
Does anyone else read this "technical analysis" and think its a bit much?
These theories are from fiat markets, surely you can't judge crypto's by the same old indicators??
sure, their are big investors out there but most of us have a relatively small amount and use crypto as we see it as a solution to a broken financial system that benefits the already wealthy, not just a "get rich quick" scheme..I think the graphs are a bit over the top, they demonstrate nothing.
Most of us are hodling and we just want an honest answer as to up or down. For myself, i was trying to get away from the traditional!!
I've said it before, and I'll say it again, (even though Ive been told by "professionals" that I'm incorrect). They never pair TA with any fundamentals or rational thinking. It's purely chart reading. In order to fully understand it, you must understand the people trading it and its future potential. For thst reason, TA is not an investing tool. Purely a trading tool and you should really look at things from multiple lens before sinking in a ton of money!
BTC is the boss of crypto currencies and boss can be stupid at any time, when it will go up Steem (Manager) will go up
amazing, thanks for that analysis
Anladım
Interesting information.
ooowwww,sir.
you and your post really good
Now sideways for 3 months... then rally ;-p
i'd take that but what do you base this on ?
Awesome post @haejin!! Gotta pick me up some STEEM
OK
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Good
Nice