Hello Steemians! I told you to wait for a breakout, didn't I? Well the only breakout we got was a bearish one. It is not looking good, let me tell you. I did predict the price would touch the lower band, but now there is a breakout and confirmation. It is better to wait for the break of that low ( the confirmation of the confirmation) before we start panicking.
There is an important price resistence around $0,88 if it goes further down. Bands are starting to wide a bit, not a good signal aswell. I hope I'm completly wrong on this one.
Bitcoin isn't showing anything interesting aswell, so there is no reall sign of market recovery. No need for a graph on this one.
Usually breakouts, bearish or bullish, develop faster, but who knows what might happen.
(XRP chart)
On the other hand, how strong is STEEM? Uh? Holding the $6 range, when everything else is struggling.
I expect a pullback, after the signaled entry by the Williams R%72 and SMA100 setup, and it did happen. To be honest I was expecting a even bigger and more confusing one, giving the overall state of the cryptocurrency market.
Trades signaled by this system, develop slowly and take a couple of weeks to reach the objective. It might happen that this was not a very good one, due to the circunstances, but so far, perfect.
This is my own opinion, don't use it as financial advice.
For my predictions, I use a technical analysis trading setup I explained here, and also my knowledge of other setups along with common support and resistence lines, and Fibonacci levels.
As you can see I don't have a huge following base, so if you want, you can help me by resteeming this post.
Thank You!
Yes, I can see one more retrace happening with BTC around 8600. STEEM is quite sensitive and might go back to $3.