STEEM is once again at a very critical level. It can go straight up from now on. OR it can make two new lows, pushing STEEM to a panic low, before it rockets to the moon.
This will probably depend on the current correction of BTC. If BTC goes much lower, STEEM will probably complete the C wave with a new panic low. The good thing is that we will know for sure once there is a new low, there will be one more...
Have a look at the big picture again. Will STEEM end with a failing 5 in wave C or will the C wave be completed pushing it to new lows. Both are probable and plausible. Both are super bullish once completed...
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If you think this to be useful information:
DISCLAIMER: I provide trading ideas using EW and Pattern analysis. The material in this post does not constitute any trading advice whatsoever. This is just the way I see the charts and what my trading ideas are. The author of this post is holding positions in this market at the time of this post.
If you make any trades after reading this post it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.
Tell me what you think...
Have a nice day :-)
I believe in technical analysis, the guy from Goldman showed a top in bitcoin around 5000 and it went straight down once it touched.
It will rock! Not stooping till the moon!
You won the @OriginalWorks daily resteem contest :)
Thank you very much! I am honored 🔥
There seems to be pretty strong support around the 0.00025 / BTC level but who knows what news event could cause more panic selling in the crypto market. I would think people holding a lot of STEEM would be crazy to sell it at this level but that's their business. I'm holding mine and buying more incrementally while it's cheap.
I'm a believer in charting techniques to predict price movement and you've made some pretty accurate calls in the past. I've also used basic TA when I used to trade stocks, ETF's and options on a short term basis and it can usually be applied to any liquid market whether it's stocks, commodities, cryptos, or whatever.
Price is also news-driven at times as we've seen with the China news the past couple of weeks but aside from the news cycle the chart is a good way to predict what might happen. I'll be waiting and ready to play catch the falling knife if it does drop to the 0.00015-0.0002 level as your chart suggests. That price would be a gift for sure.
From what I've seen you have a pretty good track record with the method you use.
Yes, but is it NOT the percentage I am right that makes it profitable. You can be right 80-90% of the time and still have a loss in the end. I've seen this for myself. I have a forexbot with a hit ratio of 85% but it is not profitable because the losses are so much bigger than the wins.
With my method it is easy to have bigger wins than losses. That is all that counts ;-)
Absolutely.
I've read from several different sources that even the most successful traders are only right about 30-40% of the time. What makes them successful is knowing when to cut a loss (quickly and without emotion) and knowing how far to let the winning trades run before taking profit.
One of the strategies I've seen was by a Forex trader who uses a 3:1 rule for successful trades vs losing trades. So a simple example would be--If one bought a currency or stock or whatever at price "P", they would set a stop loss at 0.99P (a 1% loss would trigger the stop) and set the target for profit at 1.03P (a 3% gain). This is just an example but it's similar in nature to you method (bigger profits than losses requires less winning trades to come out ahead).
On a side note, you're one of my favorite people that I follow in terms of trading and analysis. Keep up the good work :)
3:1 is very difficult to achieve in the longrun. I aim for 1,7:1 but I have had some awesome trades with 10:1 or 15:1 hit the target, but they are rare...
wow very helpfull fost go ahade
Thanks for your interesting and helpful view of steem. I will follow you getting more interesting content over the time. So one day I will become a successful steem trader. 😉 Keep on with your excellent job! Greetings from 🇨🇷
@originalworks
Meanwhile I discovered by looking at the chart D1 a DoubleBottom-Formation. We will see if it hits the High between the Lows. Good luck!
Many thanks @gentlebot!
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Technical trading with crypto is not going to work out. This market is all based on emotions
You might not believe me but that's ok. I have made hundreds dollars using my EW knowledge in cryptos and I only started trading them in June 2017, because I learned about the exchanges only on Steemit, I had no clue before. EW works in every liquid market and every market is based on fear and greed.
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I'm certainly not the expert. But that's my subjective opinion: this currency will necessarily rise, until each of us believes in it. While we all live it the system. If we don't sell our coins for a pittance in the fall, and will continue to save and hoard them, we will continue our work here. This is my vision, far from exchanges and economic strategies.
I hope it will go up soon
I Don't Think We Are Going To Be Seeing Any New Highs For Steemit Especially In This Bear Market, And Steem Deposits/Withdrawals Being Disabled On Poloniex :)
Ya, I agree with @eleetmagazine. In a highly speculative market, technical analysis won't be as effective.
Remember me, when STEEM makes a new alltimehigh next year or in 2019 ;-)
Yes sir! I will :)
I think Steem has plenty of potential too.
nice post.thanks for sharing
Make no sense for Chart analyse!
Next year you can Post a Chart
btc 8000-10000
and
Steem
8-10
remember my reply - see you next year at the same time ;-)