Chart Patterns for LITECOIN vs STEEM..??
LITECOIN vs STEEM - Chart Patterns
Has anyone else spotted the similarity of Chart Patterns for LITECOIN vs STEEM..??
Both are BULLISH and STEEM appears to be lagging by around 3-4 weeks..!!
Thanks for reading.
Stephen
I can explain this from an elliott wave standpoint. The first spike, then going down to nearly zero again is almost always considered and ABC correction, forcing the the first early adopters to flee from this market in fear of loosing everything. Then the price stays low for months or even years so they will eventually say Fu.ck it and sell their position low, only to see the real bullish wave to develop shortly after that.
This a very common structure even in stocks. After the first ABC correction the longterm bullish count starts to develop. Hope this helps....
If you compare with other cryptos you will find it hundreds of times...
If you want to know more about the recent BTC wave count visit my blog. I will not advertise it here with a link.
Stay awesome ;-)
Thanks for sharing
Shared on twitter. Stephen
I recently posted about steem in the 12 month chart seems to be forming a cup and handle pattern. This is even better. If like litecoin, steem surpass the previous high this can mean so much good for steemit and the community.
Have never noticed that before,but looking at them now i've got to say i think you might be onto something.Let's just hope the price of steem shoots up just like litecoin,I was lucky enough to get some of my first litecoin about 3 weeks ago when it was under $50.Thanks for sharing.
Interesting indeed! Litecoin has done well. Both can be used to facilitate money transfer but in my opinion Steem is superior. No fees... 3 second blocks... 10,000 transactions per second... Not to mention social ties... Steem is still less than 1 billion market cap, with an annual inflation rate of approximately 9.5% which decreases by about 0.5% every year... Steem is scarce, valuable and seriously undervalued right now. I'm hoping to buy in way more than I have right now... The future looks very bright!
Very interesting. The next time I see litrcoin take off ill have to start accumulating a small amount of steem. Maybe a good time to power down your steem to sell at the highs and buy back when it dips again after litecoi
The ultimate outcome should be the price of Steem increase in value ;)
I must go and look more info... I go and see what I can find :)
Great comparison, and as an aside, both charts describe what a Parabola really is.
People nowadays carelessly use it to mean its going straight up!
But it really refers to the arc or dish or bowl shaped pattern.
High on the left side and deep dish in the middle and the all-important upward movement on the right.
It's going parabolic!
looks so similar indeed we all know where it is heading now :)