A DIFFERENT PERSPECTIVE
While almost everyone is happy about the recent dip in the price of STEEM and is encouraging others to buy the dip, I'd like to take a step back and look at the chart. Let's put our emotions aside, and use some common-sense along with technical analysis in the chart to see what's going on. In fact, that's exactly what I did today. I know we are all biased and often times, when we look at the charts and we try to analyze it, we tend to read our bias into the charts. But let's try our best not to do that for a moment so I'm going to only look at the chart and nothing else. Neither the fundamental reasons nor the emotional biases that I may have towards a particular direction.
STEEM/BTC DAILY CHART
A couple of things in the daily chart is quite obviously and undeniably bearish and negative for the price of STEEM in the coming months. I'm going to list them below and please, by all means, feel free to disagree with me and/or correct me in the comment section below. if you think that I am wrong. I promise you that I will be all ears!
- The daily bullish trend line is broken.
- The 30 EMA has crossed over the 50 EMA.
SHORT-TERM RECOVERY IS POSSIBLE
Perhaps last day's hammer with a bigger volume compared to its previous day is the only bullish sign that I see in the short-term; a bounce from here is not only possible, but also expected in my opinion. However, in a longer term or perhaps medium-term, there is nothing bullish in the chart as far as I'm concerned. To be fair though, charts aren't the only thing and they don't always tell us the truth so could I be wrong? Absolutely.
MR. OPINIONATED!
Please be advised that trading cryptocurrencies comes with a high risk and any opinions, research or other information contained in my posts is provided as a general market commentary and opinion only, and does not in any shape or form constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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