BTC Temporary Bottom

"The Hive account@brumest bottom"

No pun intended, okay! Feb 11, 2016, US stock market index S&P 500 (SPX from now on) put on a major low and then turned around and never looked back. CEO of JP Morgan Chase, Jamie Dimon was interviewed on CNBC that day, and he said over live news that the present low of SPX at that time is "the bottom". From then on, in certain trading community that low has always been called the "Jamie Dimon Bottom".

So why tell this long story? On March 18, 2018, BTC put on a low @7310 and reversed. Some of us fellow Qurites were talking immediately after, and my friend and fellow qurite Hive account@brumest called 1.4 in STEEM at the same timeframe "the bottom". That is the location from where BTC and STEEM is currently bouncing from. So to me at least, this 1.4 low in STEEM is "the Hive account@brumest bottom", until proven otherwise!

Lets take a look at the BTC chart:

So yes, in BTC there is a rally taking place from literally the "middle of nowhere", and we are currently above 10 EMA. So it is real at the moment. But we have both the downtrend (red lines) and downward sloping 50 EMA in place, which will be formidable resistance. Until we trade above that we are still firmly in downtrend. Volume is good so far.

Let's have a look at STEEM:

So again, similar pattern to BTC. We have "the Hive account@brumest bottom" in place around 1.4. We are staging a rally on no volume in this case. So in STEEM land we are totally dependent on BTC at the moment, as we do not have any volume on our own. No new money is coming into the system. So when the BTC rally fizzes we will drop hard. That's the fact. But until then its party time!

Disclaimer: This is NOT professional advice, this is all just my own opinion and experience. I am NOT a Certified Financial Adviser. Consult professionals for any financial, accounting or legal related questions you have.