Hello Steemians! As of this writing BTC is trading around $10760, and it is just above its flat 50 EMA. So it is still trading sideways, but there is a higher low on Feb25, which is holding, and that creates a new trendline. Let's have a look:
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As we can see from the daily chart, that I have now drawn a dashed uptrend line yet again. Why is it dashed? Well two reasons:
- This line goes through only 2 points. There will always be a line joining 2 points, question is if the 3rd point fall on this line or not :) In other words, we need another low to validate this trendline.
- The price still didn't close above its 50 EMA. Until that happens, all bets are off.
So I continue to see resistance at $12.5K and support at the last low of ~$9300 and then $6000. Granted this is a very big range. Unfortunately until we get off this range, nothing much will be happening.
Let's take a look at STEEM dairly:
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As of this writing STEEM is trading around 3.23. It is currently staging a weak rally from the low of 2.8 area, which held overnight. There is no volume in this rally though, so I don't have my hopes high. I think it will continue to trade sideways at best. STEEM is deeply oversold, so we can expect a temporary bounce.
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.
