Hey there everyone, happy Monday!
Here is your daily dose of TA on Bitcoin and Steem!
Disclaimer: This is not financial advice
Bitcoin Technical Analysis
BTC is at a key area right now, it has just broken through the LOG overall trend so watch for that to close and hold on the lower time frames and then moving upwards. The volume has been declining the last couple of days however as BTC broke through the LOG overall trend the volume has just started to pick up so watch for that to come in a little heavier to correspond with BTC being bullish. The key level to watch for the next breakout after this one is the 38.2 fib retracement, the previous highs, the 12hour ichimoku kumo cloud, and there's an inverse head and shoulders pattern that has formed linking to that level as well. All key signs that if that level breaks through the 11,700$ price and closes above it that we could be making our way back up to the 12,500$-13,000$ range. After that my guess would be a shot to the 13,500$ area corresponding back to previous wicks finding support there in the past on the daily chart.
Steem Technical Analysis
Steem is moving its way back down with the rest of the Altcoins slowly losing value when paired against BTC. It recently went on the rise from about 9,000 sats to 60,000 sats before making its way back down sitting at around 30,000 sats today. We are very close to the 61.8 feb retracement level showing signs that it may bounce as the rsi tests the oversold territory. It has bounced previously off the 30 so it may be a good time for a quick trade with a tight stop loss. If we break this level it looks like we shall head back down to previous support coming in at around the 78.6 fib level with a value of 20,000 sats.
As always watch for confirmation, look for corresponding volume to come in to confirm, watch your signals, stick to the plan and make some money!
Of course if anyone sees something I do not by all means let me know, I am more than happy to take a revisit, this is definitely all subjective.
