Cryptocurrency Markets
While I was bullish on Bitcoin in Monday’s weekly market, cryptocurrency preview section of the blog, I was however quite bearish on both EOS and STEEM. Two markets that I’d like to go over today.
If you follow my content then you’d know my trading style relies on taking trades only in the direction of higher time frame trends, after higher time frame levels have held. In the case of both EOS and STEEM, you’ll see that price is below higher time zones in both market. A sign that I most definitely won’t be buying.
Let’s start things off with EOS and a look at the higher time frame level that I’m referring to:
EOS/USD Daily
Compare the chart in the weekly preview blog with the one above, or just ignore the last 5 candles, and you’ll see that price was sitting at resistance.
You can of course see how things played out on the daily, but let’s zoom into an intraday chart to make it clearer:
EOS/USD Hourly
You can see it’s just been a slow retreat back down from the level all week. Until recently at least, but either way, no proper bullish technical damage has been done to the levels.
STEEM is exactly the same, starting again with the daily of course:
STEEM/USD Daily
I don’t really need to explain it again because it was the same as EOS at the beginning of the week and it’s the same as EOS at the end of the week. Below the key resistance zone and not inspiring with any sort of bullish price action.
The hourly is a technical picture of beauty though:
STEEM/USD Hourly
Key intraday levels being tested and retested on both sides, in the direction that the higher time frame chart dictates.
Bellissimo!
✌🏻.
| Steemit Blog
Market Analyst and Forex Broker.
Twitter: @forexbrokr
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