Hello guys,
today we analyze the spread STEEM-BITCOIN (Exchange: Poloniex).
As you know the trend is bearish and any technical analysis suggests a reversal. (Previous post: https://steemit.com/steem/@quant01/steem-new-lows-and-now)
The first chart represents the spread on daily time frame. In this case the spread is strong bearish for the medium term and the target is @0.0015.
It's the same in the 4 hour-time frame chart:
Look at the ribbons... As you can see the yellow line (moving average) didn't cross the other lines. In other hands... no buy signal...
At the end... the 1 hour time-frame chart:
This chart is still in a bearish trend as the high-low configuration.
We think it's not a good time to speculate on this spread. The best strategy is to be flat and eventully looking for trading opportunities in some others crypto. Any suggest?
Best