Yesterday very early morning I saw a buy formation with an inital target of R1: 75K. It happened quickly, and it didn't take long as I mentioned. Squeeze going through LVN can do that. The strategy to follow if you have missed the initial pop is to wait until it retraces. Where you may ask? Close to the broken red trendline shown in the chart. If you pay attention, this pattern happens very often, and it is safe to assume it is a high probability trade. Trading is a game of probabilities, anything can happen, no matter who you listen to -permabears or permabulls.
Currently Steem is in nowhere land, but found support below and looking to break 75K. I do not like to give predictions, but a sideways move between 67K and 75K satoshi is likely as it is trapped between two zones (green and red dotted lines). If you managed to get some steem great! I missed my opportunity as I could not get funds into the exchange on time.
As always, trade your plan. Your welcome to share your ideas, post any comments you feel like. And if you have managed to read this much so far, let me know if you are interested in a Steemit 1st Crypto Trading Challenge. Haven't made the announcement yet, and might be looking for some help in the form of a co-curator. Some logistics first to figure out, setting rules, another steemit account, trading prizes, etc. The idea is to grow the next generation of crypto traders, and help newbies to become better at trading\ :) Lots of things can be done to help the crypto trading community here.
Until my next post.
Very good analysis. Hope you can share more this kind of post in the future.
Great to hear. Feel free to ask questions or if you have any other coins that is interesting to look at. Presently Tradingview is the only platform I can do my analysis on; I am exploring other platform options since going with alt coins I do not the Volume Profile charting and so I have stayed away from higher return /higher risk trading pairs.
I love these analysis posts since I am pretty new to cryptos, they make me feel as if there is some method to madness :D
What place would you recommend to start learning to read these charts? Thanks!
Thank-you! Actually I will have to get back to you to see if I can find a comprehensive trader who has already done the homework. I learned from years watching every day videos of @pivotboss on his twitter feed. He is a futures traders, and imho one of the best strategists out there. There are many of course, but unfortunately none of them do crypto (yet). My method of analysis is based on Volume Profile /Auction Market Theory. Traded volume gives clues. Will keep you posted once I find a good source to learn from :)
Great, I actually got some Steem for 66k, but my choice was based on the fact that it fell from 74k, but I'm learning every day :) and thanks for all the valuable info, now I know what to search for!
Your analysis are great. Keep posting! Not sure why not more people upvote you. But in my experience you have to keep posting good content to make it here.
Thanks @knircky, I appreciate your comments and support! Means a lot hearing good feedbacks :)