You are viewing a single comment's thread from:

RE: STEEM getting ready to go on a bull run....

in #steem8 years ago

Hey mate,

I've seen your work grabbing my attention while clicking on the various tabs, and have finally have given you the follow. Keep it up!

I'm a technicals guy myself and love the look of this chart:

But what experience tells me is that it's 'too good to be true' and is just waiting for a correction.

Think about it like this: Each time that pattern forms, traders who long it will put their stops just under the last. They do it again and again putting more and more stops in just below the bottoms of those triangles.

When it finally stops stepping up, all those stops are going to be in play and things could get out of hand quickly.

They'll get cleaned out, but that's when the smart money buys again.
I'm excited! :)

Sort:  

Yeah....I'm definitely still learning about technical analysis. And you are 100% right....looks like that's exactly what happened w Ether yesterday. Once it broke through the resistance, the stop losses were triggered and the price dropped even more!