STEEM - long position - awaiting confirmationMy previous idea on STEEM reminded me of a few very important rules of trading, and here I am enforcing them strictly. The most pertinent being: ALWAYS wait for confirmation. Long term, the outlook is still very bullish, until we see some signals to the contrary. Short term, things are less sure, so we should wait for confirmation before entering.
This chart is a 343 minute with 4 simple moving averages: 7, 21, 77, 235, as used by bdkelly1203.
The most promising aspect of this chart is (A), the golden cross of the 77 over the 235 SMA. This hasn't happened since March, when steem last broke out. Until we see an inversion of this cross, I remain bullish long term. (B) is indicating a point of harmonic resonance, when two of the moving averages crossed on the 0.236 fib. This might sound "woo woo" to some people, but this can indicate harmonisation in the chart, suggesting it is "balanced" or "in tune". (C) indicates the strong support that the 235 SMA has provided to far, if this can support the 7 SMA without a cross, then that's a very positive sign, if the 7 crossed the 235 - bad news. Finally, (D) is our signal for a trend reversal. If the 7SMA can cross the 77 and the 21 after finding support at the 235, then we're in the money. This would be made all the sweeter if it happened right on the 0.236 fib!
After receiving confirmation of all the signals above, we should set our bid to just above the .382 fib at ~0.000315 with a stop loss below the 0.236 fib at ~0.000289. Our target should be just below the 1.618 fib of this run, which lines up with the 0.382 retracement fib of the previous break out, at ~ 0.000469
I will update this post as I receive confirmation diversion signals. Happy hunting!
STEEMBTC trade ideas
STEEM train leaving the station!We've just had a big Elliott wave break out on Steem and are reaching the C of an ABC correction. We are currently in the buy zone.
This chart is a 343 minute with 4 moving averages at 7, 21, 77 and 235, as recommended by my man @bdkelly1203. we had a great breakout after the 7 crossed the 77, and we just had a cross of the 77 over the 235 - The train's about to leave the station!
Target should be below the .382 retracement fib at about 0.000475 or so. This entire move should be the 1 and 2 waves of a larger Elliott wave set, I plan to sell at 3, reenter at 4 and ride up to new highs at 5!
Good luck! Choo chooo!
Good to take some profits, but will probably go even higher Alright this one deserves a chart.
STEEM doesn't seem to run out of steam (ha, get it?), and doesn't look like it will for another couple of days. Just to be safe this is a good place to take profits based on WT, but MACD isn't quite done yet.
Once it tests that resistnce between 1st and second fib level, it will momst likely go as high as the top of the second fib level before crashing very quickly back to it's current price.
STEEM TO DOUBLE IN PRICE! - Major movements.Steem's value is currently under 60% of the Fibonacci, therefore the market has reclaimed more than enough of it's value to continue a large uptrend. On the graph with have small and major resistance + support levels, follow them line accordingly and make trades based on which one is broken. Steem has seen much higher prices in the past and we should see them again in the, not too distant future.
First target - 0.00035K.
Second target - 0.00064K.
Steem Buy OpportunityIt looks like the market reached the bottom. We see that 0.0002240 support level could stop falling market. When the price broke the downtrend line, it was a signal that probably the market would reverse. A bullish divergence confirms trend reversal. MACD supports upward movement. We have buy opportunity. Pending orders should be placed above SMA50. It's 0.000300 level. Stop orders must be below the support level. Profit targets are 0.000400 and 0.000600 levels. If the market drops below the support level, we'll have to wait for new trading signals.
STEEM/BTC - Looking great to start the next impulse up.We should now start to see money coming back into altcoins again and I think STEEM is ready to make the next impulse up.
The idea behind STEEMIT is great and I can see the platform becoming more and more popular once it moves out of beta. I personally think that it will become a legitimate threat to Facebook and Twitter and will spearhead the next generation in Social media. So fundamentally and technically this chart is ready to go.
Good luck traders
Bitking.
STEEM/BTC LongI'm going to go ahead and say that STEEM is at a good entry point at the moment. There's a couple things that lead me to believe this:
1. The market has taken back over 80% of the high point (fib retrace).
2. The 30 day moving average is flattening out and looks like it will start sloping upward.
3. There seems to be a bottom line horizontal support for the price action. This combined with a resistance trend line creates a wedge that the price will have to break. The price will only have to break one resistance lone, while it would have to break two support lines (both horizontal and blue).
4. The MACD lines look as if they are about to cross the zero line upwards.
5. The RSI is dancing around the support line I created.
There is a lot going on in this chart right now, but I think it will be one of my better ones.