STEEM: a clear Double Bottom Pattern…

….and it would indicate something good for the price if STEEM wouldn’t have so much selling pressure from the wales and from @steemit in particular.

A double Bottom pattern is a Bullish Pattern that usually describes a change in trend and a momentum reversal from prior leading price action. It is normally accompanied for a divergence in some of the technical indicators and this is what we see at RSI indicator on the daily chart:

RSI Indicator:


MACD Indicator:

… as I said, if it was any other ALTCOIN I would not have any doubt to claim BULLISH Action on it but we are talking about STEEM which is being really controlled from those that state that STEEM is a decentralized blockchain….

Will see what happens next…in the meantime, I would try to accumulate as much as possible.


@toofasteddie

BITCOIN: a decisive moment

And here we are again trying to define the market destiny!

Bulls seems to gain terrain in front of the Bears but we can not say who will win until we see what happens in front of the 11000 USD resistance level.

I personally expect for a sudden acceleration of the price upwards as soon as BTC breaks that level. If so, I am pretty sure we can bet for another higher high of BITCOIN and thus for the whole Crypto Market…

By the way, the “balance” between TETHER and BITCOIN is not met so, ALTCOINS are also getting feed here in a strongly manner:

In particular, have a look to BCH , ADA, TRON, EOS and BITCOIN SV, all of them rising higher than 10% while BITCOIN 4%…

Enjoy!

@toofasteddie


Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.

BITCOIN: now, be careful…

…because in order to know if the bottom of the correction was IN, we have to see first BITCOIN over-passing clearly the 11000 USD level:

…and to do so, we need VOLUME!!!!

Essentially I would like to see a “balance” in the 24 Hour Volumen between TETHER and BITCOIN:

…as you can see, still there is a difference of almost 3Billion there…

The GOOD NEWS is that ALTCOINS are probably being feed also by TETHER since 87 out of the top 100 coins are in GREEN, by the way, also STEEM which is really a new NEW since we used to be stagnant while BITCOIN rises!

STEEM is 12% up from the Year’s BOTTOM, reached yesterday!

Enjoy and take care!

@toofasteddie


Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.

BITCOIN: Still having doubts about the count?

well…. I confess I had a moment of “panic” yessterday when I saw BITCOIN rising up a little but the doubt was obviously temporary because what we see now is a perfect “fit” of BITCOIN and my proposed EW Count.

You can read the calls I did here (3 days ago) , here (4 days ago) and here (almost a week ago)…

The formation is clear, 3-3-5 Flat correction.

There are at least two possibilities:

  • BTC has touched support already at 9400 USD
  • BTC will touch support at least at 8800 USD which is the projected target of the HS pattern

One of my buying orders have been filled already at 9400 USD… the second is waiting for a further oversold condition at the RSI indicator.

Just one comment more…I think the correction is done but, as usual, no one can be 100% sure… so, do your own research and proper assessment before taking any decision but… in my opinion we are going UP soon!!!!!

Enjoy!

@toofasteddie


Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.


BITCOIN: Refining the count

As I wrote before, everything seems to indicate a 3-3-5 Flat Correction and I don’t like the “shape” of this chart at all… even more when I see a very ugly H&S pattern in formation right now…

Volume keeps falling and the 11300 USD resistance is acting strongly as so, there is a lot of selling pressure at that level.

I am keeping the 9400 USD support as a good one historically but the H&S pattern is pointing 8800 USD as a target if BITCOIN falls below 11000 USD right now…both levels should be good enough for BITCOIN to rebound and reach new highs.

Regarding the expected “altcoin Season”

The total 24-hours trading Volume is currently at 60 Billion, 20 Billion ascribed to Tether and 20 Billions to Bitcoin, the rest is divided among the others top 100 altcoins….

This proportion of 33% for Tether and 33% to Bitcoin is almost constant…what means is that there is no altcoin season for the moment but only BITCOIN and USDT accumulation.

The future scenario of the whole market is now on play.

@toofasteddie


Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.

BITCOIN: Seems a 3-3-5 Flat correction and..

…it probably is.

I am keeping observing and following up this chart.

3 lines confining the move right now and I do not find a probable bull pattern but a Flat correction if the volume does not help us.

At the 4-hour chart the most realistic count in my opinion claims for 5 waves down towards 9400 USD support.

(C) must be lower than (A) and this last touched the 9700 USD so I think 9400 may be a good ground to rebound on.

In order to keep a Bullish continuation, BITCOIN should move from that level upper than the higher high of the year, almost around 14000 USD…

Will see what happens in the coming days, if we keep ranging, falling further or finally ending the correction…

The future scenario of the whole market is now on play.

@toofasteddie


Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.

BITCOIN: Alternative count…

for an invalidated Bullish count…

Recognizing that my previous count, bullish, has been recently invalidated…

Does not look to be an alternative bullish count right now, the correction is not finished and what I see fro the moment is a possible 3-3-5 FLAT Correction.

Hope I am wrong, but if not, 9400 USD should be the stronger support…


Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.


BITCOIN: Correcting but still upwards?

Quick update here…

It is clear that 13000 USD is a very strong resistance level. BITCOIN is now correcting after touching that value in the past few hours.

However, I am still confident of considering 14500 USD as a realistic target as planned 6 days ago in this post .

Also because I think this correction is forming the 4th wave of the Violet 5-waves count, so, still a 5th is missing.

This correction may “enrolled” further buyers who felt that they were late a few hours ago and I believe it should push again the price upwards…If so, a new Year’s High will come and the current resistance at 13000 USD will become our newer support.

The only thing I hope is that the new wave up will come mainly from “Fresh” FIAT and not mainly from the altcoins which are really being devastated by the Crypto King, including STEEM of course.

@toofasteddie


Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.

BITCOIN: iHS triggered?

Just a couple of days ago I was writing a post about an interesting pattern in formation. It was an Inverted Head and Shoulder pattern and I told it has the potential to allow a continuation trend upwards with a target of 14500 USD.

The following was the pattern I was talking about:

And what we can see right now is that after breaking the neckline at 11760 USD the volume is increasing consistently:



Those two higher bars at the volume of the 4 Hour chart may indicate an acceleration of the price action and so it is what is exactly occurring. A good example of one of the most succeed patterns in TA, in this case it is acting as a continuation pattern on a Bullish Scenario.

The target of this pattern points right now towards a new High of the year around 14500 USD, will see how close BITCOIN will be from that level in some hours from now.

As usual, pay attention to the chart and anticipate the move in order to get the most from it.

@toofasteddie

Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.

BITCOIN: interesting Pattern…

…the one that we can see on BITCOIN chart right now and, in general, in mostly all the crypto market nowadays…

It is the famous Inverted Head and Shoulders pattern which used to anticipate a change on the price action, in this case upwards.

These kind of pattern often are identified as reversal patterns despite they could also indicate a continuation patterns as well.

What I don’t like at all is that the volume does not look to support the positive direction of the price according to that pattern so, I am afraid we are going to wait some time in order to see if BTC has enough power to cross the neckline.

The inclined neckline shows that 12000 USD can be a good entry point if the volume increases since it will confirm the end of the correction and the resume of the uptrend. If so, the target according to this pattern would indicate a rise around 14500 USD.

As usual, pay attention to the chart and anticipate the move in order to get the most from it.

@toofasteddie

Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.

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