I'm not an expert in TA at all but I do like it.
It's just another tool in the box that can help you explain why the price is behaving in a certain way even though all the fundamentals are great.
This is the chart I now look at the most. It's STEEM/USD.
It's very simple to read. The green line is the current price momentum over 200 days. It acts as resistance on price.
As you can see it's still pointing down meaning that the price action on STEEM is still bearish.
To put the MA200 in a little bit more perspective so it's easier to understand look at the bigger picture and you realize why the momentum is still bearish. That's a huge fall!
But also notice it's starting to straighten out. Also, notice that the STEEM price is currently hugging the line, something it has not done for a long time.
The reason it's straightening out I believe is because STEEM has bottomed on the 16th of Dec 2018.
We have enjoyed a fairly nice uptrend pattern since then as you can see here.
But there is one thing that makes me more excited than anything.
And that is what will happen if we manage to break the MA200 on the upside.
The STEEM price keeps trying to break the MA200 but keeps being dragged down back towards it.
You can see it when you zoom in.
We are currently in another attempt to break free.
The reason I follow this with so much interest is because I remember what happened the last time we managed to break it.
Here' the chart from the beginning of 2017. The end of the dark ages of STEEM. The price momentum (MA200, green line) turned Bullish and stayed bullish till June 2018.
Will it all play out the same this time?
I have no idea. Drawing these charts is just a hobby of mine but I do like to look at them.
When it comes to trading STEEM all I can say is, I don't trade STEEM for a living, I build on it. Every single day.
I don't know how close we are to going up, lot's depends on Bitcoin as well and other factors.
Short term price action also doesn't matter when you are building. But I do hope a nice price rise will happen in the future.
We have lots of builders on Steem that have only known a bearish time and it would be cool for them to experience what it's like to see all their work come to fruition.
I can tell you from past experience, it's fucking awesome.
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