BE WEARY OF THE CRYPTOS RIGHT NOW!!!
In today's post I will be going over 3 different charts of BTC, LTC and STEEM.
Here is a 2 hour look at BTC. As you can see from the drawings on the chart, I am expecting another big move downward as shown by the arrow. Right now you can see a consolidation pattern which NORMALLY results in a downward impulse move.
LTC has a pattern that looks a lot like BTC and has proven that they move in a similar pattern together. Looking at LTC we can see both BTC and LTC are showing this downward signal. Make sure you are out of the cryptos and wait for the cryptos to show their hand before you act. Whether it is a breakout to the upside or does what we are expecting and another downward move. However, be weary of a breakout on the upside as we have seen in the past many fake-outs where they will break a significant resistance line and reverse and head down as they try to get as many people to buy high and sell low.
Finally here is a look at STEEM. Looking at the chart you can see a very similar pattern occur right before which resulted in a downward move. I believe this move will act very similar and we will see another significant downward move. This is a time that we need to be patient and wait it out. For everyone of us on Steem... it's gonna be a little longer before we see the price of STEEM rise again.
I will keep you guys updated as these moves play out. If you have any other opinions or analysis please share and let me know in the comments I am always open to listening to others opinions. Hope you have a great day and a better one trading!