Happy Monday everyone! Hope the weekend has been fun and relaxing.
I'd like to start the week with an update on the two counters I've been religiously following on my blog: BTC/USD and STEEM/BTC.
Here's the latest daily snapshot on BTC/USD:
Last Friday was an interesting move for BTC/USD (the 4th to the right bar with the long green body). We see a convincing breakout above the $8,000 resistance. This was reinforced by price also crossing strongly above the 50-EMA line. The follow-thru over the weekend was muted, though this won't be surprising. I will be more interested in price action over the next few days to see if any price recovery will continue.
Personally, my bias is now on the upside. It will be interesting to see if another run is made towards the $11,500 major resistance. Support on the other hand will now be at the $8,000 level. I have drawn a small green uptrend channel, although it may still be early days to draw a conclusion whether we are in the midst of a major bull run at this point.
Secondly, here's the latest daily snapshot on STEEM/BTC:
Unlike the BTC/USD chart, we see that Friday (4th bar on the right) formed a rather indecisive doji bar even as priced raced to 0.00040 the day before. This indecisiveness likely indicated that the price is not ready yet for the next level of its bullish move. Eventually, price retreated over the weekend all the way down to 0.00033, to which we have been hovering for the past 36 hours.
The good news is that we are very much above the 50-EMA and similar to BTC/USD, my bias am now to the upside. Thus I'll be looking for buying opportunities on the dip, although as always adopt a conservative stance as STEEM is not exempted from the volatile nature of alt-coins.
That's all for now. Will provide another update soon. In the meantime, wishing everyone a great week ahead.
Risk Warning: All comments, charts and analysis on this post are purely my own and should in no way be treated as recommendations or advice, nor should they be construed as an endorsement or recommendation to buy, sell or hold. Please do not trade based solely on the information provided on this post. Furthermore, past performance does not guarantee future success. Always do your own due diligence and analysis when trading.
Chart courtesy of TradingView
