Ever since I've been preoccupied with my run journal, I've been neglecting posting updates on the cryptocurrencies I've been following. So since my run today was cancelled due to urgent work issues, I thought of taking the chance to post a chart update for a change (just for the record, I managed to resolve the work issues so I've bought myself some free time here...).
Let's start with BTC/USD:
I redrew the uptrend channel on the right (it had a steeper slope on my previous update) to indicate that we can still consider the current move as part of an uptrend. However, the momentum has certainly waned ever since we had the long red bar that immediately followed a long green bar some 8-9 sessions ago. In fact, if you notice, price has been faithfully hovering quietly sideways between $8900 and $9600 these past 2 weeks.
Another factor that supports the uptrend thesis is the fact that our current price is still above the 50-EMA line. While this does not really indicate an uptrend -- it could also be a sideways trend -- my bias for now will be to the upside in the foreseeable future.
Major support and resistance lines remain at $8,000 and $11,500 respectively, although keep in mind these two points are quite wide, and there would definitely be more resistance points in between.
Secondly, STEEM/BTC
The recent red bars can be viewed as retracements after a strong rally, as long as we stay above the 0.00040 level and preferably stay within the green uptrend channel. This 0.00040 level would be where I would pinpoint as a major support line.
On the other hand, resistance is currently seen at the 0.00051 level, which coincides with the 78.6% Fibonacci retracement level from the past down move. If we can get past 0.00051 convincingly, we may potentially see a move towards 0.00060, a level that we have not been able to surpass even after numerous tries.
That's it! I hope this provides some additional insights to your viewpoints on these two pairs. As always, do trade carefully!
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
