An Oversold Bounce!

Hello Steemians! So we have an oversold bounce in crypto as we speak. Let us have a look at BTC:

This bounce started from middle of nowhere, which is common unfortunately. That 7400 support that we had broken, that will be resistance now. We are basically trading right there. With just a little fuel (read volume) we should be able to clear that.

Although BTC chart remains ugly; there are some good looking major coin charts like LTC for example:

He we can see that the current bounce is from 110; which has been tested several times, and therefore an obvious good buy zone. Traders bought exactly there. So this is a predictable TA case, BTC was not.

Steem:

Similar bounce here. Again from middle of nowhere. Well I can draw a Fib Retracement and show that it is bouncing from 0.78 Fib, but that will just be a bunch of "bull...". We are bouncing from here that is the fact, the reason is not important. That is why I like to trade price, or just the bar. Bars are green, price is going up, I am buying. Bars are red, price is going down, I am selling. Let's keep our eye on the ball people, the EOS mainnet launch is looming, and I expect some tradable volatility.

Disclaimer: This is NOT professional advice, this is all just my own opinion and experience. I am NOT a Certified Financial Adviser. Consult professionals for any financial, accounting or legal related questions you have.

Charts are created in Tradingview.com, which is a free service