Hello Steemians! Well that lasted for 2 days.... Let's have a look.
Definition of a downtrend is lower highs and lower lows, and also when you move your chart high to the left edge of the screen, if the current price is lower than that; generally prices are going down. This is such a simple concept, but there is always argument if a trend is up or down. But I say there is very little argument on the BTC chart that it is a downtrend.
Another aspect of a downtrend is, rallies will get sold at all scale. We see exactly that is happening. An further important aspect for the indicator driven people is the fact that in a downtrend price is below all MAs and MAs are sloping downward. The present chart satisfies all these criteria s.
The reason I am hitting the point hard, that it is okay to observe a small rally in a downtrend. It is okay to get excited about it. But it is not okay to act a trade on it. In my book the downtrend is not over until we convincing make a higher pullback (higher low) and trade above the 50 EMA, perhaps both.
Okay: STEEM:
Similar story as BTC. The Korean volume from Upbit faded rather quickly. I don't know what to make of that volume. I am just a momentum trader. No volume, no momentum. Without volume we will drift down towards 1.4-1.33 level again.
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.
Keep calm and buy till rebound week after week (my strategy :P)
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