Reversal? Well at least a Reversal Bar!

Hello Steemians! Finally we get a green bar of any meaningful magnitude. Let us take a look at the BTC daily chart:

BTC currently staging a rally from 5800. Hourly chart show a nice base and a good volume momentum rally from 22:00 UTC. Therefore, there is a effort to stage a rally of some kind. Now I have no idea if this will amount to anything substantial or not. Daily chart remains substantially weak. Prices are currently trading around 6200 and 50 EMA on the daily is at 7134; that is nearly 1000 points below. This is severe weakness, so there is expectation of a oversold bounce, and perhaps that is what we are observing at the moment. That said this is the first reversal bar for a while, so I will enjoy this while it lasts. But basic trade in this situation remains to sell the bounce at all scales until the pattern changes.

Steem:

Steem is currently staging a follow up rally from 1.1 levels and trading at 1.22. So this is a "nothing" move so far, and there is little interest and little momentum. But at least we have a green bar as of now and let us leave the analysis at that. "We will cross that bridge when we get to it".

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.

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