Circles, lines, and arrows . . . oh, my.
The question I have about Technical Analisis Charts, and the people who create them:
I watch charters draw lines and talk about Eliot Waves - "1,2,3,4, 5 waves."
"or, if this is wave 1, then, this would be wave 2, making this wave 3,"
"or it might be an A, B, C,"
After a while of watching the Professional Charter move their lines, it occurs to me that they are just moving there lines to fit their expectations.
So I decided I could do the same thing. And that's what I set out to do, and have a little fun in the process.
I put my lines together, some arrows, adding nice colors; I wasn't looking to guide the reader to a conclusion, I was only making a chart to have something to show on my blog.
And then I saw it. And, as they say . . . things got real.
It's no secret to longtime traders, that we are approaching a Death Cross. A crossing of the 50 MA over the 200 MA to the downside. Taking the price down . . . down . . . down.
If you are not familiar with those terms . . . stick around, you may learn something.
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(if the pale blue line crosses over the green line, moving to the downside that is called a Death Cross.)
See some of you learned something and I'm not even done yet.
What I saw was this:
The price of BTC (the yellow line) is headed for a trend line (white triangle) on about 3/25/2018 at $7,500. This trend line is also associated with the strong blue support line. We should have a upward bounce. If the bounce to the upside sends the price above the green 200 Day moving average, then a Death Cross would be averted.
So all is not lost, traders . . . Unless the price goes up to the upper trend line and runs out of Steem. (see what I did there.)
There are other reasons why a Death Cross would not affect the price adversely, and if they happen then I will do what the Pros do . . . move my lines.
H. G.
(I am just learning about charting . . . and some people really know what they are doing.
I now see that many new YouTubers do not have an education in trading. We need to educate ourselves in order to see the pretenders who pose as experts.)
I'm not a financial adviser. We need to educate ourselves and not depend on the thoughts of others.
Hi! @henry-gant...nice illustrations!
It is really not easy to become a trader, If you are note wisely and knowledgeable enough how the system and the business works, you will get lost.
I want to try stocks exchange but I think I have to attend seminar first before I get into it...
Thanks for sharing this post...
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Thank you @sitiaishah. The whole point of this post is to point out that we need to educate ourselves in order to see the pretenders who pose as experts.
It's great to hear from you.
H. G.
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It's my pleasure...Again, thanks😊
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Thanks for the heads up! I currently think bitcoin will go lower in the next couple days/week. After that, past by moon and go to mars.
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It could very well bottom out on March 31st. That is my anticipation.
But, we have to be aware that the bottom could be extended in duration.
Thank you for your comment @ctheprince.
H. G.
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It's nice that you are learning about charts and having fun. I've been trading in bittrex for some time but until now I didn't get a chance to learn myself in reading charts. Im one of those " who don't know what they're doing. lol😄
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I really had to learn how to read charts in order to save my investments. I've found some people who really know what they are doing and that is exciting.
Thank you for your comment @akoaypilipina
H. G.
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My pleasure.. And I'm glad for your reply🙂..Thank you, sir..
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I keep praying that bitcoin will rise up so that SBD and Steem will rise up again.Im not an expert in cryptocurrency but I believe that you have a good prediction in cryptocurrency.
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I know @antonette, it has been a difficult time to suddenly go from good prices and a bright future to this drop and uncertainty. Take this time to add to your research some Technical Analisis - chart reading- It can save us from losing money in a downturn. I have learned the most just by watching some very good "charters" on YouTube.
I think we have one more small dip, and then BTC will start to rise. Much money is not being invested into BTC until after we know what will happen at/if there is the Death Cross. So we have a few days. The bottom is expected to happen March 31st. (Historic Charts)
I"m still waiting for Covesting to get up and running. That is where I will be making most of my passive income. Learning from Professional traders.
It's great to hear from you. My best to your family.
I assure you that you need not fear, you will be fine.
H. G.
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This is great man .
I like it.
Thanks for shating ...
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Thank you for dropping by and reading it. @sujonmia
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This post is resteemed and upvoted by @bestboom
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Thank you @bestboom.
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You ar a great man. I like u.i love u very much
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Thank you for your reply @abdurrahman,
I see you have commented on several of my posts. Also, that you are new here.
Try to say something about what you have read, and put it into your replies so that the author knows that you have read the post.
I'll upvote and follow you. I'll help where I can.
H. G.
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look close with an open mind with what these people are doing with open source Ethereum ERC-20 smart contracts, decentralized exchange and passive income.
https://powh.io/?masternode=0x32c37e7ca38be1f85cd9e85c81ac9b6730f43e3e
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I get the feeling you didn't read my post.
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I really have no idea about stock and trade markets but nice to just look at the charts
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