It is such a curious thing the way sometimes Pattern Recognition Techniques on TA simply works so well...
5 days ago I wrote my opinion on a extraordinary post about BITCOIN TA , wrote by @bitbrain .
I wrote there that I was fully aligned with @bitbrain 's analysis and so my point of view, Midterm wise was same...but, looking at one of his chart I realized that something wrong was in formation and so I shared it with him...
The "vision" was, as I wrote, a potential HEAD-AND-SHOULDER patterns almost ready to get triggered.
You have to understand that TA analyst are always searching for this kind of indications in order to take decisions and, if you ever find this sort of pattern it is very likely that the prediction occurs... In this case, that pattern was indicating a sudden drop may happen of at least 400 USD as a minimum target...
Just a one day and a half after, the drop occurred... And so, BTC is now trying to consolidate the price at a lower level...
Today I see exactly the contrary on BITCOIN short term chart...and it is an INVERTED - HEAD & SHOULDER pattern, tiny but it is so...
As I said is a "tiny" indication but, if triggered, it may indicate a nice rise up on BTC price...
If BTC price overpasses the "Neckline" currently at 5570USD, price may experiment a move upwards of around 400$, bringing BTC close to the level of 5900USD...
Please, consider this post as a pure educative Technical Analysis content. The situation of the market right now does not give any guarantees of a reversal move, however is always worth to analyze and learn from past experiences and common psychological patterns.
Enjoy.
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently.
Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
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by toofasteddie
That's a nice observation, and I believe we may see a slight uptrend, but I believe we may see a bigger drop before the bull run comes.
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...yeah, it may fall lower before recovering.
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Good time to get in there and start dollar cost averaging again. I'm a bit bummed at how poorly STEEM has been performing but I have faith that it will rise again (eventually).
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At the time, when the market was full of hype, you couldn't really do anything with the analyses, but since the market has calmed down and the "shaky hands" have been chased out without a clue, as bitcoin is not at 456.876.234.734.645,00$, the market takes a more realistic form, at least that's my impression. This also makes such chart analyses more reliable, I think.
However, I have no clue about all this. I "invest" in the projects that I find good and see potential. If the money is gone, I will survive it; if it "moons" I am happy of course ^^
Do you think STEEM could fall even further in price shortterm, or would now be an "ideal" time to buy?
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That’s a good approach man.
Regarding the good time to buy Steem, I did buy yesterday some, because I really think it’s a good moment and I will do again if it falls lower but I cannot tell you that now is the best moment. Unfortunately Steem as the others good altcoins depends on the BITCOIN movements...
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Great post.
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Let's hope that you're as right this time as you were last time!
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