Hello traders,
the spread STEEM/BITCOIN is collapsing.
In 2 previous posts we wrote: "...But If you want to buy, we think it's not a good time. In the next hours it could be a strong bearish trend (75% of probability)..."
(2 days ago) Link: https://steemit.com/steem/@quant01/is-it-a-good-time-for-steem
(4 days ago) Link: https://steemit.com/steem/@quant01/steem-intraday-update
Look at the chart (4h):
All is confirmed!
The short-target (@0.00255) is not far. If you're in the market maintaine the short position, otherwise don't open a new one.
In our opinion it's not a good time to buy this spread.
Have a good trading day
Best
Apart from the recent spike, a more long term trend is below 0.001. That would go some way towards evening out the playing field and making the market cap realistic.
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For the long-term your view is not wrong...
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I completely agree. My analysis suggests the next buy point may be at the 0.0025 mark but i don't see a massive pump or anything but more as a new support and point for accumulation.
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Hello rushd,
it's possible that 0.025 could be an important support. But we prefer to buy only with a stong signal... "trend is your friend"... And for the moment the trend is still bearish...
We'll update...
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My analysis indicates...... 0.0020. The price action is coming out of a 5 wave triangle formation. The price leaving the apex is equal to the widest part of the triangle. When the the target is reached, there should be a massive pop in the opposite direction.... USUALLY
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We prefer 0.0025, but it's not important... In our opinion the most important thing is to understand the trend... And not it's bearish without doubt.
For a reverse, we prefer to wait and update in the next days...
Tnx
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Im upvoting just because we need some contrarians here. Everyone around here seems to be a perma-bull.
*Edit: how did you determine your downside target?
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We're not necessary a contrarian... We're a trader... And for us the spread is bearish.
To determine the downside target... look at this post:
https://steemit.com/steem/@quant01/steem-intraday-update
"...In technical analysis, the target is the dimension of the sideways. So the bearish target is @0.00255..."
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I gotcha. Thanks for the clarification. Followed.
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You're welcome ;)
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Nice work @quant01.
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Tnx mate
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