Can you see the clear inverse correlation between
STEEMBTC
STEEMBTC
and BTC Dominance?
** Not at all calling this a STEEM/BTC bottom, but the chart itself is fascinating. Some main points:
1) Sitting on support @ 2 year ATL - bust these lows and we need to redraw our fibs for profit targets.
2) Confirmed bullish momentum/volume divergence not shown on this chart, but present within OBV and MACD.
3) BTC Dominance not looking toppy which makes our bull case for STEEM/BTC unlikely at this point in time.
4) 50% retracements make for conservative and reliable price targets. Thank you Mr. Gann.
5) Majority of alts looks similar. Ran TA on STEEM because of the interesting low we're testing atm.
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STEEMBTC
STEEMBTC
and BTC Dominance? ** Not at all calling this a STEEM/BTC bottom, but the chart itself is fascinating. Some main points:
1) Sitting on support @ 2 year ATL - bust these lows and we need to redraw our fibs for profit targets.
2) Confirmed bullish momentum/volume divergence not shown on this chart, but present within OBV and MACD.
3) BTC Dominance not looking toppy which makes our bull case for STEEM/BTC unlikely at this point in time.
4) 50% retracements make for conservative and reliable price targets. Thank you Mr. Gann.
5) Majority of alts looks similar. Ran TA on STEEM because of the interesting low we're testing atm.
Want to learn the basics of technical analysis, risk management, and the fundamental principles of profitable trading? Check out our Level 1 course. Giving it away for free right now for Tradingview users to beta test over the next few weeks. Over 20 hours worth of content, brings you from the ground up and gets you analyzing charts like smart money.
Use discount code 'Tradingview' - learn more and get a free course preview here: https://education.truebinary.io/courses/Level1