Steem/BTC off its lows
Price action on Steem looking good
I haven't posted for a week, its been busy. Today however, I was looking at the hourly chart of Steem/BTC pair to see how it is doing. Looks like it is off its low around 1800 and now trading above 50 EMA. I say that is healthy
Looking overbought a little in the stochastic, but that shouldn't be a problem. Things can stay overbought for a long time in the rally.
Daily still need some help though. The pair is still dragging along the bottom and below its daily EMA. It did create a bottom though and showing a couple of up days.
I was discussing with a friend that it is a good idea to buy or sell in half, especially when in doubt. You buy half of your position if you are thinking about buying. Similarly you sell half of your position if you are thinking about selling. This is a simple mental discipline so that you do not kick yourself later if you are wrong.
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I feel at this period of bitcoin halving, people should be careful of trading. If you are going to trade, it shouldnt be against the trend except your atrategy fits perfectly with the charts. Nice analysis @azircon. People should also read about the halving at this point before trading.