STEEM jumped 23 cents over night! - but I am convinced this is not the start of a new uptrend
This is crazy. Yesterday I wrote about the price of STEEM being under a Dollar again, and now it is trading at 1.20$.
That is indeed some crazy volatility. And it makes me really really happy, because if STEEM can jump 25% in a correction from one day to the other, imagine what is possible from now on in a new impulse wave up!!! This is great news😎.
BUT: According to elliott wave rules, there is one final wave down needed, to complete the pattern. This is, if my count is correct and I dont miss something here. But I have been correct for months now about STEEM, so lets assume I am correct here too.
I even predicted this upmove... If you missed one of my last posts here is the big picture again:
I am not entirely sure yet if this upmove is already completed, or not. Both arrows are possible...
So if you see a new low in the STEEM/BTC chart, this is where the fun part starts. Because this is a wave 5 of a C wave, this could turn out to be a very short (failing) wave 5, or it could go down more like seen in the picture.
What I want to tell you with this is, that once the price moves close to the old low at 21600 satoshi or breaks that low, THE DOWNTREND COULD BE OVER AT ANY SECOND!
Yes the downtrend could also contiune for a week or two, but this means we are very close to better times with STEEM! I am excited 💪.
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I will pack up my things now. I am heading to cologne with my buddies for "gamescom", the biggest games fair of germany (and possibly of the world? as E3 is just for business people...)
I will be posting tuesday evening or wednesday evening again.
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If you think this to be useful information:
DISCLAIMER: I provide trading ideas using EW and Pattern analysis. The material in this post does not constitute any trading advice whatsoever. This is just the way i see the charts and what my trading ideas are. The author of this post is holding positions in this market at the time of this post.
If you make any trades after reading this post it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.
Tell me what you think...
Have a nice day :-)
This post may be worth revisiting after the price action today!
STEEM/BTC is going up now, and then down to a new low. If this does not happen, then I need to revise it.
Great informative post , thanks !!
Great insight! I study a bit of EW myself.
Yayyy so happy to see someone on steemit using EW analysis :) soon time to buy some more steem before the next impulsive move upwards.
Thank you @ew-and-patterns
Yes, true. I totally agree with your opinion. We are right here and very real .. happy to know you are my friend :-)
Hope it gets higher :D
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STOPNice info........upvote u and follow......same needed from u
Hey you just made me happy
Its a super duper wave effect of the trend happening .
Hey great post
I think this wave thing is a lot of baloney, if it were so most people would make a killing following this idea. And to show you that crypto doesn't really move in a logical manner, just a few minutes ago I read that people have been powering down and selling Steem at a very high rate these last few days, I don't think that would help the price at all, so I think in the crypto world prices are moved by the big players, money will go where they want it to go which just makes logical thinking redundant because prices are at the mercy of the whim of a few people.
Just enjoy the fact that it is moving up, and hope it stays that way.