STEEM trade set up?
Updated
Got my eyes on some STEEM at the moment, its had a great few months spitting out some great trading opportunities and confirming these supply levels already.
We can see supply created back in November last year with the drop out of that large consolidation area before the market made a decision, this was acting as a solid resistance for the past 5 months so far with a few attempts are trying to break with very low volume so not really having the grunt to bust down those layers...it just wasnt ready.
However over the past month we have been building a nice steady up trend and the last impulsive push managed to break that supply zone now opening us up to the possibility to push higher.
Its since had a healthy retrace but i believe it has a bit more of a bleed left in it yet and as BTC looks as though its about to make a decision out of this range, we may get a nice low entry so im happy to put some luck dip buys a bit lower and extend my stop loss to give it some room, BUT for the sake of the chart im going to place my stop in a zone thats easy to understand for now just below the 618.
This may take some time to play out but its looking like a really nice R/W:R for a descent potential 50% on over all run but there will most likely be a potential to swing the move up.
i can see a level of resistance at that last previous top around 1446 and the higher supply around 1621 is my current area of interest although i will be trading this for a month or so unless of course it delivers the goods much quicker :)
CCI has some time to settle but still room to go for another run soon, and volume although retraced on the price action is still climbing well which gives me confidence in this having the legs to run up.
will keep this one updated over the next 2-4 weeks.
We can see supply created back in November last year with the drop out of that large consolidation area before the market made a decision, this was acting as a solid resistance for the past 5 months so far with a few attempts are trying to break with very low volume so not really having the grunt to bust down those layers...it just wasnt ready.
However over the past month we have been building a nice steady up trend and the last impulsive push managed to break that supply zone now opening us up to the possibility to push higher.
Its since had a healthy retrace but i believe it has a bit more of a bleed left in it yet and as BTC looks as though its about to make a decision out of this range, we may get a nice low entry so im happy to put some luck dip buys a bit lower and extend my stop loss to give it some room, BUT for the sake of the chart im going to place my stop in a zone thats easy to understand for now just below the 618.
This may take some time to play out but its looking like a really nice R/W:R for a descent potential 50% on over all run but there will most likely be a potential to swing the move up.
i can see a level of resistance at that last previous top around 1446 and the higher supply around 1621 is my current area of interest although i will be trading this for a month or so unless of course it delivers the goods much quicker :)
CCI has some time to settle but still room to go for another run soon, and volume although retraced on the price action is still climbing well which gives me confidence in this having the legs to run up.
will keep this one updated over the next 2-4 weeks.
Trade active
Boom there is our hit, patients pays off once again for an ideal entry.Nice response to the 618 with some wickage to the downside on the daily, lets see if btc can sit still for a few days we may have the legs to push to our target :)
Note
6% from entry alreadyTrade active
This is it, make or break, daily CCI just turned up from being oversold as we touched down on 2 of our orders, sitting pretty at 8% right now but giving this some time, could be a week or so before targets are hit looking at the length of the cci moves.
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