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STEEMUSDT After More Than 350% Big Bullish Move Now What Next?on 17th of March 2020 I posted an article where I revealed that the priceline of Steem has completed a bullish Shark pattern the formation of this pattern was started on 25thf November 2019 and completed on 9th March 2020. And as per Fibonacci sequence of bullish Shark pattern I predicted that the Steem will move up from here atleast between 0.382 to 0.786 Fibonacci projection of C to D leg of this bull shark pattern. And on the very next candlestick the price action of Steem took a really very powerful bullish divergence and produced more than 350% gains. That was really very massive profit. Why the priceline moving down again: In the previous article we have already examined that after the previous bullish move the priceline was not able to cross up the 200 simple moving average resistance. And dropped down on 100 simple moving average support this time the same move occurred again the even though the priceline moved up to 350% but could not cross up the 200 simple moving average and again dropping down on the 100 simple moving average. So far the priceline is above the 100 SMA but if it will hit on the 100 simple moving average then we can use the different indicators to examine that whether the priceline will take another bounce from this simple moving average or it will break down the 100 simple moving average this time. My combination of indicators to determine whether this support will be broken or not: For example I'm using the William top bottom indicator with the combination of momentum indicator. If the William top bottom indicator will turn green it's mean that it will be giving signal that the sellers are active and after turning green when it will be turned gray then it is the signal that the buyers are getting active, with that signal if the momentum will be turning bullish and we will be above the 100 simple moving average then in my opinion the priceline will take another bounce from 100 SMA support. What if the priceline will breakdown the 100 SMA: In case the priceline breaks out the 100 simple moving average on 2 day chart then we can witness a very strong bearish move by the price action of steem. And in this situation this strong bearish move can help the priceline to complete the final leg of an other big bullish Shark pattern. As we can see that after initial leg the A to B leg is retraced between 0.382 to 0.618 Fibonacci level and B to C leg is projected between 1.13 up to 1.618 Fibonacci projection and this is the Fibonacci projection of A to B leg. Here I have ignored some extra spike because all other legs are driven as required for the bullish Shark pattern. Now if the final leg will be retraced between 0.886 up to 1.13 Fibonacci retracement level then the price action should take another powerful bullish divergence at least between 0.382 to 0.786 Fibonacci projection of C to D leg. And this can be another up to 360% profit potential move. As per Fibonacci sequence of this bull shark pattern the buying and sell targets should be as below: Buy between: $0.1219 to $0.0699 Sell between: $0.1931 to $0.3229 This idea is for long term and midterm traders, I will be keep posting more trading ideas. Note: This idea is education purpose only and not intended to be investment advice, please seek a duly licensed professional and do you own research before any investment.
Long
by moon333
STEEMBTC forming bullish Shark | Upto 32% move aheadIn my previous article as I have shown that the price of World's 78th ranked cryptocurrency Steem is forming bullish Shark pattern in US Dollar pair now same as like that move the price action of Steem with Bitcoin pair is also forming bullish Shark pattern and soon it will be entered in potential reversal zone and will be ready for bullish reversal soon. This potential reversal zone should be used as stop loss in case of complete candle stick closes below this zone. Let’s have a look on the dimensions of Steem with BTC pair price action's moves: After inertial leg (X to A) the A to B leg is retraced between 0.382 to 0.618 Fibonacci and then B to C leg is projected between 1.13 to 1.618 of A to B leg's Fibonacci projection and final (C to D) leg is suppose to be retraced between 0.886 to 1.13 Fibonacci for a perfect bullish Shark and then the price action will be entered in potential reversal zone of this bullish Shark pattern, then we can expect bullish divergence at any time which will lead the priceline between 0.382 to 0.786 Fibonacci projection of C to D leg, but after this bullish divergence if the candles sticks will be closed above 0.786 Fibonacci levels then it can also lead to the long term bullish move. As per Fibonacci sequence method we can set our targets as below for mid term trade: Buy between: 0.00001611 to 0.00001487 sats Sell between: 0.00001725 to 0.00001976 sats So this trade has potential to produce upto 32% bullish move. Regards, Atif Akbar (moon333) The harmonic moves analysis involves hours of hard work and determination however the success of harmonic trading in fiat and cryptocurrencies is around 80% therefore it is always important that you follow any stop loss strategy while trading harmonic patterns I have also shared a stop loss idea in this article, the information in this article is for educational purpose only this is not intended to be investment advice, I have tried my best to catch the harmonic moves as per predefined classical harmonic bullish Shark pattern if you find any flaw or you have any suggestion feel free to share with me in comments section.
Long
by moon333
This Extreme Bearish Trend Helped STEEM In Completing Final LegA strong resistance level the main cause of drop: Hi folks hope you are well and welcome to the new update on Steem with US dollar pair. To understand the current downtrend we need to go back in November 2019. When the price action was move sideways and took a powerful bullish divergence in January 2020 and broke out the 100 simple moving average resistance. After breaking out the 100 SMA the price line of Steem used this resistance as support and took another very powerful bullish divergence and touched the 200 simple moving average resistance. At this level the price action has hit 4 times but failed to break out the 200 simple moving average resistance. And price action again dropped at 100 simple moving average on 26 Feb and again used this moving average as support to make another attempt to break out the 200 SMA. But this time the price action could not even able to move closer to 200 simple moving average resistance and dropped down again. And currently the Steem is likely to break down the previous support of 100 simple moving averages well. Formation of harmonic pattern: During this move on daily chart the price action of Steem formed a bullish pattern. A on 27th Feb 2020 I posted an article where I revealed that the Steem has formed a bullish BAT pattern on one day chart. The formation of this pattern was started on 10th of January 2020 and the price action entered in the potential reversal zone on 27th Feb 2020 this was the day when I posted the article. We also had a very strong support of 200 simple moving average in the PRZ level of this bullish pattern that made this pattern more stronger. Because the 200 simple moving average on one day chart is always considered a strong support and it can also provide sufficient push to priceline for the bullish divergence. And as per BAT pattern and Fibonacci sequence method the price action was suppose to take the bullish divergence from this potential reversal zone and enter in the Fibonacci projection area of A to D leg of this bullish BAT pattern between 0.382 to 0.786 level. On the very next day 28th Feb 2020 the price action moved up and produced more than 28% profit and it was expected that if the price action will cross up the 0.786 Fibonacci projection level then it can move more up using the 0.786 level as support and Steem will finally breakout the 200 simple moving average resistance of 2 day chart as well. Even though the trade plan I posted in article executed successfully. But unfortunately the price action dropped down again after visiting the Fibonacci projection area of A to D leg of bullish BAT pattern. A head and should pattern can lead the priceline more down: If we see the broader view then it can be clearly examined that Head and Shoulder pattern is completely formed that is reflected upto 4 days chart. At this time it can be clearly seen that the price line of steam has hit the spike even beyond the neckline of Head and Shoulder pattern At this time it can also be observed that a long red colored strong bearish candlestick is putting pressure on the neckline of the Head & Shoulder pattern to break down the neckline as well. And due to this pressure the price action can easily break down the 100 simple moving average support on 2 day chart. Bullish Shark pattern a bullish reversal signal is appeared: Now I am taking you to the more broader view of Steem’s price action and that is the price action has completed the formation of another harmonic pattern on weekly chart. And this time the pattern is big bullish Shark. Now let's have a look how perfect this is pattern is formed. The initial leg was started by the candlestick which was opened on 25th November 2019 and this like has been completed on the candlestick which was opened on 25 Nov 2019 and completed by the candle stick of 13 January 2020. Then the price action dropped upto 0.618 Fibonacci level. From this point the priceline of Steem was supposed to be projected between 1.13 to 1.618 Fibonacci level this was the projection of A to B leg. And we can see that the price action even projected little bit more than that level. Therefore at this moment I have ignored some extra spike cause all other legs are formed as per requirement of bullish Shark pattern. The final leg was supposed to be retraced between 0.886 upto 1.13 Fibonacci level. And it can be easily seen that the price action has retraced up to this level. At this time the price action is moving in the potential reversal zone of this big bullish shark pattern. The potential reversal zone and the Fibonacci projection area ranges: Now from this potential reversal zone the price action should take a bullish divergence to enter in the Fibonacci projection area of C to D leg. And as per bullish Shark pattern the potential reversal zone starts from $ 0.1128 and ends at $ 0.0803 and the Fibonacci projection areas starts from $ 0.1573 and ends at $ 0.2390. So there is an expected big bullish move upto 197%. But this potential reversal zone should be as a stop loss as well because once the PRZ level will be broken down then Steem can turn more bearish.
Long
by moon333
3
STEEMUSDT formed bullish BAT | Upto 96% bullish move expectedHi friends hope you are will, here I have found another profit potential trading idea for you and this time I have found a harmonic move by Steem. The Priceline of Steem has formed bullish BAT pattern and entered in potential reversal zone and ready for bullish reversal soon. Let’s have a look on the Steem’s move: After initial leg (X to A) the A to B leg is retraced between 0.382 to 0.50 Fibonacci and then B to C leg is projected between 0.382 to 0.886 of A to B Fibonacci projection area and last leg (C to D) is retraced between 0.786 to 0.886 Fibonacci and now the price action is moving in potential reversal zone of this bullish BAT and now we can expect bullish divergence at any time which will lead the priceline between 0.382 to 0.786 Fibonacci projection of A to D leg , but if after this bullish divergence the candles sticks will be closed above the 0.786 Fibonacci projection area of A to D leg then it can also lead to the long term bullish move. We also have a 200 simple moving average in PRZ level that can be a strong support to push the price action up to 96%. Buying And Sell Targets: The buying and sell targets according to harmonic BAT pattern should be: Buy between: $0.1593 to $0.1400 Sell between: $0.2053 to $0.2745 Stop Loss: The potential reversal zone area which is up to $0.14 can be used as stop loss in case of complete candle stick closes below this level.
Long
by moon333
STEEMUSDT forming bullish Shark | Upto 30% move aheadPriceline of World's 78th ranked cryptocurrency out of more than 2300 cryptocurrencies Steem is forming bullish Shark pattern and soon it will be entered in potential reversal zone and will be ready for bullish reversal soon. This potential reversal zone should be used as stop loss in case of complete candle stick closes below this zone. Let’s have a look on the dimensions of Steem price action's moves: After inertial leg (X to A) the A to B leg is retraced between 0.382 to 0.618 Fibonacci and then B to C leg is projected between 1.13 to 1.618 of A to B leg's Fibonacci projection and final (C to D) leg is suppose to be retraced between 0.886 to 1.13 Fibonacci for a perfect bullish Shark and then the price action will be entered in potential reversal zone of this bullish Shark pattern, then we can expect bullish divergence at any time which will lead the priceline between 0.382 to 0.786 Fibonacci projection of C to D leg, but after this bullish divergence if the candles sticks will be closed above 0.786 Fibonacci levels then it can also lead to the long term bullish move. As per Fibonacci sequence method we can set our targets as below for mid term trade: Buy between: $0.1171 to $0.1087 Sell between: $0.1247 to $0.1419 So this short trade has potential to produce upto 30% bullish move. Regards, Atif Akbar (moon333) The harmonic moves analysis involves hours of hard work and determination however the success of harmonic trading in fiat and cryptocurrencies is around 80% therefore it is always important that you follow any stop loss strategy while trading harmonic patterns I have also shared a stop loss idea in this article, the information in this article is for educational purpose only this is not intended to be investment advice, I have tried my best to catch the harmonic moves as per predefined classical harmonic bullish Shark pattern if you find any flaw or you have any suggestion feel free to share with me in comments section.
Long
by moon333