STEEM/BITCOIN is collapsing by quant01

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steem · @quant01 · Aug 10 '16

$0.31

STEEM/BITCOIN is collapsing

Hello traders,
the spread STEEM/BITCOIN is collapsing.

In 2 previous posts we wrote: "...But If you want to buy, we think it's not a good time. In the next hours it could be a strong bearish trend (75% of probability)..."

(2 days ago) Link: https://steemit.com/steem/@quant01/is-it-a-good-time-for-steem
(4 days ago) Link: https://steemit.com/steem/@quant01/steem-intraday-update

Look at the chart (4h):

http://i.imgsafe.org/b40badf00b.jpg

All is confirmed!

The short-target (@0.00255) is not far. If you're in the market maintaine the short position, otherwise don't open a new one.

In our opinion it's not a good time to buy this spread.

Have a good trading day
Best

👍 lighthil, akareyon, michaeldodridge, johnerfx, helikopterben, domavila, slimjim, plasticfuzzy, kepo777, dkpl, rushd, johnerminer, cjley, brainstorage, jdenismusic, quant01, hpk, breakingnewstv, trendwizard, lovetosteemit

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@domavila · Aug 11 '16

Nice work @quant01.

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@quant01 · Aug 11 '16

Tnx mate

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@michaeldodridge · Aug 10 '16

Apart from the recent spike, a more long term trend is below 0.001. That would go some way towards evening out the playing field and making the market cap realistic.

👍 rushd

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@quant01 · Aug 10 '16

For the long-term your view is not wrong...

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@rushd · Aug 10 '16

I completely agree. My analysis suggests the next buy point may be at the 0.0025 mark but i don't see a massive pump or anything but more as a new support and point for accumulation.

👍 trendwizard

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@quant01 · Aug 10 '16

Hello rushd,
it's possible that 0.025 could be an important support. But we prefer to buy only with a stong signal... "trend is your friend"... And for the moment the trend is still bearish...
We'll update...

👍 helikopterben, rushd

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@trendwizard · Aug 10 '16

My analysis indicates...... 0.0020. The price action is coming out of a 5 wave triangle formation. The price leaving the apex is equal to the widest part of the triangle. When the the target is reached, there should be a massive pop in the opposite direction.... USUALLY

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@quant01 · Aug 10 '16

We prefer 0.0025, but it's not important... In our opinion the most important thing is to understand the trend... And not it's bearish without doubt.
For a reverse, we prefer to wait and update in the next days...
Tnx

👍 trendwizard

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@slimjim · Aug 10 '16 (edited)

Im upvoting just because we need some contrarians here. Everyone around here seems to be a perma-bull.
*Edit: how did you determine your downside target?

👍 trendwizard

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@quant01 · Aug 10 '16

We're not necessary a contrarian... We're a trader... And for us the spread is bearish.
To determine the downside target... look at this post:
https://steemit.com/steem/@quant01/steem-intraday-update

"...In technical analysis, the target is the dimension of the sideways. So the bearish target is @0.00255..."

👍 slimjim, trendwizard

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@slimjim · Aug 10 '16

I gotcha. Thanks for the clarification. Followed.

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1 reply