BITCOIN correcting as expected and STEEM growing consequently
As I wrote yesterday, after a 5th wave comes always a correction, this was the chart:
So, seems BITCOIN completed the 5th wave of the green cycle, now is time for the correction which, usually, takes an A-B-C shape:
Normally, the end of the correction used to reach the level of the previous 4rth wave but here I am confident that the now "old" Mid-Trend resistance would hold the fall. I really think that a good point for rebounding would be close to the 7700 USD.
What is happening with STEEM?
Well, something really interesting thought... STEEM is growing while BITCOIN is correcting which means that some of those BTC are being traded for STEEM and other altcoins. Seems to me that this behaviour is more "natural" and less manipulated if we compare it so with what was happening till now, altcoins were sold and transformed in BITCOIN mainly.
The BTC dominance is falling a little but the total Market Cap is constant, so no FIAT is exiting from the market, we are dancing between 295 and 300b USD which is a good new IHMO.
The near future looks promising but still we have to be cautious.
REVERSAL CONDITION:
- Break the MID-TERM Resistance (Dashed-dark blue line in the chart, 7900USD). (be careful because BTC will correct immediately after) ==> THIS IS DONE with an expected correction in progress.
- Altcoins starting to grow at almost the same pace of BITCOIN does and so confirming new Fresh FIAT entering.
Enjoy Cryptoland!!!
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently.
Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
Posted at TIMM
Another solid post. I noticed the same...certain alts are gaining as traders use btc to buy. Stellar seems to be leading the way...at least in the top 30. Steem also seeing a welcome rise that’s long overdue.
Good analysis, steem should definitely see a recovery, as it has completely left or any gains since this recent reversal (?) Has begun .
Still we cannot confirm formally a reversal thought...
We need fresh FIAT entering...
Agreed , a definite reversal ist still outstanding. Still most cryptos have moved up at least a bit with btc. Steem did the dump, but had no recovery at all.