Trading Blog 4/5/18 - STEEM Technical Analysis. (My first Steemit post ever)

Hello Steemit.

My name is Ck Koch. I do a lot of things in life, which is why I have decided to launch a Steemit channel that allows me to share all my interests, adventures, creations, and ramblings. I am beyond excited to be here and to take part in this community. Please stay tuned and follow me for my podcast on Dsound, some music videos on DTube, and my various blogs on Steemit.

For my first post on Steemit, I have decided to start my first blog, which will be sharing the technical analysis I do daily on my favorite assets that I plan to trade in the crypto space. I have dedicated the last 6 months to developing my own strategy to trading the crypto markets.

The last 6 months have been a wild ride. Personally, I am beyond thankful for this correction in the market. I jumped back into crypto last fall like most people, when it was just too easy to make a profit. Of course I would not be complaining if the bull run didn't end, and Steem was at $100, and BTC was $50k.

But I would not have learned anything.

Gaining so much, and then losing it all so quickly has forced me to take a deeper look at how I approach investing and trading crypto. I would never have taken the time to develop a TA and trading strategy the way I have now. I would never have learned as much about money, markets, diversification, and risk management. I would have just enjoyed the high that came with life changing, easy, magical internet money.

Instead, our faith in blockchain and crypto as a valuable asset has been tested to see how much we truly believe in what we are investing in. This is a speculative market, and our faith in pushing it forward is the only thing that will actually push it forward. This is a time for the true, the faithful, the dedicated, to put their money where their mouth is. If you truly believe in crypto and you have no doubt that this is the future and here to stay, then I hope you are looking for the winners, the true value, and buying it up as we go down.

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And this brings us to todays analysis, and my first post, on STEEM.

For a more detailed view, here is a link to my Trading View page.

https://www.tradingview.com/chart/STEEMUSD/dBgeLlgg-STEEMUSD-Are-the-tides-turning/

STEEM was my very first purchase when I decided to get back into crypto last fall. As soon as I read about it, and saw the Steemit site, I instantly knew this was going to be huge. As a content creator, Steem is in many ways what I have been waiting for my whole life. Now that it is here, I plan to participate and help grow this community.

My Technical Analysis style is based on trend and momentum. I have recently become a very big fan of the Japanese style of trading with Ichimoku Cloud and Heikin Ashi candles. At first this was very intimidating and confusing, but if you take the time to learn this method, you will learn that it was created to make the chart very easy to see everything you need to know, in a quick glance. In fact, Ichimoku translated means a " one glance equilibrium chart". Heikin Ashi is a candle style that "removes the noise" and allows us to see a clear direction of Trend. I love looking at charts like this, as for me, it truly simplifies and slows down my process. I will take far less trades this way, but I will be making far safer and higher probability trades.

Trend is your friend. Trade with the Trend. Keep it simple. Do not fight the trend. Use it to your advantage.

There are a million people posting TA these days, and I have learned so much from all of them. Whether your style is Elliot Waves, Bollinger Bands, 1min candle day trading, long term swing trading, or just HODL, there is no wrong way to trade. You are only doing it wrong if you are losing more money than you are making.

So let's take a deeper look at STEEM/USD on the daily chart.

STEEM, like the rest of the market, is still very much in a strong Bearish trend. But a few days ago we saw a massive spike in volume and a quick pump of 100% gains. We have already retraced that back to the .786, which was highly probable and indicates we may bounce again from there. RSI is showing a bullish divergence, and volume is slowly increasing.

The safest thing to do if you are wanting to buy Steem is wait until price breaks above the Kumo cloud, and the Tenkan (blue line) crosses above the Kijun (black line). When a white upward trend candle closes above this, we are safely in an strong bull trend. This could possibly be a few weeks away. I plan to watch this chart very closely, and make my entry when all my signals are telling me to pull the trigger. So far, we are not there not yet. but it is coming. Steem needs a lot of bullish power to get back $5. I think we can do it.

I already hold a decent amount of Steem Power as I believe in the long term vision and value. STEEM is my most important long term hold, next to Bitcoin. I do plan to buy more when the chart tells me to.

It is very important to anyone reading my TA that you take it as just that, a simple Technical Analysis. I do not recommend trades, as I am not a professional trader. I never predict what is going to happen. I am just analyzing a chart and getting an idea of what is highly probable while always being prepared for things to go the opposite direction. No TA can predict the future. But it can help you get an idea of how to properly implement your own personal trading strategy.

If you enjoy my writing and find my TA useful, please hit the FOLLOW button up top. I plan to share many of my life interests. As they may just interest you as well.

And of course, I would love your upvote.

If you have any questions or comments please write them below and lets discuss. I am open to any and all criticism. I love to learn and be challenged. Please tell me your thoughts on what you think I could improve upon. If your goal is also to learn and grow, then we will get along just fine.

cheers, and thank you for your upvote.