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RE: Steem Market Still Down - I Generate Upward Signal

in #steem7 years ago (edited)

I do also technical analysis. But based on John J. Murphys Dow Theory (and that´s the most used approach for market analysis) there is until now NO NEW SIGNAL.

There support was triggered the third time.
Ok that´s correct in your picture.

Also the rough downtrend you indicate with the blue line.

But this is still NOT a valuable signal for a trade regarding a long trade and hitting the 6$ price.

To be more precise:

    1. The price needs to close on a daily base above your blue line. To declass the downtrend in a first approach.
    1. As long as the blue (downtrend) line is not crossed, it works a resistance. That could cause more sell pressure and could kick the price back to your indicated support... or also below that.

In my opinion your prediction is a bit too early to get to a price of 6$.

A short term trade could be a LONG Trade with a stoploss a little bit under the support and a first takeprofit at the blue downtrend line.
From that there could be more potential for a coming back.
Evereything else is hoping and guessing...

And there´s no room for hope on the stock- and cryptomarket.

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thanks for sharing your opinion bro i know i too early said what is happen in future but INSHA ALLAH that will done very soon near 2 weeks

Thank you for your upvote!