RE: Steem Market Still Down - I Generate Upward Signal
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:
- The price needs to close on a daily base above your blue line. To declass the downtrend in a first approach.
- 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.
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!