STEEMBTC - Appears to be on Wave C of corrective phase.
Steem BTC had a heck of a run from 0.0002 on April 1st, peaking around 0.000497 April 25th. Glad I had the good fortune to ride most of wave 5 to pocket a 30% return.
But now it seems to be in a corrective phase. Evidence for it's corrective phase can be seen on the 1 Hour chart (less so 4 hour) as the "A wave" correction cut back into the Wave 3 height. Which had an incredible spike.
Wave 5 hit roughly the 0.786 line from the peak of Wave 3, and then bounced off pretty hard and has been falling since then.
If the Wave A bottom is in (I think so) then using fib tools projects a Wave C landing spot around 0.00038 (at least) before it's finished correcting. Could easily drop to 0.00034 or even lower.
Now it's possible that waves ABC are already in (look at 15 min chart to see a questionable ABC pattern on the way down) to form a zig-zag, but it also seems clear from the slowly ascending pattern forming right now that it's not your typical impulse wave. So I'm guessing that IF the ABC zig zag is in, we're having a double ABC in the form of a zig zag and then some kind of ascending flat following it.
Give then the 5 wave impulse up took 3 weeks to form, it seems likely that a corrective pattern could take as long as 2 weeks to play out.
This one looks super juicy though, as it's 1st "Major" impulse wave up increase it's value by nearly 150%, so the next impulse wave up should be quite exciting.
I'm of the opinion however it needs at least a few days to cool off before it makes another major push up. Could be wrong though!
But now it seems to be in a corrective phase. Evidence for it's corrective phase can be seen on the 1 Hour chart (less so 4 hour) as the "A wave" correction cut back into the Wave 3 height. Which had an incredible spike.
Wave 5 hit roughly the 0.786 line from the peak of Wave 3, and then bounced off pretty hard and has been falling since then.
If the Wave A bottom is in (I think so) then using fib tools projects a Wave C landing spot around 0.00038 (at least) before it's finished correcting. Could easily drop to 0.00034 or even lower.
Now it's possible that waves ABC are already in (look at 15 min chart to see a questionable ABC pattern on the way down) to form a zig-zag, but it also seems clear from the slowly ascending pattern forming right now that it's not your typical impulse wave. So I'm guessing that IF the ABC zig zag is in, we're having a double ABC in the form of a zig zag and then some kind of ascending flat following it.
Give then the 5 wave impulse up took 3 weeks to form, it seems likely that a corrective pattern could take as long as 2 weeks to play out.
This one looks super juicy though, as it's 1st "Major" impulse wave up increase it's value by nearly 150%, so the next impulse wave up should be quite exciting.
I'm of the opinion however it needs at least a few days to cool off before it makes another major push up. Could be wrong though!
Comment:
Hit 000505 before starting another corrective pattern. I'm gonna watch this for a few days before acting on it - I strongly suspect it's finished a 5th wave and will begin a larger retrace, but it's behaving generally bullish (kinda looks like an ascending triangle) so it's not clear to me it's short term future (1-4 days).
3 big spikes to me does suggest time for a bigger correction.
Long term future seems pretty clearly up.
3 big spikes to me does suggest time for a bigger correction.
Long term future seems pretty clearly up.
Comment:
Retracement has been fairly on target - though after reviewing the AB correction part, I'm revising my buy in targets to 0.00034 to 0.00038. Looks like it still has a bit more ways to drop before it goes up.
RSI, Stoch and MACD all show that there is more room to fall, though there was a spike in sell volume yesterday that could have been a capitulation. So we're nearing (if we haven't already hit) the bottom of the correction. I'm leaning more towards dropping than jumping.
RSI, Stoch and MACD all show that there is more room to fall, though there was a spike in sell volume yesterday that could have been a capitulation. So we're nearing (if we haven't already hit) the bottom of the correction. I'm leaning more towards dropping than jumping.
Seems like there may be a final run up to around the 0.00052 region before it begins it's "real" primary wave correction.