Fundamentals are here for STEEM to be in a Wyckoff SPRING Cycle.
@spacetrader brought this one to my attention. THANKS !!! I wish I had went "hunting" sooner and found this one. Congrats on the entry and exit, @spacetrader when catching this one in the beginning.
I like how it's going sideways now for what is now working on its tenth week. That's a good sign this is actually on its course to a Wyckoff Spring Cycle. Is it possible one could get duped here? Of course... It could go down further here and establish a different Preliminary support line that what I've drawn here currently at 0.00100333.
I'm keeping a close eye on this one in it's current form to decide on entry. Do NOT forget a stop loss if anyone else is considering the same. I'm normally a bit more willing to set my stop loss at a larger percentage than normal in coins emerging out of a bear trend into a Wyckoff Spring Cycle. I'm not saying what percentage my stop loss will be publicly or privately to avoid getting stopped. I'm actually considering doubling down if it should go below the bottom line considerably because I feel pretty good about the fundamentals we are seeing here.
REMEMBER: The KEY to understand how we know we are more than likely walking through a Wyckoff Cycle to a Spring is the fact we have emerged from a LONG BEAR MARKET trying to find "support" or a "bottom."
More notes with more comments to follow.
Stay tuned and Happy Trading.
David
I like how it's going sideways now for what is now working on its tenth week. That's a good sign this is actually on its course to a Wyckoff Spring Cycle. Is it possible one could get duped here? Of course... It could go down further here and establish a different Preliminary support line that what I've drawn here currently at 0.00100333.
I'm keeping a close eye on this one in it's current form to decide on entry. Do NOT forget a stop loss if anyone else is considering the same. I'm normally a bit more willing to set my stop loss at a larger percentage than normal in coins emerging out of a bear trend into a Wyckoff Spring Cycle. I'm not saying what percentage my stop loss will be publicly or privately to avoid getting stopped. I'm actually considering doubling down if it should go below the bottom line considerably because I feel pretty good about the fundamentals we are seeing here.
REMEMBER: The KEY to understand how we know we are more than likely walking through a Wyckoff Cycle to a Spring is the fact we have emerged from a LONG BEAR MARKET trying to find "support" or a "bottom."
More notes with more comments to follow.
Stay tuned and Happy Trading.
David
Comment:
An update on the Lower Level Accumulation Channel Lines between bottom at the end of a Selling Climax and the top Preliminary Support Line. The Upper Level Accumulation Channel Lines between the bottom and PS lines are yet to be determined. WHY? Not enough history to determine those lines. They can also change on the fly. We NORMALLY have two accumulation channels between each purple breakout line. I've seen several times where a coin ends up only having one Accumulation Channel before springing or up thrusting to another Breakout line. It's possible with STEEM as well. Time will tell.
Comment:
Comment:
Does anyone know if STEEM was pre mined. It's IMPORTANT INFO.
Please provide link... I do NOT want hearsay. I want proof please.
If it was pre mined, that means CM has a lot of coins already. You can count on it.
If it was NOT pre mined, then this will be like I have indicated in my notes on Zero Cash (ZEC).
If premined or an initial public offering that gave coins to investors is a GOOD thing because it would be further evidence we are heading towards a SPRING.
Please provide link... I do NOT want hearsay. I want proof please.
If it was pre mined, that means CM has a lot of coins already. You can count on it.
If it was NOT pre mined, then this will be like I have indicated in my notes on Zero Cash (ZEC).
If premined or an initial public offering that gave coins to investors is a GOOD thing because it would be further evidence we are heading towards a SPRING.
Comment:
That lower Accumulation channel in the previous chart is SO LOW, it has me wondering if CM may have mentally changed the Preliminary Support line. It can change on occasions. Time will tell.