Chartissimo - same old, same old by furious-one

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· @furious-one · (edited)
$11.46
Chartissimo - same old, same old
![spiral-926736_960_720.jpg](https://cdn.steemitimages.com/DQmQgP5oZN55m5VCEMJxmTde8HbCB2nym3kVvkkEUGpWyYS/spiral-926736_960_720.jpg)

A quick glance at the market and they are still exactly where we left it last week. If you need a catch-up, here's last week's [post](https://steemit.com/money/@furious-one/chartissimo), but there is no real need as most of it might be similar.

In the forex and equities market, the summer lull is fairly known. Traders, fund managers etc all book profits and head to their well-deserved vacations, leaving volumes abysmally low for the summer. Price lingers and lingers and then suddenly spikes out of illiquidity.

When September comes, liquidity starts quietly picking up, markets get a move on. It might be the case with crypto as well - definitely seasonals play a role in trading on every market.

Looking at many markets - the case seems similar. Let me put a few charts first and then explain:

**Steem/USD**

![](https://i.imgur.com/fDuA8d9.jpg)

**BTS/USD**

![](https://i.imgur.com/EP29hcn.jpg)

**Steem/SBD ratio**

![](https://i.imgur.com/pApLkiN.jpg)

As you see, most markets are in longer bottoming processes. Steem and BTS show divergences of RSI and CCI (which i find often working wonders on cryptocurrency charts) and STEEMUSD is even showing a wedge. If you trade on divergences alone, you will be taken out often and fast, but I would  **NEVER** place a bet against a bullish wedge and a divergence.

Alas, all this means nothing, as I  already said last week. If Bitcoin, the bull that pulls the plow, doesn't get a hold of itself, all the other market signals are in vain - RSI will just flatten out, price may just quietly drip lower:

![btc same old same old.JPG](https://cdn.steemitimages.com/DQmStMQjfSvqPESX2TAyaApmof9BLeSZxGt8FaR6ttTVkuJ/btc%20same%20old%20same%20old.JPG)

My ideal scenario is depicted above, but we can't always get what we want.

That said, here's the latest report from positioning on Finex, with short positions overwhelming longs. We're primed for a revenge rally, but the path there is still open - lets not predict. Keep an eye out for false breaks - these can either break you or actually really make you.

![](https://i.imgur.com/GuQj6Qq.jpg)

Stay nimble, watch those wedges and keep an eye on larget TF charts.  Pounce when ready :)

---
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*<sub>Title image from pixabay</sub>*

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vote details (75)
@grammarnazi ·
Minor Correction
You have a minor typo in the following sentence: <blockquote> Price lingers and lingers and then suddenly spikes our of illiquidity.</blockquote> It should be <i>out of</i> instead of <i>our of</i>.
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@furious-one ·
Thanks, nazi!
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@suhadi-gayo ·
https://i.imgur.com/yXMtdzf.jpg
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vote details (1)
@coin.info ·
**Coins mentioned in post:**

Coin | | Price (USD) | 📉 24h | 📉 7d
- | - | - | - | -
**BTC** | Bitcoin | 6290.161$ | _-3.21%_ | _-1.13%_
**BTS** | BitShares | 0.111$ | _-6.93%_ | _9.39%_
**EOS** | EOS | 4.884$ | _-9.45%_ | _-3.09%_
**SBD** | Steem Dollars | 0.963$ | _-2.4%_ | _-0.68%_
**STEEM** | Steem | 0.718$ | _-4.04%_ | _-5.32%_
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@arcange ·
**WARNING** - The message you received from @suhadi-gayo is a **CONFIRMED SCAM!**
**DO NOT FOLLOW** any instruction and **DO NOT CLICK** on any link in the comment!

For more information, read this post: 
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If you find my work to protect you and the community valuable, please consider to upvote this warning or to [vote for my witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=arcange&approve=1).
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@arcange ·
**WARNING** - The message you received from @suhadi-gayo is a **CONFIRMED SCAM**!
**DO NOT FOLLOW** any instruction and **DO NOT CLICK** on any link in the comment!

For more information about this scam, read this post:
https://steemit.com/steemit/@arcange/virus-infection-threat-reported-steemitgiveaway-dot-gq

If you find my work to protect you and the community valuable, please consider to upvote this warning or to [vote for my witness](https://steemit.com/~witnesses).
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