STEEM-BTC up 15% today! Heading to 0.01 BTC? by jholmes91

steem · @jholmes91 · Jul 23 '16 (edited)

$1.37

STEEM-BTC up 15% today! Heading to 0.01 BTC?

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<p>Here is what I am seeing in the market; the 4-hour price action of STEEM-BTC is shown below...</p>
<p>The initial move saw the price of STEEM rise and established a fractal sell level at 0.00698765.&nbsp;</p>
<p>The market then re-traced nicely to the 61.8% Fibonacci level at 0.00477677 which has held as strong support.&nbsp;</p>
<p>Fibonacci extensions and retracements take advantage of the fact that all natural systems exhibit the Fibonacci sequence. Therefore, we are now looking for a break above 0.00698765 to confirm the upward trend continuation.&nbsp;</p>
<p>After establishing a fractal support near the 61.8% retracement level, illustrated below, I think we will see <strong>STEEM-BTC continue to climb with a target of 0.01056442</strong>, the 161.8% Fibonacci extension.&nbsp;</p>
<p>Moreover, this is also supported by the <em>Alligator indicator</em> as the market has moved from below to above the three lines that make up the Alligator indicator. Also, the Alligator itself is crossing-over signaling a change in trend to an upward trend.&nbsp;</p>
<p>The <strong>daily candlestick is also looking very bullish</strong> with no wicks, suggesting <em>buyers are in control of the market</em>.</p>
<p><img src="https://new.tradingview.com/x/wquYNZGY/" width="951" height="611"/></p>
<p><br></p>
<p>Between the <em>sell fractal</em> above 0.006 and the <em>buy fractal</em> just above 0.0047 is an Elliot wave, the 2nd wave, and we could be currently seeing the 3rd wave in progress. STEEM-BTC will see a faster appreciation than in the days it launched on the Poloniex exchange, <strong>as the 3rd wave of an Elliot cycle is the most aggressive</strong>.&nbsp;</p>
<p>It is suggested to be in the 3rd wave as the price retraced to the 61.8% Fibonacci level a common ending point for wave 2. <em>Therefore, buy positions are suggested with inital target just above 0.01</em>.&nbsp;</p>
<p><br></p>
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👍 woo7739, ajvest, kimziv, ratel, aeico, sean0010, jholmes91, nastrom, jaysanz, alexft, losos, menace.coin, sarahkate, luisucv34, clonewarz, qonq99, jackkang, pr3ttyp3rf3ct, taker, cire81, nigmat

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