STEEMBTC - Technical Analysis October 18, 2017 - current price 0.00020000 or $1.09 by satchmo

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· @satchmo ·
$37.10
STEEMBTC - Technical Analysis October 18, 2017 - current price 0.00020000 or $1.09
<center>
![chart-1905225_640.png](https://steemitimages.com/DQmdSncX8TDdzpjF1taFGkLkj8dbGnNmQCvebfwZJEmCCpX/chart-1905225_640.png)
</center>

<center><h3>STEEM:BTC</h3></center>

Was just scanning my charts and decided to share something different. Looking at STEEM:BTC with my day trading chart format, Steem appears ready for launch. These indicators and time frames are used for shorter term price prediction. 


<b>Moving averages:</b>
Green = 50dma
Red = 200dma
Orange = 9ema
Black = 20ema



<b>daily</b>

On the daily time frame it is the Stochastic RSI and the MACD which have caught my attention as the price has tested pivot S2 as support for the last 6 days, each time managing to close above it. The price is currently testing the 9ema and if can capture it as support will give way to a possible run where we are targeting the 50dma and then the pivot. If STEEM can take out the pivot, 0.0032897 then we are looking for a test of the 200dma. This won't all happen in one day. If you follow this trade, stop losses are critically important.

![Screenshot 2017-10-18 16.14.53.png](https://steemitimages.com/DQmecxkBvr9D2A8kFXnhWcgJuoE3QP1KcWV43bmAqTr1aQv/Screenshot%202017-10-18%2016.14.53.png)

<b>4 hour</b>
On the 4 hour time frame we have a bullish cross of the 9ema over 20ema and both moving averages are converging with the 50dma in a bullish manner. Currently the price is testing pivot support on this time fram and judging by the stochastic RSI and MACD consolidtion is necessary here for the price to remain healthy. 

We are looking for a bull flag to form as the stochastic RSI could rsolve itself support is found at the 9ema on this time frame - 0.00019386.

![Screenshot 2017-10-18 16.18.45.png](https://steemitimages.com/DQmexvnZ1goeoyz5cPhPKtDef7PW3H6AyGos8PiZYuthvno/Screenshot%202017-10-18%2016.18.45.png)

<b>1 hour</b>

The 1 hour time frame is quite nice, showing the convergence of moving averages as the 9ema and 20ema have both crossed above the 200dma. We are going to be watching over the next few days whether or not the 50dma can cross bullish above the 200dma, this is known as a golden cross and predicts longer term bullish price action. The stochastic RSI is in midground and the RSI has as well come down from overbought to a neutral position. This all indicates that we are entering consolidation before the next move.

The top of this move was indicated by the volume climax. The price is maintianing this level on low volume, low volum consolidation is very bullish and conducive to the continuation of the longer term trend reversal.

![Screenshot 2017-10-18 16.19.12.png](https://steemitimages.com/DQmUou14QvTmRN9TqUFvb9wCSaXgRwUAY1saM44yWJ5Gg4y/Screenshot%202017-10-18%2016.19.12.png)


<b>Bullish Above:</b> $0.00021

<b>Bearish Below:</b> $0.00193

<b>RISK TRADE:</b> You are probably long it now as a steem user - but take a long position here looking for a test of the 50dma and the possible test of the pivot. Ambitious target is the 200dma.


>>>Don't forget to use stop losses!!!



<b>Previous Articles:</b>
<a href="https://steemit.com/crypto/@satchmo/xmrusd-technical-analysis-october-18-2017-current-price-usd88-60">XMRUSD</a>
<a href="https://steemit.com/ethereum/@satchmo/ethusd-technical-analysis-october-17-2017-current-price-usd322">ETHUSD</a>
<a href="https://steemit.com/bitcoin/@satchmo/btcusd-technical-analysis-october-16-2017-current-price-usd5670">BTCUSD</a>
<a href="https://steemit.com/bitcoin/@satchmo/dashusd-technical-analysis-october-14-2017-current-price-usd314">DASHUSD</a>
<a href="https://steemit.com/bitcoin/@satchmo/zecusd-technical-analysis-october-13-2017-current-price-usd240-99">ZECUSD</a>
<a href="https://steemit.com/bitcoin/@satchmo/btcusd-technical-analysis-october-13-2017-current-price-usd5581">BTCUSD</a>
<a href="https://steemit.com/bitcoin/@satchmo/ltcusd-technical-analysis-october-12-2017-current-price-usd57-50">LTCUSD</a>
<a href="https://steemit.com/bitcoin/@satchmo/xmrusd-technical-analysis-october-11-2017-current-price-usd88">XMRUSD</a>
<a href="https://steemit.com/bitcoin/@satchmo/ethusd-technical-analysis-october-11-2017-current-price-usd300">ETHUSD</a>
<a href="https://steemit.com/bitcoin/@satchmo/neousd-technical-analysis-october-10-2017-current-price-usd30-20">NEOUSD</a>








**Follow at your own risk, Not a financial adviser, understand the risks associated with trading and investing. Manage your own Risk - in other words you could lose it all and it's your own fault.**

<center>@satchmo</center>
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vote details (45)
@futurethinker ·
$0.02
Hmm interesting. I think I will still wait, for the fork dump. I think it could go to $0.9 maybe below
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@satchmo ·
$0.03
always good to be cautious!
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@jack353 ·
$0.03
Wow, sounds fantastic! Those charts look promising and I am prepared to jump on a breakout!
Outstanding analysis! Thanks
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@satchmo ·
Quite welcome! I am hoping it turns out well for all of us ;-)
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@zahidsun ·
wow , great
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vote details (1)
@olusolaemmanuel ·
$0.02
What i don't understand is that why is steem down when others crypto coin are rise. What i know is that steem will pay of a truth when one steem will worth 10$ let keep on storing for the future
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@satchmo · (edited)
It's actually in part because holders of steem continuously sell it into strength aside from the total supply in existence. Part of Bitcoins strength is because it's holders hold through everything. 

I have zero clue on the future of any crypto currency beyond a few weeks time if that. I follow charts, price, and currently the steem chart has caught my interest.
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@dcwordofmouth ·
thank you for the info my friend.
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@princeso ·
Thanks for sharing this detailed information
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@imbritish ·
$0.05
Upvoted and RESTEEMED!
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@hasnat11 ·
<a href="https://www.auroramine.com/?ref=453793" alt="AuroraMine Banner"><img src="https://www.auroramine.com/assets/images/banner/b4.gif"></a>
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@satchmo ·
dont spam at me
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