Slow Market... Let's Check The Charts! BTC /STEEM/ETH

Hurry up, do something!

The market is so slow... SO SLOW! These last few months have been a slow bleed of the whole market, some cryptos have increased a little but not enough to call it an alt season. I haven't done an analysis of the market in a while, so why not today!

Bitcoin

After topping up at $13.880 Bitcoin has been on a slow bleed. In the last two months, it dumped twice to $6.500 and it sprung back up... There are a couple of things that I like to check in cryptos and especially in the king BTC.

The first is how the weekly MACD is:

I like to look for longs when the weekly MACD is bullish and look for shorts when the MACD is bearish. This MACD normally flips right at trend shifts, and this is why I like to use it, it normally predicts huge trend changes and it's quite easy to use for beginners.

The weekly MACD on BTC is still bearish, nothing has changed, the trend is still down, and it doesn't look like it wants to flip bullish, at least not at this moment... so, according to my own set of trading rules, it's time to look for shorts and not longs.

Source:

The second thing I like to check is where the MAs are, especially the 200MA on the weekly time frame, Bitcoin likes to hit it at least two times before going on a bull run, at the moment the weekly 200MA is at $5000 and slowly crawling up, if the MA reaches the price and the MACD turns bullish it's a huge buy signal, but so far nothing, the MA is still very far away.

Source:

The third thing I like to check are support zones, resistance zones and trendlines. With the weekly MACD bearish the resistance zones are the most important since we are looking for shorts and not for longs... Never long into resistance and never short into a support. And breakdowns of trendlines are also a good opportunity for a short if a retest of the trendline happens.

After the huge dump that happened a month ago, the support turned into resistance and the price already touched it, it was a good an opportunity for a short with a good risk-reward, but right now it's in the middle of nowhere in my opinion, at least it is on big time frames, and I like to trade on big timeframes. Since it is in the middle of nowhere it's not a good trade in my opinion, it's better to wait and be right than FOMO into trades with bad risk-reward.

Source:

If we zoom out we can see that the price has been inside a downwards channel since the top this year, a break of this channel to either sides would be a good short and or long. Also, by zooming out we can see that the big support is down at $6000, if the price gets there and the MACD turns bullish it's going to be a huge buy signal in my opinion.

Source:

Source:

A couple of additional indicators that I sometimes use but only to confirm the trade is to look at the RSI, which on the daily timeframe has a bullish divergence, and to look at the fib levels.

The price normally corrects to the golden pocket, which is the zone between the Fibonacci 0.618 and 0.65, and guess where we are at right now? Yup, we in that golden pocket. Which only adds to the signal to stay away from the market at least until the MACD turns bullish and we break some trendline and or resistances.

Source:

The more indicators confirm the trade the less risky the trade is.

I only like to trade the king BTC, for all the alts I normally do KISS (Keep it simple stupid) and just look at good buy zones to invest long term and use FA too. For example, STEEM

STEEM

STEEM is hard to say much, there isn't that much data about it, but keeping it simple I see one really good buy zone and one EXTREMELY GOOD buy zone, the green one is the good one, from 12cents to 10 cents. Looking at the past, the price normally finds a good support right there and even if it brakes down it doesn't stay lower for that long, which is why anything under that is, in my opinion, an extremely good buy zone.

Source:

Looking at the STEEM/BTC chart the price doesn't really want to move in sats, it's has never before stayed stable for so long. Which is also a good thing for anyone that wants to buy a long-term bag.

Source:

All-in-all, I consider these prices good prices to buy a long-term bag (which is why I bought around 500STEEM the past month, 400 are on Steemmonsters and 100 are in my alt account).

Ethereum

Ethereum has one of the biggest ecosystems in crypto, and I would love to add a good bag long-term, but it's hard, the price doesn't look that good to me... if I were to buy a long term bag it would be in the blue and green zone, the price isn't there at the moment which is why I would rather wait... of course that a plan B is also good in case the price doesn't reach those zones. My plan B is to buy after the breakout of the bear market trendline, in the pink zone.

Source:

Even though I mostly looked at big time frames, there isn't that much difference between big time frames and small time frames, if you remove the time frame from the chart it's just a chart, there is no way to differentiate between them. I just like to trade on big time frames.

Images Free Source - 1, 2,3,4,5,6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27 - Tradingview snapshots too.

Question of the day: Have you ever traded? If yes, how long did you or have you been trading for?

Convert your Bitcoin to EUR/USD : Coinbase
Buy all kinds of Cryptocurrency: Binance
Join Steemmonsters, one of the top dapps on blockchain: Stemmonsters