A STATMAN look at BITCOIN, Etheruem and STEEM. Are we ready to ascend? Or, is more patience warranted. And, a look at the dollar.
steemsilvergold·@yankee-statman·
0.000 HBDA STATMAN look at BITCOIN, Etheruem and STEEM. Are we ready to ascend? Or, is more patience warranted. And, a look at the dollar.
Good morning this Wednesday, May 9th. Let's get right to Bitcoin and review our forecast and what we see going forward. For the record a sell here was written in January at 15,000. The BUY was stated in late March at 8000 and reiterated April 13 at 6950 precisely the day before the spike to about 8000. Then of course we said expect sideways action where it occurred to base and NOT to chase the approaching stiff resistance above 9500. IN fact I stated "traders" having bought at 8000 or below may want to take profits at 9750.  Charts courtesy of Barchart.com Sentiment, sentiment, sentiment. The chart shows me we have the same support now at about 9000. IN fact the chart is ok! Folks, you want a blow by blow hour "wave count"? There is someone here ten times a day with the latest wave count. Is it an ABC correction? maybe wave 4. NO, it now has to be the C part of wave 3. Enough! Again, until more pessimism sets in this market it is not ready for a sustained move significantly higher. But it need not fail to hold here either. We can welcome a sideways pattern a while longer. Let's call it a trading range. That in itself removes the weak hands and improves investor sentiment. We want pessimism! Commitment of traders numbers show too many still wanting to be "long". (DailyFX).  Ethereum is a similar scenario at about 745. Support lies about 680, resistance 800. Patience.  Above is the most simple steem chart. I have felt a good likelihood 3.50 area (approx.) would hold. This volatile issue move 300 percent and fast. It too needs to base in this area, hoping (but possible) we do not visit 3.00. I believe help is on the way.  See above (Hemke chart), the overbought dollar. And, seasonally the dollar is coming into a period of typical (not always) weakness. My previous reports state many reasons the dollar is headed lower. My silver and gold friends and crypto friends will be rejoicing. Of that, I have little doubt. Forecast? "looking good" with more patience. Have a great day and Thank you! UPVOTE, FOLLOW, RESTEEM.
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