The Guppy Multiple Moving Average (GMMA), developed by Daryl Guppy, an Australian trader is a technical indicator that identifies changing trends. The GMMA combines two groups, a short-term and long-term set of moving averages with different time periods.
Another great feature of the GMMA is its ability to detect the strength of the trend. If the separation of the moving averages are wide, you typical have a strong trend.
If the separation of the moving averages, typically denotes a weak trend. Lastly, no trend is denoted by the moving averages being flat/horizontal.
Yesterday, I talked about article from Coindesk regarding the Guppy and Bitcoin.
Bitcoin’s “super guppy” indicator has turned green for the first time since January 2018 in a signal confirmation of bull bias on the daily chart.
The shift is a welcome development for the bulls, who’ve managed to steer prices away from the recent monthly low of $3,194, last seen four months ago in December 2018, all the while slowly mounting pressure against the bears.
So I want to see if the Guppy works on Steem and what I discovered is the chart formation looks just like Bitcoin.
Although the Gupply is showing bullishness, price is between daily supply and demand at the moment.
If price is going to move higher, price needs to close and stay above the 200 day moving average (yellow line) because right now it’s serving as resistance.
This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.