$STEEM/BTC Daily Poloniex+Bittrex Technical Analysis / Market Report Update #70, "When losers say it's over with you know that it's a lie" Oct. 10, 2016.
Hello Steemers!
POLONIEX
4 hour Poloniex chart - Oct. 09, 2016
4 hour Poloniex chart - Oct. 10, 2016
1 day Poloniex chart - Oct. 09, 2016
1 day Poloniex chart - Oct. 10, 2016
The price went well bellow the last all time low it reached, making a stop at 0.00048 with only 1 bounce try that got rejected instantly. At the moment its trading slightly bellow 0.0005 BTC.
BITTREX
4 hour Bittrex chart - Oct. 09, 2016
4 hour Bittrex chart - Oct. 10, 2016
The Bittrex price started dumping and went for the 0.00053 support, held on the first dump, but broke one the 2nd and went down to make a new local low on 0.000492, after which the price tried to bounce up but got pulled back down and is now trading ~0.00051.
VOLUME COMPARISON
STEEM/BTC volume Bittrex Oct. 09, 2016
STEEM/BTC volume Bittrex Oct. 10, 2016
STEEM/BTC volume Poloniex Oct. 09, 2016
STEEM/BTC volume Poloniex Oct. 10, 2016
STEEM indexed global volume Oct. 09, 2016
STEEM indexed global volume Oct. 10, 2016
Coinmarketcap top volume cryptos Oct. 09, 2016
Coinmarketcap top volume cryptos Oct. 10, 2016
Overall volume about 140% higher then yesterday, $STEEM on 16th place on the volume rankings.
Poloniex volume about 155% higher then yesterday, ~308 BTC.
Bittrex volume about 140% higher then yesterday, ~61 BTC.
COMMENT
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I am showing multiple scenarios on the price movement, in the post itself I do not take any stance, either bullish or bearish. I am not responsible for neither you’re winning nor you're losses upon trading! the "comment" section is my personal opinion and does not mean I have to or do hold any positions in the given market.
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COMMENT
Seems like the price is going towards the 0.00045 target.
The level it is on now does have some historical significance so I'm not excluding the possibility of a pump from here, but from the look of the actions now it can still get pushed that tiny bit further down. Furthermore this are the last levels of support, making those good trading levels.
Once the previous low broke there wasn't much support until the pre moon shot phase... Which we are rapidly approaching.
Unfortunately, it doesnt matter if steem is $4 or .000001. The price is irrelevant for purchasing steem dollars and steem power with steem, so it has limited utility, and it seems it could go much lower. Buy in 3 yrs before the 10 for 1 reverse split. Until then, 1-2% daily dilution should drive prices lower.
We already broke the lower trend line to downside. Maybe it is an overreaction.
First time I think I heard Manowar was this little ditty...
Let's craft a mighty sword of steem with black wind, fire and steel! Or something. :P Steem and Metal are too tough to die!