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RE: Steem price continues its descent. Have we seen capitulation yet?
Thanks for your comment and analysis. I believe that we will see the 0.005 level as the best support level but due to the deluge of fresh STEEM supply I think it's dangerous to put much weight on any technical analysis. Whole market is too one sided with too much liquidity held by a few whales and not enough minnows to feed them. The support level will be reached when the whales stop selling.
thanks for sharing that and appreciate your upvote. I just realized we all need to get used to the new levels - i.e. 0.0005 rather than 0.005, heh (i also made that typo and have corrected that in my post) . In terms of tech analysis, as long as there are people looking at the same things, it will still wield some self-fulfilling abilities. The question then is whether those actions can eventually overweight other factors such as whale liquidity as shared. Perhaps some whales do look at charts too and become more proactive in trading steem rather than simply exiting as the market matures. That would really improve the health of the overall steem market.