ScaredyCatGuide Calls It - STEEM Price Action is Dead!
Lethargic? Sleepy or maybe even tranquil? Nope, the price action of steem is straight dead right now!
Listless Trading
Let's look at the daily chart of steem. Are you seeing what I'm seeing?
Volume is non existent. Trickling a little lower each day on tiny candles. It looks like everyone went to lunch, starting drinking and never made it back.
Technicals
Well, we just pierced through the price support of roughly 40k satoshi, closing below it and now having a candle open and trade below thus far. Granted, it was on little volume, but it still doesn't give me the warm and fuzzies.
Good news is we are still above the intraday lows (candle wicks below the support line) but not sure if that even means anything at this point.
Bottom Line
We need some trading volume to come into the market. We need to see some life if steem is to turnaround and climb higher again. I am not 100% in love with the way steem has been behaving compared to the price action in the other bigger name cryptos.
Maybe a little Hard Rock will get the animal spirits going in steem!
Your current steem theme song:
Best Regards,
Disclaimer: All info in this post is for informational purpose. Chart data provided by Tradingview.com
Do you think the decline is related to the market calibrating to the utility value on steemit?
I think about it like this: Steem price hits $3, rewards get lucrative, draws in a bunch of new people - they post, upvote, comment which reduces the reward pool for the people who were here before. Then rewards drop, people leave after a few weeks, price declines and the cycle repeats with the next uptrend.
That is quite interesting. I wonder (and worry) about the utility value of steemit. That ebb and flow of rewards to rewards pool could have something too it. Suppose we will see how the next swing plays out.
Speaking of utility value, something that comes to mind is the diminishing returns on Steem Power as a self-voting author. It's value decreases once a self-vote can propel your post into the 'Hot' feed. From there your post is more likely to garner upvotes from other users that will outperform your own vote(speculation).
Yes, there seems to be "saturation points" in such items. Pretty good eye my man. Enjoying the comments.
I am not excited, but I am prepared for another ice age.
Honestly man, I'm not sure I can handle another one of those. So much hard work, my spirits would be beaten a bit.
Ill tell ya what bro, if we have another ice age I will help keep your spirits up. Everything runs in cycles so it kinda has to happen but ontop of that Polo which I think is where that chart is from has FUCKED soooo many Steemians, so we as a community may simply have banned Polo. Keep your head up bro.
I hear ya bro. Polo is an issue. Majority of steem traded is/was there so all their problems has hurt us a bit. Good thing is thats more just a bump in the road.
Darn straight it is bro aint no stopping this steem train.
Also https://coinmarketcap.com/currencies/steem/ 1.7 million dollar 24hr volume is not dead :) It is lower but we are fine.
More time to accumulate some cheap steem 😋💖
Hehe.... cool post😄
Thanks, lighter on TA than usual (didn't even draw the descending triangle) but more about the feel of price action. Need some life pumped into this market. :-)
The problem is that at the moment trading SBD and Steem at Poloniex and Bitrex is very tricky. Poloniex is not trading at all, as far as I know. Blocktrades and the internal market seem to be the only places where trading Steem and SBD is possible. So basically only steemians are trading. This needs to be solved quickly.
Agreed. Polo is killing us. Bittrex is luckily good to go, well at least yesterday when I was trading on there. Polo needs to get stuff sorted out though as that is still where the most volume is.
I've noticed a trend where heavy Bitcoin, ETH, other major coin activity leads to lower STEEM volume and volatility. I believe there is only so much trading activity to go around and for the past couple weeks it has been focused on Bitcoin.
Yes, that makes sense. Especially with everyone waiting on the fork and segwit2 there was bound to be action on BTC. Next few weeks should be interesting, maybe see a rotation come.
Thanks for the analysis, I have been looking at steem and some other cryptos as potential investments and came to the conclusion that as tempting as it might be, Steem is just too expensive to buy and too cheap to sell, nestled right in that hold area.
I didn't realize Steem's volume has been dropping and I am still not sure if I should buy any cryptos or just take profits and wait for bitcoin to drop before buying back in.
I wish I had a crystal ball.
Yes, we all want that ball made of crystal. I have been buying small amounts of other coins this year. Just bought some Waves last week. Added to LTC last month, etc. Probably should have just held it all in BTC though lol.
Are you trading by reading charts or are you evaluating the technical aspects of the coins too?
For the most part - off the charts. I know a bit of background of each coin though to lean my decision on which to add more too.
I stopped researching coins about two or three years ago, it is a bit of a daunting task with the massive influx new coins that are coming out. With just 100 coins it became a full time job, I couldn't imagine attempting it now, but now I feel like I am investing blind and I don't know enough about reading charts.
In that light, then you are better off just holding some of the top coins and just going along for the ride and maybe speculate on one "new" coin. Kinda like long term buy and hold with stocks.
Thanks man :)
Good moment to buy more Steem 💪
Lol steem
This is STEEM/BTC remember, so the fact that Bitcoin has been ripping faces off is the part of this pair that's doing all the damage.
The USD price here isn't doing much either though...
Do you think that Steem should be doing better this last week alongside all of the other alts and Bitcoin which continues to make new highs? What do you think it needs?
Agreed, when against BTC most of the damage is from BTC ripping. Just looking at ETH, STRAT, etc. they are holding up much better have seen some volume pop up here or there.
Just wishing we can see some of that out of steem, a little life. I think a big issues is the large amount of liquid steem on Poloniex that people are struggling to access with the on and off issues there. That is not helping volume and could lead to a selloff as people will just want to sell out to get it off of poloniex.