SBD and STEEM going at it
So I started looking a bit at the SBD and Steem charts today only to stumble upon these fun indicators. Now before you read any further and think I'm a genius mastermind who found something no one in the world has thought of before I just want to point out that this is not financial advice. Furthermore the action of SBD is what has driven people into betting on Steem and due to success possibly caused by themselves they have repeated it time after time again making it a self fulfilling prophecy. It was fun to see the similarities though and maybe point them out in a post for others that have not thought about it before.
So here is SBD and Steem copied "as is" on coinmarketcap, meaning the full graph of their existence on the site.
Already you can tell a lot of similarities, huh? Maybe these giant MS Paint arrows and if we push the Steem chart a bit to the left make it more obvious if not too much.
Alright well, let's zoom in a bit more!
So the first time SBD went up a bit more than just a few cents, up to 1.27 was in april 17th, 3 days before that it started moving on april 15th.
Now if you look at Steem, it went up on the same day and didn't get back down as low as it was before, interesting, what are the odds this will happen again, you ask?
November 22nd SBD went up by 2x with some actual volume behind it and not just some weirdo hitbtc exchange that may or may not have caused the past $2 "pump".
What do you know, Steem also had some movement that day and got some increased volume shortly after.
Even after Bitcoin went back up to 10k for a short while, SBD started moving again and hmm, I do wonder what Steem did that same day.
Ohyou.jpg
Okay okay, we've checked many pumps and all of them correlated to each other, what about lows?
OKAY WTF IS THIS WHY DID NO ONE TELL ME?!?
Okay so where are we today, right, so SBD started making some moves again, this time around though things did not correlate the same way as you can see here.
Hmm, what gives?
Well my theory to that is that maybe many thought SMT's were coming to testnet so them picking up a ton of Steem was a bit premature and after some realized that was not the case the sell pressure was too high for the meager SBD pump to cause Steem to move much.
If anything, throwing some play money and buying Steem when SBD goes up, or buying SBD, selling as soon as it pumps for Steem could maybe show to become quite profitable. Either that or we will all get rekt.
Hi @acidyo your post seems to be one of the missing link to my own post and research. I am glad I found it.
To sum it up would it be safe to summarize
if the situation remains as it is.
However "IF" SMT appear on to the scene and for some reason have a direct correlation to steem and are less correlated to SBD , the equation might change.
I think you can explain better
The big question what in the foreseeable future would be the triggers for a sbd/steem Pump
Though based on the highs we saw last time power up now looks to be the best thing for the long run.
What do you think?
Ill have to do this in 2 comments, but look right after the 24th.
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Looks like steem did "pump" right after sbd om that small jump in sbd price. Another thing to consider is maybe that signal is only applicable in a bull market.
Since were not yet in clear bull territory it is definitely something to watch once we move back into a full bull market.
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It looks as though the one that should be pegged to the Dollar does it's own thing. I wonder because there is less SBD's compared to Steem could it lead the way forward eventually.
Acidyo predicting Steem and SBD prices.
Hahaha great! :D
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I think the dynamics of both assets are more different than traders really know about it. The Steem supply on exchanges is near 80 million whereas SBD outstanding (on exchanges and wallets) is already below 10 million so they will move more abruptly with large orders that Steem will.
Pretty crazy how it has gone like that lol. Great post! Had a few laughs 😁
I'm still wondering why I didn't buy SBD when it was well under $1, knowing it's pegged to a dollar. The mind is a mysterious device.
This peg is probably the biggest fail ever...
It definitely doesn't stay there, yet over time it seems to always come back to it. That's a pretty good investment so long as you're buying below a $1.
Yeah that's a good question, it stayed down for longer than someone would expect as well.
This was quite interesting to look at... Feels like the bears are easing up, so I hope we see some bulls soon! :)
Now I am afraid to sell my sbd! :) Perfect.
Hahaha wait wait your calculation have moved my mind in a triangular way. So thats mean we are forming a triangle :P pump soon ! :p
I dont have very much invested but have been buying steem with sbd on the internal market and selling high. I havent been doing it long enough to have made much but in theory ill be a millionaire in 86 days.
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