Market Update on Steem/USD 4/16/2018

There are a couple ways to interpret current price action whereas one is bullish and the other is bearish. IMO we are seeing a pickup in selling because Bitcoin is currently selling and holders of Steem are getting skittish and want to secure whatever gains they have as a protective measure, or...they just need cash. This and any other reason you can think of is probably true since there are enough holders of Steem that the answer would be 'all of the above'.

Drilling down to a 3m chart you can see those concentrated bursts of selling occurring at fairly regular intervals so this is likely a single or 'block' entity doing the selling. The amount being sold is also increasing, but it is not affecting price as much as you would think it would so that means an equal amount of buying is also occurring. There is a lot more sovereign fiat out there than crypto so you can guess who is going to win this war.