I have not seen Steem and SBD orderbook so thin.... Ripe for a pump, whales and dolphins waters
Its been awhile since I notice Steem and SBD orderbooks so thin, usually there is an abundance of sellers placing orders on the orderbook but there is a noticeable decline of orders but it does not seem to be attracting bulls.
Its really a rare situation where you find as little as 3 BTC can cause a 5% move on Steem market given the circulating supply but such is the current state of the Steem/BTC market. The likelihood of sellers exhaustion at these levels is painting an interesting picture but so far the Steem bulls haven't taken up on the offer. What is even more interesting, one does not have to have "whale" status to pump the market, a 'dolphin' with as little as 20 BTC can "market buy" the market from its current 0.00004764 to 0.00012 BTC yielding a 100%+ move. Usually it would take a lot more buying pressure to even move the needle on the Steem/BTC pair but as of now, the sellers seem to taken off the orders and the orderbook looks ripe for the taking. Probably the sellers are in the shell at these levels waiting for better pricing, typically buying pressure has been greeted with relentless sellers in the past. Given the current dynamics of the altcoin market, a Steem rally, can likely trigger a lot more speculators as traders try to curve out yields from alts showing any form of life.
The market for SBD/BTC looks even more vulnerable.
With as little as 3 BTC, can result a 10%+ move and and a 20 BTC "market buy" would result 3/4 of the orderbook cleared putting SBD at some mind bending valuation. Typically SBD survives pumps longer given its lower circulating supply and is more easily manipulated. The order-book across other exchanges like Upbit, Poloniex and HitBTC are worse, as sellers can exited the building. Thus far, buyers aren't interested but given the re-emerging pump groups across exchanges, anything can happen. Probably the days of 200% move is upon us but as usual, trade only what you can afford to lose.
Lots of altcoins have been making big moves in the last 48 hours, as Bitcoin pause to give alts some room to catch up. Steem certainly has the order-book to make a big move but its a matter of the Steem bulls getting interested and the sellers giving it the room it needs to rally. Its a patience and timing game from here, as the speculators get more aggressive, i expect some action soon as speculators gonna do what they do best: SPECULATE. Nonetheless, the bigger question one should ask? Are these coins worth the trade????