The bulls sent a very strong message yesterday that STEEM will not be dumped
For most of the day yesterday there was strong selling pressure and the market absorbed it all and then bounced back.
At the peak of the selling pressure hundreds of Bitcoin/STEEM was traded, but the bulls stubbornly stuck to their guns and would not let the price be dumped much below 0.0001750.
The trades, circled in red below, represent hundreds of thousands of dollars of trade in two short hours. The grey peaks, representing volume traded, crossed the 30 BTC in 5 minutes mark 4 times with 20 BTC in five minutes even more common.
The STEEM bears were taking on the STEEM bulls in a major way and based on the bounce back the bulls won.
It's not too surprising that the STEEM bulls won, since this level has been tested many times in the last two weeks. Always with the same outcome.
This was however the largest and longest sustained attack on that level.
The fact that the level was not breached and the price is now bouncing back indicates very positive and bullish sentiment for STEEM.
We have a very strong floor formed at around the 0.000175 level.
This also occurred at a time when Bitcoin is on the rise and that typically does not bode well for alts as traders move out of alts to catch the bitcoin rise.
This implies that traders waiting for the STEEM price to fall lower in the hopes of buying up cheap STEEM are in for a disappointment.
Thank you for posting @gavvet.
Appreciate the analysis.....very good news for holders of Steem.
Authors and curators too... a higher price means a more valuable rewards pool
Thank you for your reply @gavvet.
Apologies for tapping the wrong tab....and then to discover more negatives than one has ever seen when tapping your tab.
Wishing you all the best.
It goes with the territory, tall trees catch more wind.
So true.......nevertheless it is disheartening to those of us watching.......leaving one without recourse to set it straight.
Thank you @gavvet for being the tall tree. It appears Steemians want to hear from you. Steem on.
Appreciate your reply.
In any given period, this movement wouldn't be so impressive. But as you mentioned, with BTC's big rise happening concurrently, the holding pattern looks quite impressive.
Looks like the next move is starting, wonder if there are any bears left with some fight in them?
seems like there were some that did:
So we need more patience, due to the strong move of btc.
Thanks for all this positive outlook and information. It is really appreciated here. Namaste :)
A pleasure, we need some positivity after all the flags, reward drops, trolling and negativity.
These are great news! I understand little about cryptocurrency, every day I learn something new and little by little my knowledge increases.
A question. Why do you think the price of steem has a good future perspective? What makes you think that? I ask you, to learn what variables you look at.
Beyond that the price of btc is strong and on the rise.
Thanks for the info!
It's complicated, but when a currency starts to bounce repeatedly off the same floor then that means there are buyers willing to put up serious cash to defend that price. This graph indicates that there is currently more money betting that steem will rise in the future.
Thanks for explaining. Now I understand. Translated into Creole, it would be like dogs defending their food...
My friend why you have 4 negative flags??? I've never seen you do anything wrong, you just bring quality content and excellent feedback!
Some people cant think of better things to do with their SP at the moment, but they will move on, they always do.
Stay positive, that this doesn't affect you! If you do good, it will come back to you with more force!
At my rep they can't touch me.
Interesting analysis
thanks
That's the stuff. Steem is on the march and is a sign to all the nay sayers that they are wrong!
Yup, the nay-sayer's are running out of material
On and off the platform!
For sure...
good post ! following you
thanks
By reading this article, I finally know what the grey peak means, thank you!
volume, mouse over will tell you exactly how much...
That's actually very handy to know. I've only started the whole trading thing a few months ago and am still learning a lot :-)
thanks for posting this analysis :)
Thank you
a pleasure