Who is crazy enough to sell STEEM with this chart configuration?
This blog is just an out-loud reflection and analysis ... not judging you if you want to sell ;p
So, this week has been absolutely intense from a Steem holder point of view!
The sudden departure of Dan, follow by a market cap tiny drop and an out of the blue huge rise. Funny week at very least!
Now what?
This is only my opinion but this chart configuration with this kind of volume is just saying one thing " Go get your spacesuits, we are going to the moon !". But hey, wait ... take you time, buy cheap Steem without rush, it maybe takes a while but this is not a random pump ... this is a red sign saying something is happening, the market is shifting!
Another thing to consider is that the previous volume we observed were based on a BTC worth much less that the one we have today. The volume you can see on the chart should be even much higher!
You can see this kind of formations with low volume, decrease of the price during a while and then, suddenly, a huge market reaction. You can observe these on countless of other crypto coins before they rise to higher market cap levels. These pumps come in waves, this was the first one.
I'm well sitting with my popcorn and ready to watch the next one coming and propel Steem over the $ / token.
If there are constructive observations on the chart from Steemit fellows, I'm interested in opening the debate.
I agree we are in interesting times with Steem as we speak. Last week it was pump and for some also dump time in crypto land, and also Steem benefited but lost on it again, however keeping a much higher net result (18ct instead of 6/7ct a week before). Question is: is it 1) pump/dump, 2) shift from BTC to other ALT-coins and/or 3) new FIAT flowing into crypto land? I think to believe the later 2.
Maybe because of EFT thing around Bitcoin, a wider audience of investors are now drawn to crypto land. Last Sunday in one of these Dutch TV investors programs, I saw some more or less traditional investors talking about crypto to be in, not directly in shares to the companies, or buying crypto as a currency, but through trackers. We are talking about investors who invest at the major stock exchanges; A good sign to me more money will be flowing into crypto currencies, from people with deep pockets. Even if it are trackers now, crypto getting attention from a wider audience of investors.
Really good observation. I would say both 2 & 3
I think what we are seeing is what we were expecting. The crypto world is levelling. BTC is losing its power and other cryptos are rising (eth, dash, ...)
We were all shocked when eth reached 1M last year and now it seems just another news that it is valued at 4M. Dash is the ETH of 2016. This year is not over yet and things are accelerating. I would bet we'll see a bunch more crypto hitting hundreds of millions this year. Hopefully graphene chains, these are my preferred ones ;)
Am quite a newbie in crypto land. Do not know what Graphene based is, but Steem is based on that, right? The other day I was watching some stuff around PIVX, they seem to be even better than Dash, although it was said it solved a potential issue Dash may run into, but at this stage very theoretical. At least Dash gets quite a lot of attention on the exchanges, and they have some very good marketing material pushed into the world, that helps them in their attractiveness I believe. I can not wait until Steem is ready to go for a big market push as well, with a brilliant marketing campaign I hope.
The chief engineer of Steem (Dan Larimer) created first created BitShares, the first Graphene chain ( http://coinmarketcap.com/currencies/bitshares/ )
Then he created Steem. Much easier to promote a social platform than a decentralised exchange but the sleeping giant BitShares is slowly waking up and he will rock the crypto world. ( http://coinmarketcap.com/currencies/bitshares/ )
There is also a small but promising graphene chain called MUSE ( http://coinmarketcap.com/currencies/bitshares-music/ )
The last one is PEERPLAYS, they are running their ICO at the moment. Already 4.2 million in ;)
( https://www.peerplays.com/ )
The chief engineer of Steem (Dan Larimer) created first created BitShares, the first Graphene chain ( http://coinmarketcap.com/currencies/bitshares/ )
Then he created Steem. Much easier to promote a social platform than a decentralised exchange but the sleeping giant BitShares is slowly waking up and he will rock the crypto world. ( http://coinmarketcap.com/currencies/bitshares/ )
There is also a small but promising graphene chain called MUSE ( http://coinmarketcap.com/currencies/bitshares-music/ )
The last one is PEERPLAYS, they are running their ICO at the moment. Already 4.2 million in ;)
( https://www.peerplays.com/ )
You can't find better technology in the crypto world at the moment, these chains are technologically much ahead ETH, Dash and others. Nobody seems to notice that but it's slowly getting there.
Thanks for your insights and info on Graphene; Inspiring! I'll for sure research Graphene better to understand myself what makes it so great and will have a closer look at the cryptos you mentioned. Super!
You're very welcome sir ^^
Probably, demand is on the same level, but supply dropped as from this @me-tarzan diagram https://steemit.com/steemit/@me-tarzan/sunday-s-power-down-is-59-35-below-sunday-s-average-line-daily-steem-power-down
First sell off :) Long way to 5$ :)
We may see a brutal rise in power down triggered by the sudden change in price ... I hope not though.
IMO, massive PowerDown is only indicator of unhealthy system, like high body temperature. The main reason - PD users do not believe in system future. Why? Take the last experiment - whales went south, average upvotes are higher, what now? Whales cannot sit there forever. There is some new story about voting cap - I still don't know details. I think, more experiments needed to know what needed, but better organized than the first one.
You are right but I when I said "massive power down" I was referring at ppl trying to sell a part of their steem to take some profit. Maybe buy back at lower prices.
Hmm.. This is not good though.. Maybe the idea to drop PD from 2yr to 13 weeeks was wrong?
I think it's cool, Steems have to go from whale to minows, these high variations in price are a good thing.
This is something I have been thinking about also . That some of the large whales cause a pump so they can dump and then buy back at lower prices
This is something quite common in the crypto world. With that said, I don't think there are whales big enough at the moment to generate this kind of volume. If I'm not mistaken, we reached over 7 million $ in volume / 24h.
upvoted only because of your username @glitterfart is the most awesome nick ever.
Thanks, Blue Panda. I didn't use much of imagination. It's based on my everyday life, a mere observation...
okay, okay.I dont need the details HAHAHAHAHAHAHAH
Buy Now .. and when the price drop also in buying ... in a week the price rose more than 200% we do not know in the future could be up to 5 $
I think STEEM can pass 5$ easy and can hit new ATH at 5-10$ :) As hisotry of other alts shows, every next hype is higher than previous :)
Yes I agree with you ... This is the opportunity to buy and keep them ... can be taken advantage of some continuing than that ..If I had money I bought :)
Anything is possible in the crypto world. Just look at ETH last year or Dash this one. Steemit has already a working product ready for masses, that should be noticed in 2017.
We may see in the near future rise in price
I agree with pretty much with everything you'd just said sir ;p
Something crazy gonna happen :)
With this huge quantity of money held in Dash and ETH, things can move very quickly !
A huge thank you for sharing this information.
You are very welcome sir ;)
didnt see you lately man! good post
I don't know if "good post" but certainely my "come back post" ^^
I have been struggling with life / work decisions. Now, it's all solved and decided. I'll have much more time to dedicate to crypto and Steem now. I'll first start by curating and blogging, so I can improve my english and my writing skills then who knows ... with time and passion, anything is possible !
I've just realized that I wasn't followinf you man. Problem soved ^^
Ouch good i have left a message here i was wondering why lately none votes of yours on me ;) Anyways good you fixed your problems and can be more of a Steemian now!
Yeah, I'm going to be powering up, that's for sure. :)
Upvoted
@shayne
Thanks for your vote man, I'm about to drop my job and go full Steem and crypto.
Exciting time, every vote counts ^^
Did you buy steem? Just curious.
Yeah, I traded a huge part of my crypto-portfolio into Steem ... It's one of the first, if not the first, example of a concrete project using blockchain. It's ready and working. I'm a strong believer.
Excellent work @glitterfart ! Thanks.
Thanks Olga ^^
It was bound to happen. 7 cents was laughable, I bought all I could afford. My value of Steem is $1 right now, and the future looks even brighter.
👍🏻
I couldn't buy any more Steems at low levels, I have been prematurely "All-in". I'm ok with that, what Steem just did and is about to do could have happened just after I bought. I'm still in negative but not for long.
I hear ya.., I have been buying on occasion ever since $3 last summer.
It sucks when you start thinking how much Steem you could have if you had bought everything at the lowest price.
But you know what sucks even more ? Don't have any Steem at all and start bying in 6 months when everybody will be speaking about it.