$STEEM/BTC Daily Poloniex+Bittrex Technical Analysis / Market Report Update #89, "Testing new support" Oct. 29, 2016.
Hello Steemers!
POLONIEX
4 hour Poloniex chart - Oct. 28, 2016
4 hour Poloniex chart - Oct. 29, 2016
1 day Poloniex chart - Oct. 28, 2016
1 day Poloniex chart - Oct. 29, 2016
After making the all time low on ~0.000196 yesterday the price bounced spiking up to 0.00025. Shortly after it got pulled back down to the all time low level, spiking mildly through the line and making a slightly lower all time low at 0.000183, but for now actually being traded very tightly around the yesterdays all time low line.
BITTREX
4 hour Bittrex chart - Oct. 28, 2016
4 hour Bittrex chart - Oct. 29, 2016
The Bittrex price also made a bounce to the 0.00025 level,s although a few satoshi below Poloniex. The price then got pulled back down to the yesterdays made all time low, where it spiked slightly below it to 0.00018159.
VOLUME COMPARISON
STEEM/BTC volume Bittrex Oct. 28, 2016
STEEM/BTC volume Bittrex Oct. 29, 2016
STEEM/BTC volume Poloniex Oct. 28, 2016
STEEM/BTC volume Poloniex Oct. 29, 2016
STEEM indexed global volume Oct. 28, 2016
STEEM indexed global volume Oct. 29, 2016
Coinmarketcap top volume cryptos Oct. 28, 2016
Coinmarketcap top volume cryptos Oct. 29, 2016
Overall volume about 111% higher then yesterday, $STEEM on 17th place on the volume rankings.
Poloniex volume about 170% higher then yesterday, 226 BTC.
Bittrex volume about 14% higher then yesterday, ~26 BTC.
COMMENT
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COMMENT
looks like the price is testing the new support level made yesterday, If it holds we might be in for a bigger bounce, but from what we've seen so far I wouldn't be surprised if the price went down more in order to push the marked down as much as possible before the new updates and the steemfest.
Not to mention the ever increasing sell pressure we're facing which is attested to the creation rate of STEEM. We need deflationary measures before we see a true reversal. I witnessed this first hand yesterday. I was very disappointed that despite an influx of buy orders, sell orders kept increasing. The entire market is shorting and it's because we've placed the supply in the hands of people that just want a quick profit. They don't realize that they're the ones reducing the price. Limit the creation of STEEM and we'll solve this problematic downtrend.
Steem overall needs to climb way back up in value.
Resteemed