$STEEM/BTC Daily Poloniex+Bittrex Technical Analysis Update #10 "Patience is a virtue!" Aug 9, 2016
Hello Steemers!
Sorry for not replying on the comments today, I had some IRL stuff to do and really didn't find any time to reply, I won't leave any questions open, I'll reply to them first thing tomorrow morning!
Now let's look at the charts!
POLONIEX
4 hour Poloniex chart - Aug 8, 2016
4 hour Poloniex chart - Aug 9, 2016
After yesterdays aggressive pickup the price dropped down again to the well known support level.
The accumulation still seems ongoing on the same level, but with some real danger for an attack to break into new lows.
BITTREX
4 hour Bittrex chart - Aug 8, 2016
4 hour Bittrex chart - Aug 9, 2016
The Bittrex price seems to be in the same mood as Poloniex, right after touching the fib/support line, the price started, bouncing back up. Although the bounce is mild the support line still proves it's importance.
VOLUME COMPARISON
STEEM/BTC volume Bittrex Aug 8, 2016
STEEM/BTC volume Bittrex Aug 9, 2016
STEEM/BTC volume Poloniex Aug 8, 2016
STEEM/BTC volume Poloniex Aug 9, 2016
STEEM indexed global volume Aug 8, 2016
STEEM indexed global volume Aug 9, 2016
Coinmarketcap top volume cryptos Aug 8, 2016
Coinmarketcap top volume cryptos Aug 9, 2016
Although the volume halved in comparison to yesterday steem is still holding it steady and rather big with the volume.
Yesterdays pump might have been just so that Poloniex players show who makes the moves now, since Bittrex didn't follow with even nearly as near as much volume it is now clear who holds the main word.
Steady volume which $STEEM has is pretty rare in crypto, the market is looking really healthy and it seems to be very easy to either exit or enter the market per wish.
COMMENT
Once again, I will post the comment by commenting as it involves my personal opinion!
Thank you for understanding!
If anyone has any questions or need's help fell free to ask, I will try to explain as fast and as best as I can.
Critics, comments, reply's, counters, advice's, etc. are always welcome!
Have my charts helped you in any way?Let me know with a comment below :)
Are there more people who are doing TA?
DISCLAIMER
I am showing multiple scenarios on the price movement, in the post itself I do not take any stance, either bullish or bearish. I am not responsible for neither you’re winning nor you're losses upon trading! the "comment" section is my personal opinion and does not mean I have to or do hold any positions in the given market.
Kind Regards, OZ :)
I personally think that steem is losing its buzz. I don't see it reaching it's highs again any time soon. This is the case with so many other cryptos, the hype phase and then the slow and steady drop that takes forever to bounce back if it does at all. I don't think it's accumulation. The only way I see steem going back to its highs is if it gets featured by the media. The steem team needs a marketing genius to keep the buzz going, a strong social media preference (I know steem is social media but I mean in the typical sense) and on the news. And I really do believe it deserves the attention, it's now everywhere where you make $1000's of dollars for making a blog post, this should go viral.
I don't see why crypto coins don't focus on marketing, just like everywhere else it's the key.
Personally, I'm selling my steem and will buy it lower if they can get the word out better and create some buzz (and I don't mean cupcake giveaways)
Still far too many people who fear 'cryptocurrencies' in the same way the internet was feared, from my estimation. By my estimation, Steem will be far more stable than most coins in the space due primarily to the dynamic monetary/economic algorithms baked into the blockchain.
COMMENT
The price has beenpushed towards the resistance level the 4th time and has successfully bounced off it seems, but this time with what seems to be a very weak bounce. IMHO that shows some real danger to the price and an indication that there might be an hard attack on the support level followed by a try to push the price down towards the ~0.0025 support level.
I know nothing about technical analysis. What is the percentage of a successful forecast? Can you quantify?
thank you for the chart and keeping us informated! Hang on the great work!
nice post
thank you
ok, no problem, thanks
Hi OZ,
I expect a washout in BTC-STEEM, details see here https://steemit.com/money/@holzmichl/btc-steem-washout-ahead-last-chance-to-buy-cheap-steem-is-coming-be-prepared
Best Trade,
holzmichl
What is a washout?
I see it going a bit lower (maybe 30% haircut) and then upwards
Classic @ozchartart. Great in depth post exploring current trends in $STEEM/$BTC. Thanks for putting so much time into the technical analysis pieces. I am excited to see what you do next.
I do have a comment on the internal market. As it stands the liquidity is horrible, more users need to be knowledgeable about using this fee-free alternative. If the volume could shift some, the sell pressure won't all accumulate at polo. Many thanks for reading. - PJ
agree with you steem and sbd price movement is really stable,
its suitable and profitable for intraday trader..
and steem spread is really thigh , as we can see below
its really good for trader thats like to trade steem on short periods of time
we can either make profit buy on low or sell on high
I hope the stability on steem and sbd price will continue in the future.