$STEEM/BTC Daily Poloniex+Bittrex Technical Analysis Update #12 "Back to the roots" Aug 11, 2016
Hello Steemers!
Today we had some decent action on the market, so without further due let's get on the charts.
POLONIEX
4 hour Poloniex chart - Aug 10, 2016
4 hour Poloniex chart - Aug 11, 2016
Poloniex price made a new all time low and also a new swing low which could play an important role in the future, making the previous support level a resistance level now.
BITTREX
4 hour Bittrex chart - Aug 10, 2016
4 hour Bittrex chart - Aug 11, 2016
The price on Bittrex droped down to the first support level, breaking the first support line (blue) and hitting the 2nd one (1st green/old/pre-pump line), making what seems to be a bottom and bouncing slowly back to the first support line where its trending at this very moment.
VOLUME COMPARISON
STEEM/BTC volume Bittrex Aug 10, 2016
STEEM/BTC volume Bittrex Aug 11, 2016
STEEM/BTC volume Poloniex Aug 10, 2016
STEEM/BTC volume Poloniex Aug 11, 2016
STEEM indexed global volume Aug 10, 2016
STEEM indexed global volume Aug 11, 2016
Coinmarketcap top volume cryptos Aug 10, 2016
Coinmarketcap top volume cryptos Aug 11, 2016
On both the exchanges the volume has gone down, but remained respectable enough to cause an important price move. Poloniex firmly confirming it's main exchange spot is calling the shots, but has used the support level from Bittrex in the making of the new low.
Overall $STEEM still has a very high volume and is in the top of the crypto trading world.
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 :)
COMMENT
The price went a level down, which means further accumulation. Now the price hit an support level from the "pre-pump" era, which means we are entering really tight support area, the bears will have much more problems dumping the price from here on lower, not meaning that we won't see any more downtrend, it just means that allot of people will be tempting to " buy a bit" around these levels in hope for a bounce in the future.
Keep in mind that the Risk to reward ratio is dropping as the price drops as well.
I expect some accumulation between the newly made low on Poloniex and the recently broken support in the next few day, with chance of possible further downtrend if FOMO steps in.
I hope the price can go up
I've been tempted to buy more all the time. But currently saving SD for another project. :D
i mind up the price
Great analysis @ozmaster. I too think support might hold but with so little data it is hard to say. One thing is certain, crypto is always exciting! Take it east @ozmaster and keep them charts flowing.
Thanks for the charts and article! I hope what you said in your previous one will be true soon, about the price; the further it goes down now the higher it can jump up later.
Will be exciting to follow :)
im sure of it :) thanks for stopping by my friend :)
Thanks for the charts and information. @ozchartart
I really hope the current down trend will not continue...
But I think STEEM will overcome it and there will be a brightening.
No problem, every market has its cycles ;)
Thanks for the comment!
wow , price drops continued to
thank you for information
no problem, thanks for dropping a comment and following my blog!
Great post, but I'm not trading now. Keep going!
Thanks
Thank you! I most definitely will!
Thank you for sharing with us, interesting to see the insights. Great article! :) Alla x
Thanks for commenting Alla!
no problem, will keep sharing my charts :)
sounds good ;)
Thank you for the daily update again! keep it on, nice warning yesterday!
Oh STEEM
You've got down on earth to where. . .
I'm posting reward has continued to decline. . .
If you do not me soon up, it does not increase even motivation.
I decided to buy more just now on Bittrex, the low price was a bonus because I was going to buy them anyway! I've been trying to feel my "style" here and I just don't know yet. So I'm going to take some time to enjoy the site for a while first and not get all bogged down in the analysis/paralysis "WHAT TO POST?!?!" state. Thankfully my participation is not all about the money here so I was able to let go of that one pretty quickly. However, that's not to say that I don't want to make money. That's just ridiculous, of course I do! It's just not a requirement, that's all. Even so, I can still try to maximize my chances and the most efficient way to do that is to buy STEEM and power it up until you figure it out. So I sold some Ether, bought some Steem and, voila, I can chill for a bit and get to know some new people.
It's kinda awesome. :)
Anyway, I got it at 0.002619 looks like a good trade at this particular moment. LOL
How do you get so many up votes in 20 minutes ? I can't get there in 10 hours.