$STEEM/BTC Daily Poloniex+Bittrex Technical Analysis Update #25 "All I ever wanted to be, is running away like watter" Aug 24, 2016
Hello Steemers!
The price was in a heavy downtrend today looks like we are seeing some bottom thou, some telling info on the charts today.
POLONIEX
4 hour Poloniex chart - Aug 23, 2016
4 hour Poloniex chart - Aug 24, 2016
The price kept the downtrend from yesterday, going down even harder, reaching what looks like a bounce point here. As I am not sure if it will bounce here and make a swing low, I marked it with the dashed line till I see the confirmation.
BITTREX
4 hour Bittrex chart - Aug 23, 2016
4 hour Bittrex chart - Aug 24, 2016
The Bittrex price also went further down, it came to the support level made a short stop, decided to go down further without a bounce and is not on the last fib line, looking like it hit the bottom of this push.
VOLUME COMPARISON
STEEM/BTC volume Bittrex Aug 23, 2016
STEEM/BTC volume Bittrex Aug 24, 2016
STEEM/BTC volume Poloniex Aug 23, 2016
STEEM/BTC volume Poloniex Aug 24, 2016
STEEM indexed global volume Aug 23, 2016
STEEM indexed global volume Aug 24, 2016
Coinmarketcap top volume cryptos Aug 23, 2016
Coinmarketcap top volume cryptos Aug 24, 2016
The volume is greater then yesterday on both exchanges, although Bittrex's 77 BTC volume looks rly like a small fish compared to Poloniex's 381 BTC.
Still holding around the top of the cryptos there, yet didn't go up in place much as the volume as some other coins seen pump's in price and volume.
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
It seems to me we have entered another accumulation level, although ofc I am waiting for some confirmation.
The price hit the bottom line of the fib on Bittrex and I expect at least a little bounce tomorrow.
Although there is still downside potential for the price I'm pretty positive about it stopping and chilling in these levels for some days.
price down
Thank you for your efforts :)
No problem! thanks for the comment!
I don't understand how you are getting so many rewards for such basic technical analysis. I predicted everything that is happening a while ago but my posts got almost no rewards. Also trying to call bottoms is really a newbie thing.
I just followed you, keep doing what your doing. Don't focus too much on the buzzling noises from this ecosystem, you will get there...
While I am bullish for the long time, I do hope that STEEM will not keep falling. It has been trending downwards since the big July 4th rally, which a huge fraction of the current user base has signed up after. Meaning all of those users have just been seeing downward action since they've joined. Imagine what they think. That and seeing all the big guys powering down with a bigger weekly salary than a yuuge fraction of the world's population. sigh
Great analysis. STEEM can't fall forever! Continuing to fill my bags on Poloniex
actually it can and that's why they plan to divide it by 10 every three years or something like that ( 10 steem will be worth 1 new steem on a 3 year cycle or maybe it was 4 ). Hopefully the total value of your steempower (with interest) will remain steady or even increase...
Indeed, the whitepaper says 3 years to keep the inflation numbers from becoming excessive.
It also outlines a scenario in which a feedback loop could cause Steem Dollars to increasingly accelerate the amount of STEEM produced
It actually can fall forever...lol.
I hope that it won't, but it can.
I think for the price of steem to stop falling so fast, holding steem and even more holding steempower needs to become more attractive.
As curators are racing to upvote the top earning authors, the fee taken in the first 30 minutes is increasing and for the moment it is given back to the authors. The Idea of a fee for upvoting in the first minutes is a good way to prevent everyone from upvoting immediately and also to push curators to look for new authors but they got it wrong. The authors that everyone wants to upvote as fast as possible are already earning enough. The fee should be given back to not the authors, not the curators but simply to all steempower holders. Also to make buying a little amount of steempower more interesting to promote your own posts, author rewards should be given a little more linear way. For the moment, less than 1% of the posts probably get 90 or 95% if not 99% of the rewards while 99%of the posts get 0 to a few cents...
I decided to go a bit deeper in the subject :
https://steemit.com/steemit/@aaseb/steem-is-crashing-wanna-talk-about-it-or-even-bettet-do-something-about-it
Damn.. this keeps falling and looking great to buy at these levels. I just bought almost 93,000 bts thou... :)
So when the price continues to drop, one should buy steem, right? (ofc one needs to believe in steemit).
I'm not sure if I should buy right now or in a few days(weeks?) Could someone advise me what's probably the best choice? : )
Now is the time to just sit back and chill, let steem find a bottom, who knows how low the price can go with most of the whales powering down and buy support not matching up to it.
I would suggest to buy only at levels that are probablistically favorable, such as a re-test of the floor (lowest support level, or zone, on the chart), and only after price has tested that level three or more times and then closes above the short-term top of range (range of prices while those tests were occurring).
As a trade, your stop (risk) would be placed below the low of the range (floor). As an investment, you might want more confirmation than this three-test-and-close-above-range approach. It might be wiser to wait for a few major horizontal resistances being taken out, if not the all-time high. Depends on your plan/ approach and your risk tolerance.
Thank you for the post!
Nice analysis, keep up ur great work @ozhcartart