$STEEM/BTC Daily Poloniex+Bittrex Technical Analysis Update #4 "Progress is impossible without change" 03/08/16
Hello Steemers!
A bit later then yesterday, but still made it!
The #4 update of the daily #STEEM price analysis.
So, let's begin.
#POLONIEX
4 hour Poloniex chart- 02/08/16
Yesterday the price was in a downtrend heading towards the Poloniex all time low.
At the time of yesterdays post it seemed to have slowed down.
Lets see what developed meanwhile.
4 hour Poloniex chart- 03/08/16
Between the last post and now the price went down further hitting the Poloniex all time low.
It made a quite hard bounce with record volume and a new local high, making a new important swing high.
Notice that the price was again pushed back down to the ~0.0038 line.
4 hour Poloniex chart + new swing high + price waves marked yellow- 03/08/16
This swing high could have a high possibility of playing a role in the near future.
The ~0.0038 line acted as a strong resistance recently, which strongly points toward it being a strong support level in the near future once the price breaks upwards.
4 hour Bittrex chart- 02/08/16
4 hour Bittrex chart- 03/08/16
First making a slightly lower local low,
the price bounced up hard, wicked through 2 resistance levels but was contained.
The volume on Bittrex is going down each day which also plays a very important part for the price (more explained in the comment).
COMMENT
With the price making another hit on the level of the previous local low, but not breaking it, indicating a possible bottom.
However the price going up sharply short after but not successfully breaking first resistance level further indicates that we entered accumulation area, rather then a sharp uptrend/moonshoot.
Another thing I want to mention is the volume!
STEEM/BTC volume Bittrex 03/08/16
STEEM/BTC volume Poloniex 03/08/16
The Poloniex volume keeps rising while Bittrex volume doesn't show any will to compete.
It seems that the transfer is near to complete.
That as well indicates a confirmation of a new bottom. It means that the trades mostly moved their funds to
the bigger exchange and are ready to start working on accumulating coins for a new push.
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 :)
Today was pure insanity from the little I was able to check the markets , Thanks for this wonderful analysis and summary :)
Truly was. I needed to change pants quite a few times. Oh man, volatility like this, sometimes we miss it, and sometimes I wish things would be boring for a second so I can get some sleep lol.
Especially with coinbase being swarmed and down several times today, i've even seen rumors of them being hacked... Time to power up some Steem (if only my pay would be today instead of in 27 hours :'( )
Fantastic market analysis @ozchartart :)
Definitely earned yourself a new loyal follower, hahaha.
Anyways, Yes, a LOT of people have been concerned with the recent
and drastic drop in their "Estimated Total Value" or whatever it's labeled as on here...
But as (yet-another) die-hard Poloniex fanboy, along with 10+ years experience, in FinEx, ForEx, Altcoins, younameit, I can say I am in complete agreement with your analyses and (user-friendly) scenarios laid out in your post.
As a notorious HODL'er of just about any cryptocurrency I've touched,
I can say I will most definitely HODL every one of Steemit's three "forms"
of the currency itself, across multiple platforms & accounts.
Well, I'm about done with my Adderall+Alcohol-fueled rant here, haha,
so you enjoy your night, and thank you again for contributing this invaluable
content, Sir!
~ Hd0
Took the words right out of my mouth!
Not only spot-on, but generally marvelous analysis @ozchartart!
Thanks for the comment! glad you liked my TA! it coming from someone with 10+ year experience in the markets means allot!
I upvoted You
like this 4H MACD , thanks for analysis @ozcharts
Thanks! You think we're going to completely transfer to poloniex?
I did notice that volume on bittrex is much smaller than on poloniex. There were really good arbitrage opportunities today though, and there often are.
not entierly but poloniex is a bigger exchange, meaning they do have some people who will trade coins only if they are traded on poloniex.
Great analysis here, what do you think of the internal market and the arbitrage available?
right now people are busy with etc... so all other coins are down but they will bounce steem will hit 3.5 - 4 dollars again... and when people start selling like crazy prize will go down again... steem is very volatile.... for me its good i like it up and down so i can buy and sell... :) good analysis though keep it up
My old Analysis. I created this in January.
Speaking about change. I'd like to say that it's not just some changes that we need, its the Great Transformation from larva to imago, from a single-site service to an Internet-wide phenomenon that we are in a pressing need for.
Here is the details of my idea. I think this idea deserves some consideration and discussion at the very least.
Nice analysis OZ , i see the support is very strong in that price , i expect to hold the sell off . make a nice trick in your charts , add 2 bollinger bands with deviation 10 & 20 , also mark the last downtrend with lines .. thanks for your opinion ..keep up the technical Art
also read : How to Find copyright Royalty Free Images for Your Steemit Blog Posts . Free and Legal Photos for Your Blog .
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