$STEEM/BTC Daily Poloniex+Bittrex Technical Analysis Update #7 "The calm before the storm'" 06/08/16
Hello Steemers!
A bit late today again, but still keeping this up :)
So let's begin!
POLONIEX
4 hour Poloniex chart - 05/08/16
4 hour Poloniex chart - 06/08/16
The poloniex price didn't make much movement in the time between the charts, it went slightly more down but still qualifying as a higher low. Still in the accumulation zone. allthou the volume is pretty low.
POLONIEX
4 hour Bittrex chart- 05/08/16
4 hour Bittrex chart- 06/08/16
The Bittrex price didn't drop any lower then yesterday making a higher low.
The volume is still lower then poloniex but also seems to have found it's ground.
VOLUME COMPARISON
STEEM/BTC volume Bittrex 05/08/16
STEEM/BTC volume Bittrex 06/08/16
STEEM/BTC volume Poloniex 05/08/16
STEEM/BTC volume Poloniex 06/08/16
$STEEM indexed global volume 05/08/16
$STEEM indexed global volume 06/08/16
Coinmarketcap top volume cryptos 05/08/16
Coinmarketcap top volume cryptos 06/08/16
Bittrex volume still way lower then Poloniex but seems to have found it's ground, indicating again that the volume transfer is over. If u look at it historically this is pretty low volume on both exchanges.
The Global volume is 20% greater then yesterday and $STEEM climbed 4 places on the highest volume crypto on coinmarketcap.
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 still being in the accumulation area but as well still having low volume, and milder and milder price moves, I expect some action in the near future, it seems everyone who wanted to get out got out and now the market is only absorbing daily dumps from blogging rewards etc.
We should see some slow increase in volume over the next couple days followed by a stronger move.
Hopefully upwards, but there still is chance that we might break down lower in order of more accumulation.
I honestly expect more accumulation.
I added some info myself on this screenshot :
You can see my analysis here : https://steemit.com/steem/@najoh/technical-analysis-steem-06-august-2016
Glad to see other people charting aswell! keep it up :D great post!
@ozchartart. Nice analysis, I need to study up on my volume analysis. I was going to order this book and read it this weekend. If you read it please let me know what you think. https://www.amazon.com/Complete-Guide-Price-Analysis/dp/1491249390
Thanks! I haven't read it but now that u showed it to me my finger is howering over the buy button :)
@ozmaster WTF just happened?? Looks like I can order that book now.
looks like u just got berned!;)
I'm not sure traditional TA (especially long term) is going to work on STEEM/BTC or STEEM/fiat because of the high inflation rate. TA on market cap may be more useful. At $2.00, STEEM will be larger than Facebook in terms of market cap in 10 years, which is possible, but of course without a change in price.
Ye, the whole steemit economy is still in a beta, but IMHO TA is always usefull
Can I suggest a simple change to the presentation: The date format though used internationally, may be confusing for U.S. viewers. As you know the U.S. uses the format month/ day / year ..... so, your presentations at first glance can be mistaken for being an old post or relating to a different period., and might lose viewership. I used to face the same challenge at work having an office based in the U.S. but dealing with a network of overseas affiliates. To get around this we always used the format "Aug 5, 2016" / "Aug 6, 2016"
Enjoyed your post!
Thanks! good idea, didn't even think about it! will keep it in mind :)
Hello @james212 thanks for voting my post https://steemit.com/me/@juvyjabian/is-steemit-also-a-place-for-ordinary-people I really appreciate it. Kindly check my appreciation post I created for those who voted me.
another AWESOME post by the OZmaster! keep em comin brotha!
Any chance you can do a post on how to setup Poloniex to look like that?
Thanks for the post, really helps n00bs like me.
sure will do ! no problem at all, if u got any more questions just ask, im happy to reply!
Holy shit. Thanks for the up votes of the question!
Good post. But I generally disagree. Reasons below:
Beyond the STEEM Whitepaper – 1. Blogging and Curation Rewards Fund; Steem Backed Dollars Creation
Beyond the STEEM Whitepaper –2. Where the money come from; New Users DO NOT Increase the Value of Steem (yet)
Beyond Trading – The Medium Term Fundamentals. 1. – 7.29.2016
Solution to the Curation Rewards
Fact of the Day! “93.44% of ALL (Liquid) STEEM comes from…”
thats why I always repeat that even the market is in beta ;)
See my analysis from 3 weeks ago:
https://steemit.com/trading/@holzmichl/btc-steem-chart-analysis-by-holzmichl
Placed some limit buy orders at around 0.0025 BTC.
Best Trade!
Holzmichl
good level to have buys incase of a dump i agree!
@ozchartart Could you please do a XCP technical analysis. Thank You :-)
Why not :) will do it defo one of these days!