$STEEM/BTC Daily Poloniex Technical Analysis Update #2 "Time to pump up the volume" 01/08/16
Hello Steemers!
Time for another daily update on the price!
The chart hasn't changed, nothing added to it, still the 4 hour Poloniex chart from yesterday.
4 hour Poloniex chart- 31/07/16
4 hour Poloniex chart- 01/08/16
You can see how the price "attacked" the bottom light blue dashed line for the 3rd time in the last 3 days and is
still having troubles breaking the line and going upwards.
Although the candles don't seem big to our eyes, they are quite important for the TA,
because they have a significantly higher volume then the recent ones.
4 hour Poloniex chart - 01/08/16
The recent boost int he volume in the buys and the low volume of sells indicates that we either entered accumulation area or are reversing the trend.
That does not mean that the price can't move down anymore, remember there is still plenty of downward potential as we can see from the Bittrex chart.
4 hour Bittrex chart - 01/08/16
As you can see on the Bittrex chart, the situation considering the volume is not quite the same as on Poloniex,
yesterday I mentioned that the traders are moving to bigger exchanges, and now it's easy to see it.
STEEM/BTC volume Poloniex 01/08/16
STEEM/BTC volume Bittrex 01/08/16
The chart look's pretty decent, as said we either changed trend or we entered accumulation area, but beware, in case that's the scenario, it doesn't necessarily mean we hit the bottom. Let's say that the current accumulation area will act as a future bottom area.
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!
Kind Regards, OZ :)
I've been wondering will you post today. Great post as usual!
Thank you very much :) hope its worth following and reading!
Solid analysis Oz as always. Thanks.
Thanks Barry! glad you like it and I hope it helps!
Hey @cryptobarry
Oooh, nice daily updates. Good work!
Thank you! giving my best!
Thanks for today's update!
Thanks for providing your analysis too. Glad to meet you here. I am expecting to see Steem up tomorrow but it depends on many aspects. Technical is not always enough. There must be some fundamental used in it. Talk about NFP this week which affects US dollar almost every time. And we have ADP NFP before NFP, and some more red news. In my opinion, this week is very crucial for USD, bitcoin and steem dollar.
You might find it interesting to go through this detailed analysis too: https://steemit.com/steem/@princewahaj/steem-btc-technical-and-fundamental-analysis-in-detail-by-professional-forex-trader-steem-gonna-recover-graphical-charts
I enjoyed your analysis. Thanks again!
Thanks for the comment and critics, I do agree that TA is not everything, but as I said before in my blog, I will to TA on the chart not on the news or anything else ;)
Really sorry that I missed your post. You use some complex techniques but success is what matters. Your analysis are always interesting to read. :)
it's still there to read under the @ozchartart blog :) i think (hope) they stay forever:), thank you allot!
Hey @ozchartart Great Tech. analysis on the Steem price chart. I do have a question. Do you think the price of STEEM and STEEM DOLLARS will be affected by the increase in users to STEEMIT.COM? Thanks. Also, check my blog if you can.
full $teem ahead!
@streetstyle
hi streetstyle, first of all tnx for the comment!
Indeed I do think the influence of new users will highly affect price of STEEM and SBD.
Will check you're blog in a bit ;)
@ozmaster , thanks for the quick reply. I am not sure if there is a chart that correlates subscriber growth to daily STEEM price or if it possible but it would be interesting if you could do that. Any way thanks, and yeah, let me know what you think. Any hints or suggestions towards my blog would be great. I am fairly new here.
@streetstyle
that would be interesting to see, how they overlay, very good idea! will see what i can find
thanks information @ozchartart
no problem :) will keep it up:)
I think it's time to buy! Or sell! I'm so confused 🤔
that is on you to decide :)
With the disclaimer in place...I still think these would be even more valuable if you actually give a direction.
"given everything I've said, it is my belief that that's why I WILL buy 1000000 STEEM or I WOULD SELL 1000000 btc" As the guy above said, i'm actually more confused, yeah you gave me the data but i'm such a newbie trader that I don't see what to do with it...
Great technical analysis as usual !
thanks!