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RE: $STEEM/BTC Daily Poloniex+Bittrex Technical Analysis / Market Report Update #89, "Testing new support" Oct. 29, 2016.
COMMENT
looks like the price is testing the new support level made yesterday, If it holds we might be in for a bigger bounce, but from what we've seen so far I wouldn't be surprised if the price went down more in order to push the marked down as much as possible before the new updates and the steemfest.
Not to mention the ever increasing sell pressure we're facing which is attested to the creation rate of STEEM. We need deflationary measures before we see a true reversal. I witnessed this first hand yesterday. I was very disappointed that despite an influx of buy orders, sell orders kept increasing. The entire market is shorting and it's because we've placed the supply in the hands of people that just want a quick profit. They don't realize that they're the ones reducing the price. Limit the creation of STEEM and we'll solve this problematic downtrend.