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RE: $STEEM/BTC Daily Poloniex+Bittrex Technical Analysis Update #37 "Sleep now in the fire" Sept 05, 2016
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Think we are going to see another little pump soon , the volume on today's dumps was extremely low, leaving the impression to me that the dumpers can't push the price further down.
There is still a chance we might see an attack on the recent all time low lone from Polonioex, but it was tested 2 times already and has held so far, imho it will be hard to break it. In case the price does go down, I'd expect first support around ~0.001 - 0.00095 BTC.
Uptrend is a lot more likely here in my eyes. There already was a nice pump, and not many tries after that one.
For me still a good price to pick a few coins up, since I rarely wait for the ultimate bottom, I prefer to buy coins along the way down in case of sudden trend changes.
Not true at all.
The 'dumpers' have an ever increasing amount of steem from power downs. The reason they aren't selling more right now is because they've figured out that they're trashing the market so have stepped back. A spike up might be on the cards... but to call an uptrend is ridiculous. It's very clear that the sellers have taken a breather and are waiting for a spike to unload.
The price will most likely drop until more fundamental influences take hold... such as the liquid steem increasing to 10% ish.
Makes sense. Totally agree that we can have a spike, but the trend is down.