STEEM: Market Cap = $46,805,440. Price = $0.20.
STEEM PRICE
As most of you are aware STEEM broke out of a base low at the end of last week and appears to have found support around $0.20.
Currently the price stands at...
Market Cap = $46,805,440.
Price = $0.20.
The recent price action appears somewhat encouraging however I would still recommend leaving the champagne on ice until confirmation has been confirmed.
The rapid price rise over such a short period ultimately created a spike.
Such a spike to the recent nose bleeding dizzy heights from such a low, though exciting to see merely left an opportunity for profit taking by those who a looking for nothing more than a short term gain.
Long term investors will maintain their positions as this trade plays out.
Hopefully over the next few days we will be in a better position to see whether this recent price move is real or not.
Early indications are very encouraging and a close eye will be kept on the volumes being traded.
Thanks again for reading.
Stephen
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The very heavy volume strikes me as a positive; if someone is "playing" here, they would have to have exceptionally deep pockets... not something your basement hobbyist trader could pull off. At one point I saw 24-hour volume at 6900 BTC... that's quite a lot of ching.
Volume is always the key when you have a retracement from a sudden spike like the one here. The retracement has been on relatively low volume compared to the volume that caused the spike and early suggestions indicate that this retracement "run off" is coming to a close. However it is still too early yet to call. All eyes will be on the volume over the next 48/72 hours. If I had to call it I would say 50/50 but would swing to 60/40 in a bullish position if put on the spot..!! Stephen
6900 BTC. That's some major coinage right there.
Thank you for sharing :)
Got to keep that daily volume above 1 million or get ready for the hurt.
Because of the quick turn around with Steem.
I can see a lot of buying and selling going on.
So it will be a Missouri Boat Ride
And this was just the beginning!