What just happened to steem in the markets? - Very basic charting example
Well steem just had a flurry of activity on the market and gave a very good example of some basic market behaviour:
As you can see from the red line I drew - the price rose until it hit what can be called a 'resistence level' from back on June 13, and then went back down to 'consolidate'. From here it may go back up and re-test, break through or just plain drop back down.
Zoom in:
Markets seem to pay attention to what happened in the past quite often.
I'm sure you all new that already but thought I might illustrate it with our favourite crypto!
Cheers
strapped
is this something I can invest in with the steem whatever this is I'm earning on here ?
Hi @sheilaaliens that is such a great question. Based on this question I will be writing my next article. Keep an eye out for it as I will sending you a share of the upvote rewards that the article receives.
A very short answer to your question is that yes - the steem you are earning here is in fact a cryptocurrency. Other examples of cryptocurrencies are Bitcoin and Ethereum (there are hundreds of different cryptocurrencies now). The steem you earn can be traded on any exchange that has a steem pair (i.e. BTC/steem which is bitcoin/steem). If you want to check out some exchanges I have used Poloniex https://poloniex.com/exchange#btc_steem and Bittrex https://bittrex.com/Market/Index?MarketName=BTC-ANS without any problems.
What you can do on the exchanges is trade steem for another cryptocurrency at the going price. The prices change by the second which is what some people use to do 'trading' - buying low and selling high etc. Some people look to buy cryptos there and hold long term, others buy and only want the price to go up in the short term when they sell.
One day you may want to convert the cryptocurrency to your local currency (not sure where you are from maybe US Dollar or Aus Dollar). That is a whole other story and depends on where you live.
Thanks for stopping by and I'll be in touch after the next post.
Cheers strapped
Wow thank you! :)
Are many people using the internal market to try and trade to make money? I've just been using it to convert Steem, it seems a bit basic, is it worth the effort?
Hi purpleprose
I'm not sure if the internal market is widely used to make money. I have read people discussing good times to swap between SBD and steem. I would say it isn't a place to make any serious money due to there only being two currencies to trade their (steem and SBD).
If you want to trade your steem there are places like Poloniex and Bittrex where you can trade between many more currencies. As I am sure you are aware it is a very different environment in those exchanges where people are trading for profit and there are large sums being made and lost by the second. Definitely the kind of place you want to get started slowly in if you have never traded before (be it FX, shares, cryptos etc.)
Hope that helps and thanks for stopping by
strapped
Yeah, I already trade in other places. I had a little go on the internal market after I wrote this with a dollar, made a couple of cents then got bored and changed it to Steem Power. It might be worth doing with a couple of hundred maybe.
Does the difference between the price of steem and SBD fluctuate much?
It's slow because of a low trade volume.
Hmm, doesn't seem to have any charts to get an idea of price history - unless I'm missing something
No, you just have to watch it, hence the reason I got bored.
Ha yeah it didn't strike me as very exciting on that page. https://steemit.com/trading/@alexpmorris/don-t-convert-sbd-to-steem-buy-it-on-the-steemit-market
Thank you for this ilustration.
My pleasure. Thanks for stopping by
Nothing to worry about. It's part of the consolidation. Once it breaks above the resistance, it's surely double in value, in the short term. Every major cryptocurrency is having its moments of rise. Bitcoin was the biggest of course, then ethereum, now it's litecoin and ethereum classic shining, steem will surely explode when its turn comes.
Cheers man. I am also bullish on steem. I agree with the your prediction, if not for any other reason, people will keep putting there money in new things until the growth of each one runs out of steam.
Good information. Thanks.
Thanks for checking it out