STEEM pump and dump weekendssteemCreated with Sketch.

in #steemit7 years ago

Is there a pattern to STEEM price up and downs?


SteemPrice_Aug12.jpg

Just a few weeks ago, STEEM was going through another upswing. No, it wasn't the threat of nuclear war between the U.S. and North Korea that sent the price up. No, it wasn't something the Federal Reserve said or did. And it wasn't do to some Bittrex or Polinex issue, which might be on going. But, it went up, which is a good thing. However, it went back down on Monday.

SteemPrice_Aug20.jpg

Well, things happen, prices go up and then prices go down and then up again. Sometimes there are factors to that rise and sometimes it is just a feeling that the market has. However, we probably shouldn't see a meteoric rise in STEEM, because it isn't setup to do so. A week ago, @dragosroua wrote the article 3 Reasons Steem Price Will Go Up - And One Reason It Will Not Reach The Moon and soon after he published it, STEEM started to rise quickly. And for a moment, I figured @dragosroua would be eating crow and very happy to do so. But, Monday came and it went down again.

SteemPrice_Aug26.jpg

On Monday, I had a feeling that it seemed like a little bit of a pump and dump going on over the weekend. What happened over the weekend that would cause STEEM to jump, but then when Monday came around, it began to drop again. STEEM has been down for so long, that I finally took the hint and Power Up 100% my articles. What is the point in getting some Steem Back Dollars (SBD) and then taking the time to convert them, when I plan on building up my Steem POWER? I know that in theory I wasn't loosing any STEEM in the 3.5 day transaction, but it just seemed like I was. So, straight to Steem POWER my article upvotes go, until I decided that my Steem POWER is high enough.

But, back to the pump and dump. Yet again, over the weekend, in the early morning hours here in North Cackalacky, USA, STEEM went up in price again. And just like clockwork or manipulation, it is heading back down to be lower again on Monday. So, if I was a gambling man, I would buy STEEM late on Monday night UTC and then sell it late on Saturday night or early Sunday morning UTC, before it goes back down.

Maybe this isn't a pattern and I'm just not seeing the whole picture.
But, if it is, it does make me worry a little bit. It is bad enough with STEEMit is full of bots and fake accounts for people to try to manipulate the system. It would be worse if someone was manipulating the price on the weekends in order to get short gains.


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Interesting thoughts on that one...

I was hoping no one else had noticed this; I'm not trading, but I am powering down, and was looking to time my sell-offs

does the pattern correlate with steemit use? are folks using steemit more on the weekend?

No, it seems as if STEEMit use dies down on the weekend, as far as I can tell.

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