The STEEM price continues to hold the recent uptrend line, targeting $0.27 resistance.
In yesterday’s post, I mentioned that support at ~$0.20 was being tested. The short-term uptrend line for STEEM was converging with that support line and it was critical for the price to remain above it in order to prevent likely falling back to the $0.15 – $0.16 range. The support was confirmed once again and the price bounced off of it and has continued upward, to about $0.26. The price is currently over $0.24.
We can see on the 1-month chart that the trend line is up and with increasing velocity at intervals of about 5-7 days.
There was quite a jump in volume on December 6th and for now, it has remained well above where it was for most of November. Current volume is around $250,000. This is a good sign and if it can be maintained during this price rise that’s targeting $0.27 – or even grow again – it could be an indication that we’re not likely to see new lows for the time being.
Buy orders are stacking up on the depth chart at $0.23 (just under $40,000 total) and around $0.20 (~$68,000 in total orders). Sell orders aren’t really significant until about $0.30 – $0.31, where the orders reach approximately $40,000, so there’s room for the price to go higher. Keep in mind that these are just existing orders and any additional sellers can come in at any time.
If we check the charts for STEEM’s support and resistance lines, we can see how close these lines are in a greater context. The moves may seem significant on a percentage basis, but we’re still talking about pennies. Regardless, the support and resistance lines matter. If the STEEM price can punch through $0.27 again on steady volume without another parabolic rise, then it will be looking pretty good for the first potential rounds of selling after the new power down schedules are completed next week.
Based on recent charts, it looks like STEEM is establishing a fairly good amount of short-term support at $0.23, but some resistance near $0.26/0.27. Breaking $0.23 will most likely send it back to $0.20 and it will also break the uptrend line, sending us a signal that prices may fall back to $0.15, as I mentioned earlier. Breaking through $0.27 to the upside will most likely send it to $0.30 or higher, possibly to the last local high at ~$0.34.
As always, keep an eye on the volume during these moves. Heavy volume during a price move that breaks well-established support-resistance lines will tell you where the market wants to go. Don’t stand in its way. If volume is light or unchanged, there’s not much meat behind it and you should be cautious if you’re trying to trade the move.
Disclaimer: I am not a professional advisor and this info should not be used for trading. I would be flattered that you think so highly of my fairly basic analysis, but it would not be prudent to use this for transacting with real money.
*Charts are from coinmarketcap.com and poloniex. Data is current as of 12:30am EST, December 9th, 2016.
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Resteemed
Question for you guys....where are most of you buying your Steem? If the author uses cents instead of satoshi to refer to his analysis, does that mean he is buying and selling it here on Steemit with SBD? Also, if I purchase Steem on another exchange, can they be transferred here? Can I send my Steem tokens from here to another exchange? Any help would be greatly appreciated. Thanks.
Yes, you buy and sell off-site and can transfer to/from your Steem wallet. If you just want to convert from SD to Steem, you can use the internal exchange.
I quote in dollars to make it simple to understand. Not many people know how much 0.000374 BTC is or what a "satoshi" is. And I also use dollars because that's how the wallet and internal exchange is priced.
There are three main exchanges where you can buy/sell your Steem: Blocktrades, Poloniex, and Bittrex.
Thank you!
Good morning @ats-david :-)
In my opinion it would be great if we see a stable sideways trend between 15- 35 Cents for a few months that more traders/ investors will be attracted ;-) In april 2017 to da moon then. lol.
Yes, give us a little more time to accumulate at low prices and establish the market, then moon. That sounds like a solid plan to me!
and a good buy oppurtunity for us ;-)
I bought my first Steem when it was around $1. I vested it though so I am looking at the long term vision of this platform.
Same here I believe I purchased my first STEEM@ around $1.79 but was also purchasing around lower prices especially the .12-.15 cent range ;)
LONG-TERM HOLDER
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I want to see the volumes get up to $10,000,000 / day so we can really price test this sum-bitch out.
We would get some serious tests with that volume at a $50 million market cap! Let's do it! (Not with my money.)
Hahahha. Yeah I wish I had a fat stack of Casascius Coins packed full of Bitcoin to work out of. I know I'm going to sound like an old timer with no balls but I can't believe more people aren't jumping on the SBD interest as an investment. If I had a lot of money to put toward crypto I would take a strong position there. It might be boring for some but that is a very solid return.
The price testing of Steem is going to be very interesting over the next couple of months.
im waiting buy on 29 / 30 ^^
Be careful of bull traps. Buying at $0.30 - especially within the next few days - would be pretty risky, unless you're buying for a long-term hold.
sorry not dollar but Steem price againts bitcoin .00029 / .0003 . :D
Ah, OK. That's probably a better choice.
yeah, i was caught in bull trap. buying at 0.000265 planning sell at 0.00041. then i lower it to 0.000385. the price go higher and im buying again at 0.00041 suddenly the price goes down. it breaks my spirit lol so i sell it at 0.00028. no profit at all :(
We could be in B wave now.
Thanks for sharing. Great TA. Upvoted and shared on Twitter✔ for my followers to see. Stephen
Disclaimer: I am just a bot trying to be helpful.
Excellent! Thank you very much!
You are very welcome. Stephen
Volumes are increasing with price clear indication of uptrend.
It's back above a quarter as I wrote, tho' only by a wee bit. I concur with the others wishing for a slow-paced rise, as the last bull run was a quick rocket ride that led to a "boom town" frenzy which left a lot of soured grapes when it collapsed.