It is good to see the technical analysis. I'm a fundamentalist but I do consider these types of analysis.
I sort of got lucky the other night went STEEM went below $1. There was almost a 1 to 1 ratio between SBD and STEEM so I did the trade on the internal market and then sat on the liquid STEEM figuring we would get a small recovery the next day. Then went it was about $1.36 i shot it to Bittrex and converted to BTC.
Another reason I feel there is some downward pressure for STEEM is that new users want to confirm that it is "Real" and will go through the process of cashing out some early rewards. That is kind of my thought on it.
That was some really clever way to making quick money. Good for you.
And yes you are correct, all the downward trend that we are seeing right now is because of newbies.
Most of them joined crypto market because all the media attention that Bitcoin got, and now after a few months when most of these newbies do not see any profits they sell and thus the downward trend.
I'm glad the that STEEM Dollar still exist because it gives me an extra tool to go in and out of. At one point there were talks of getting rid of the STEEM Dollar and just having STEEM
I am glad Steemit exists, it gives me hope that was missing for years.
That is good to hear. It is certainly another opportunity that I'm glad I found out about as well.