Hello Steemers!
Today we made a new low on Poloniex, read allot of panic and insecurity, so lets see whats happening there.
POLONIEX
4 hour Poloniex chart - Aug 9, 2016
4 hour Poloniex chart - Aug 10, 2016
After yesterdays unsuccessful bounce attempt the price broke the so far solid support level, for now making a slightly lower low. On Poloniex this is a new all time low and we don't have any more support level's from this exchange, so in case of further downtrend Bittrex support levels should count.
BITTREX
4 hour Bittrex chart - Aug 9, 2016
4 hour Bittrex chart - Aug 10, 2016
The Bittrex price also broke the recent support level slowly advancing towards the next possible one, the dumps don't seem too aggressive so there is still a chance the price can recover.
VOLUME COMPARISON
STEEM/BTC volume Bittrex Aug 9, 2016
STEEM/BTC volume Bittrex Aug 10, 2016
STEEM/BTC volume Poloniex Aug 9, 2016
STEEM/BTC volume Poloniex Aug 10, 2016
STEEM indexed global volume Aug 9, 2016
STEEM indexed global volume Aug 10, 2016
Coinmarketcap top volume cryptos Aug 9, 2016
Coinmarketcap top volume cryptos Aug 9, 2016
The volume doubled again today, even Bittrex showed double volume again, probably meaning that it is willing to support downtrend pushes for now, but not the uptrend ones.
The volume is still trending very high all thou the price seems to be dumping, This indicates that the people are not losing interest in the market, which is very important during downtrend of a market.
COMMENT
Once again, I will post the comment by commenting as it involves my personal opinion!
Thank you for understanding!
If anyone has any questions or need's help fell free to ask, I will try to explain as fast and as best as I can.
Critics, comments, reply's, counters, advice's, etc. are always welcome!
Have my charts helped you in any way?Let me know with a comment below :)
Are there more people who are doing TA?
DISCLAIMER
I am showing multiple scenarios on the price movement, in the post itself I do not take any stance, either bullish or bearish. I am not responsible for neither you’re winning nor you're losses upon trading! the "comment" section is my personal opinion and does not mean I have to or do hold any positions in the given market.
Kind Regards, OZ :)
COMMENT
Although the price made a new all time low on Poloniex it does not necessarily mean that it is going to a hard downtrend,
with bittrex price going down but not sharp this as well might be just a shakeout before the pump.
Be it a shakeout before the new uptrend or an drop into a lower accumulation zone, we definitely exited the
zone of the previous few days and are awaiting more indications and directions.
Do not panis if the price keeps going down as it might be very beneficial for the future of the price.
The more accumulation there is before a pump, the higher price the pump can reach.
Also it has a stronger upwards momentum and is harder to stop.
Exactly. In fact, I bought some more Steem today when I saw that the price had fallen below 2$.
It's fun to observe my emotional reaction when looking at live price charts. One part of me looks at the graph as if it had actual gravity, and therefore I get this sensation that the steeper the downturn, the farther down it will fall because of the speed it gains from being in such a steep curve! Of course completely irrational, but I can still feel that effect that it has on me regardless ;)
yes, bittrex price going down
yes of course.. @ ozchartart @ozmaster
Oh man. Really exciting article. Thanks OZchart!
These are relly exciting times and I wish I could buy more steem currently as prices seem super low.
Can't wait for the next pump and the excitement that will bring. Minniws becoming dolphins and dolphins becoming whales. Wonderful.
yeah price on bittrex going down but i believe it's just short time and then price going up again :-), @ozcartart @ozmaster, thnks for sharing
Why can't we move Steem in and out of SteemIT? Buy it on Poloniex and move to SteemIT to convert to Steem Power? Do you have opinion on purchasing Steem on Poloniex vs. SteemIT?
Only reason you would buy STEEM on the Steemit market is if you had SBD you didn't want to cash out and invest instead. You can meet be STEEM freely,as with any crypto. Vested STEEM or "STEEM power" is a different story.
There is a way to buy steem on poloniex and transfer into steemit. Sorry I am on my cell phone right now so I can't post the link, but search the steemit archive for the post and you should find instructions on how to do it.
I think as 90% of whales are powering down big time, if they dump everything at once we might see 20k.... the project though being clearly the new social media site in the future is highly undervalued in my eyes... should be a billion... but most people think it is an absolute scam still... when that changes they might start to come here to invest in droves. it takes time....
What up @ozchartart? Nice analysis! (eating popcorn as I wait to see if this support holds). As always feel free to check out my analysis on this pair right here.
good job, thanks for the information @ozchartart
Thanks for the continuing charting information. Great job!
is going down
Although I think this is a way too destructive way of investing. On short term, these "all time lows" are great for who is in for the long run.
No panic there!
nice post
cool
thank you for information @ozchartart
thanks for the comment! no problem at all!
What do you think needs to change in order for the price to start going up?
that is really hard to say at the moment.
Probably the market movers need to decide when they are loaded enough to start moving up.
As I said multiple times, with the market and platform being in beta the key market players are surely caucius them selves.
I am thinking it will bottom out at 110k, maybe some panic dumps to 80k.
Either way along way to go yet
Thanks a lot for the current information and charts! I really appreciate the fresh content that makes me able to see the development of Steem ... but the all time low on the Poloniex chart makes me a bit worried... Do you think the price will recover soon?
Best wishes by Simon
Lower price mean better entry point for new dolphins and whales. Short term volatility; better spread of voting power in long run.
great chart once again! thanks for the update!
Thank you for the daily STEEM chart analysis :)
This looks like a finishing move lower to me, at least near-term. It depends on how much panic sets in. I would look for a 5-wave elliott impulse lower to signal a possible bottom.
Buy support on Polo was looking thin also, but starting to build. Sell side is stacked though. A 20 btc buy wall is in place at 0.003 and looks to not be moving. If it gets eaten, then look out below.
good post
Thank you, @ozchartart! Looks like we need some great and inspiring events that will help people believe in Steemit.
👍nice update @ozchartart
Now thats what I call nicely put together trading info! Thanks for the information.
STEEMIT FOLLOW ... JUST A SMALL STEP
https://steemit.com/follow/@foxkoit/steemit-follow-just-a-small-step
Your bullish scenario in the last analysis on the FCT/BTC pair seems to have realized ! Can you do a new one to know if this uptrend will continue @ozchartart ?
very good post thank you :)
just small correction, there are two charts with name "Coinmarketcap top volume cryptos Aug 9, 2016", second one should be "Coinmarketcap top volume cryptos Aug 10, 2016"
Here is my bearish view : https://steemit.com/steem/@najoh/honest-and-explained-technical-analysis-steem-btc-usd-by-najoh
A little bit of inflation doesn't hurt, it makes the distribution more even, but I think we can see a bullish rebound pretty soon, because STEEMIT is getting more mainstream every day, and investors will love this!
I would take a loan right now so I can buy more STEEM. The uptrend will be really exciting.
Everytime the prices goes down, I wonder myself is this is the big jump (as it usually happens with coins price)
it's the perfect time to buy steem
in my opinion the price of steem needs to go way way down before i invest in anymore to put into steem power. 2 years is a long time to lock your funds away. In the mean time i might try to write a decent blog post lol.