Hello Steemers!
Another day, another daily update on the STEEM price!
Without much hesitation, let's start.
4 hour Poloniex chart- 01/08/16
Yesterday we had a slight uptrend resulting in a new local high.
If you look closer you can see that the price made a new swing low and a new swing high, which are one and the same, but i didn't decide to point it out since I don't think it holds any significant importance.
4 hour Poloniex chart- 01/08/16 + swing high/low
The zone is good to remember and will be of a good use, I will relate to it in a bit further future!
Now let's take a look at the developed situation from just a few moments ago.
4 hour Poloniex chart- 02/08/16
We can see that the price didn't go for another Jupiter ride, rather started going a bit sideways, dropping a few % from yesterday, but still making a higher low with a low volume, which indicates that the downtrend is exhausted and further confirming entrance of accumulation area.
However I still wanna point to the Bittrex chart!
how that one looked like yesterday compared to today:
4 hour Bittrex chart- 01/08/16
4 hour Bittrex chart- 02/08/16
As you can see on the Bittrex chart the price hit the ~0.0034 support level and looks like it's going to bounce.
In case it makes a bounce supported with decent volume we can consider the 0.0034 level successfully established new bottom.
4 hour Bittrex chart- 02/08/16 - First lower support level
As you can see I marked the ~0.003 price line with a thick yellow, which I think could be the first support level below the 0.0034 one.
COMMENT
IMO, the accumulation area is nearby confirmed, the price still has allot of possible downtrend, but the volume isn't showing much effort into pushing it lower either. I think the market will be a bit less volatile in the coming day or 2.
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!
Kind Regards, OZ :)
Thanks for another insightful and easy to follow analysis. Looking forward to the less volatile near future with a chance to trade the spread a little maybe. Although the bitcoin price drop does have me a little worried. Or is that opportunity in disguise?
i ment the accumulation period ;)
Bears are tired, and the bulls are ready to get out of their laws)
now the time for bulls to move ,
Few thoughts on BTC and STEEM:
https://steemit.com/trading/@rd7783/3zp9p8-steem-price-analysis-steem-btc-on-bittrex
https://steemit.com/trading/@rd7783/6qsn2z-bitcoin-price-analysis-usdt-btc-on-poloniex
Excellent post!
Thanks!
Bitcoin and steem both priced low right now. I'm buying bitcoin. When bitcoin price goes back up, I will convert it to steem power.
August is bad time for crypto. Traders from BTC and ETH are all speculating with ETC. Pumps and dumps, wave - traders's paradise. At first ten of coinmarketcap only ETC is green.