But why do you think that 0.00119774 is a support zone? I've checked Buy orders in Poloniex and there is nothing at this price. Looks like it can easily go somewhere to 0.0010:
RE: STEEM Technical Analysis on Poloniex - Approaching 0.00119774 support zone
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STEEM Technical Analysis on Poloniex - Approaching 0.00119774 support zone
yeap... I agree. I see it this way. The whales control the market and are cashing out while retaining their investment every week. They will continue to get their weekly paycheck until they decide price has gone too low. They stop selling and hopefully let the market go back up. So at what price will the whales stop selling? It's basically free money so it could go pretty low.
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It's the lower peak of the chart, at the very first candle.
Nothing to do with the orderbook BTW
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