Well my friends - over the last week we have seen the price of steem continue to trade sideways as it digests the previous breakout higher.
You would think there isn't much to report give the recent action - Not the case though!
A few encouraging items that have occurred since my last review.
Looking at the chart above there are three things I want to point out:
Volume
Looking at the volume bars you we see the past seven days action circled.
The volume continues to remain low as price consolidates sideways. Given the positive trend in price this reads to me as - buyers are catching their breath for the next push. Now of course sellers could be doing the same, but since the current trend is positive price action it is more likely that the buyers come back in with volume than the sellers
Testing Support
My last sentence is further evidence by the fact price tested our .00075-.00078 support level yesterday, seen in the circled candle. This occurred when we had items of volatility.
What I mean by that; is HF19 and the fact Poloniex halted Steem on it's exchange for a bit yesterday. People don't like uncertainly and usually look for the exits when big changes or issues pop-up, at least that is what I have seen in a decade of equities trading.
With those occurrences and a little spike in selling on Bittrex yesterday (according to what I've seen on some steemit posts) the price of steem continued to hold in strong.
Last Weeks Crypto Pullback
Bitcoin and many other alt coins saw a pullback last week.
What did not - the Price of Steem!
Conclusion
Steem is clearly a survivor as it maintains the current range regardless of some recent reasons to pullback, which would have been justified.
Thus Steem's new theme song:
Survivor - Destiny's Child
Regards,
The increased rewards will likely cause a short term over supply of STEEM and SBD. I think the rewards will normalize in a week and then another few days for the oversupply to clear. Barring any larger crypto trends, we should be on the way up by 4th of July weekend.
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Yes, that definitely makes sense. We will truly see how this gets digested over the next 7 days.
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have you done any forecasting on steem price in the upcoming years?
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My forecasting really only goes as far as the trend on the daily chart. Once we hit 1 year of trading I may start looking at weekly/monthly charts and data.
Steem is still so new.
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I read these post hoping one day it will look less like Hebrew. So thanks for the video at the end. :)
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Have to teach and entertain! No one was reading when I was just teaching...lol
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It's all about balance
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I think also that HF19 will have an impact and we are going sideways or down. For sure long term it is going up.
Let's see what our leading currency bitcoin is doing. I don't think the bubble is over.
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Yeah, HF19 will cause some pressure in the near term. Hoping we sustain it.
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I will come back and reply as soon as I figure out Steem!
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LOL....so never? I still haven't figured out steem ;-)
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Hehehe! LOL Perhaps I may be able to explain it to you in a few days. I am only here for one day so far! So many rules! :)
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Holy geez, one day! I have been here 11 months busting my hump lol. It's such a great time to have joined now. The path to success is juiced up and wide open compared to last year.
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Wow! I wish I had joined last year, but, wouldn't listen to anyone who told me how great it was. Show me that path!!! I haven't found it yet! LOL
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Post somewhat regularly. Focus on something you enjoy but also has enough appeal of the general public and interact with the community by commenting on posts when you have something real to say. "Great Post" only gets people so far.
Eventually it will just snowball....and probably a lot faster now with the big influx of new users and higher steem price.
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Thank you for that. I hate "Great Post" or "Nice" If you ever see me use it, call me out on it. :)) I appreciate the tips and I am sure that I will see you around!
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Good information @scardycatguide video not so much...lol
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Hahaha, yeah I hear you but it was the best fit for the theme.
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Wait 7 days and we can be sure the HF19 is a total success :)
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Very valid point!
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I can usually tell if Steem is going up or down by the size of my wallet...
@pocketechange
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Haha....Yes indeed! :-)
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I totally agree with you on this. I actually made a post about it today. I think Steem is heading to 0.00090 BTC in the near future.
If you want you can check my post / video here: https://steemit.com/steemit/@acryptotrader/my-steemit-video-please-share
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Cool, thanks!
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That's what I'm talking about, let's go!!
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thank you for good posting.~
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Nice analysis. :) May buy some this week!
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Maybe half here near 78k satoshi and then if we were to break the support on pullback some more at 65k
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Okay so I've seen that mentioned. So you just track the ratio of Steem / BTC more than Steem's price itself?
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Yeah - my analysis is strictly Steem/BTC as can't really do it against USD at this time. SBD some people look at that way and I have seen analysis on it but I stick with Steem since I have been powering up nearly all of it.
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