Hello Steemers!
Today the price seems to be testing the lower support level on Poloniex, Bittrex seems to be losing on volume again, fairly interesting day if you ask me.
POLONIEX
4 hour Poloniex chart - Aug 22, 2016
4 hour Poloniex chart - Aug 23, 2016
After yesterday failed attempt to bounce up, the price went further down to the all time low support line, even making a slightly lower new all time low. Now it looks like its getting ready to bounce up from that support level.
BITTREX
4 hour Bittrex chart - Aug 22, 2016
4 hour Bittrex chart - Aug 23, 2016
The Bittrex price as well went to it's previous local low, but didn't make a peak bellow.
Really about the same trading as Poloniex today with some 1 or 2 minor exceptions.
VOLUME COMPARISON
STEEM/BTC volume Bittrex Aug 22, 2016
STEEM/BTC volume Bittrex Aug 23, 2016
STEEM/BTC volume Poloniex Aug 22, 2016
STEEM/BTC volume Poloniex Aug 23, 2016
STEEM indexed global volume Aug 22, 2016
STEEM indexed global volume Aug 23, 2016
Coinmarketcap top volume cryptos Aug 22, 2016
Coinmarketcap top volume cryptos Aug 23, 2016
The overall volume stayed nearly the same as yesterday, but Bittrex had a very sharp decline in volume, while Poloniex filled in for that one, did one more trader leave the Bittrex bus?Some number of coins passed STEEM today in the volume, but it's still holding very pretty up there.
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
It seems we are still in the accumulation area with some more downside risk. Although the downwards potential at the moment doesn't look so strong to me it is definitely there and should not be ignored.
I would probably expect the price to start backing up within the accumulation area tomorrow and still think this is gonna prove a decent buy level in the future, but I warn again there is downside potential and we might see a drop into lower price areas for more accumulation.
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I see it as foolish to buy anywhere outside of the yellow boxes in the below chart, except maybe the AB = CD harmonic pattern completion (shown in the chart below), as there is absolutely no daily candle support outside of those zones:
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that's where I kinda see the ultimate bottom as well, but i'm buying and trading some along the way incase of a sudden trend turn, this is still crypto
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Thank you Oz, I am commenting to say that Yes, your charts are helpful as I am trying to decide if and when to purchase Steem. I not only am going to follow you, but I have added you to bookmarks on my browser tab.
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wow! thanks! dunno what to say! I feel honored!
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It is a thin red line indeed ozmaster. Lets see if support holds on this triple bottom.
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I think we also must not ignore the fundamentals. Steem has been losing activity lately, few new sign up and few transaction, post and votes.
Currently steem has about 300% increase in its supply, so for steem to stay stable or increase in value we need growth.
At this time it seems that we have a bit of a retention problem, which might not allow for an increase in price.
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By the way you can check these thing on steemle.com
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thanks for the link! didn't know bout it!
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Good point.
There was as high as 4% growth in total user accounts on back to back days just over a week ago (Saturday, 8/13 and Sunday, 8/14) and less than 1% growth on both of the last two days. That's a big difference for just one week.
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Solid informative analysis as always. My view of the current price action is the same. I'm still looking at a broader landscape using the daily. After the first bear flag pattern we are now consolidating and am waiting to see if we break this low confirming another bear flag.
I'll be buying if we make that next leg down. Can't buy now as I'm waiting for funds to pull into my coinbase so I can move the into steem. Maybe it'll work out to my advantage, fingers crossed.
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Long-term, yes. If you believe in your guts that Steem is going to be the next heavyweight social network - if you believe that STEEM crypto is the buy of a lifetime - today's market offers good prices to "leg in."
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Thanks for lowering my reputation once again @dantheman! great work! gj!
I'm sure the post is usless, copied, nsfw and many more things.
Giving me space to grow I see, much appriciate ur support!
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Not liking this steady downward trend
@ozchartart please fix. Perhaps posting the chart upside down would help us feel better. :)
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Thanks for posting! Very helpful analysis!
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Thanks for these reports and analysis! Always useful, even if there's no "crystal ball" magic anyone can offer.
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Thanks a lot for this analysis. It's a shame that Steem couldn't get any traction after leaping up several days ago, but that's how it goes :) A shame, because otherwise the chart looks like a decent double-bottom.
I wonder if it'll stop declining now that Monero's rocket ride seems to be over. If its ride to ~$5 proved to be yet another pump, the folks throwing their Bitcoins Monero's way might choose to have a look at Steem. If they have any Bitcoins left ;)
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i look forward to your daily chart -- great idea and so fun to speculate!
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So ok I have no skills nor cryptocurrency knowledge. With the 500 new cryptocurrencies being invented, once that technofad wears off will not traders gravitate to something tangible like the steemit marketplace ???
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morning upvote from me. thank you for the charts!
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A noob here who seeks to learn how the Blockchain works. Just got started out here too. Great to see where the $'s are stemming from or lack thereof.
When it comes to money and success I personally hold my faith in the unknown, as things fluctuate like an emotional roller coaster at times as if it all is tied to ones emotions. That all relating to statistical analysis ☺️ glad I never majored in such. Statistics was my worse subject in college and why I wouldn't mess around with the stock market. lol
Oh the irony how the Blockchain via Steem $'s somewhat resembles the ole stock market.
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Buy at .65 ;)
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