Pretty sure I feel the same as everyone else. This down slide in the price of steem needs to come to an end.
One day of Jubilation!
Yesterday the price of steem managed to put together a nice green candle, rising from 24k satoshi to close at 29k satoshi.
It was good to see, but I saw people posting like it just mooned back to 90k satoshi.
Let's settle in and take a good look at the price action
Looking at the chart above you can see the bump in price on 8/20/2017 tested the resistance level around 33k satoshi. It bounced off it and thus far had failed there.
Don't forget; this level is very significant and it will likely take a move back by some real volume to push through it.
You can see along the black line there are three circles indicating previous times steem failed to rise through it. When the price finally did get above I had hoped we would never see 33k satoshi ever again.
That fact we fell below it, that is negative price action.
Additionally we are still firmly in the descending channel (blue lines).
Conclusion
I'm not trying to throw shade on the price of steem, I want it to go up. However, a bullish case can not be made in the current environment.
Two things need to happen first:
- Price establishes above 33k satoshi
- Price pushes out of the descending channel
Being that this down move has lasted so long, any up day leads to the current theme song for steem:
Best Regards,
ur looking at the chart totally wrong. u have to look at mean reversion combined with all things start from say 1 dollars go up to 10 and back to 1. notice how the 0.00027 was touching where the chart started its rise from. Look at Chris Loris work point of origin, orderflows. Steem is in a bullish state right now.
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Obviously it must be buy-on-the-way-down, so you can accumulate while we find the bottom?
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I mean, if one is planning to hold long-term and is dollar cost averaging I suppose that could be OK. However, if we don't establish above 33k then there is a real case for 16k to be visited again.
I personally would wait till then, but I'm also happy with the amount of steem I hold now so would be content if it were to moon shot up now.
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I can't wait for your next chart on this... say in another week? How often do you do these?
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Usually do them when there is something noteworthy to point out. It ebbs and flows with the price action of steem. Sometimes its a few a week, sometimes its not for a week or so.
There are many others posting daily and its just leads to over analyzing as nothing much has changed in steem price action in past couple weeks.
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I followed and upvote for you. I would be happy if you also help me. Thanks
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Lower barriers to entry in terms of signing up, we live in an instant gratification world and waiting a few days = People likely forget they even did it.
Further incentivizing of holding of SP vs selling, reducing complexity by ditching the futility of SBD and pegging that to USD, and allowing a convert only via market in order to push SBD value back into SP, suddenly all is well in the world.
You can just use the interest rate hike to manipulate price upwards or downwards. Simple, effective.
Use the market to game the market. Haha.
Thanks for sharing.
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The steemit dev team should take some of this under advisement! :-)
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