STEEM and SBD break north on SOLID volume,
About time we got some good news from chart land!
STEEM and SBD both broke out in early Asian trade on Tuesday, printing some crazy highs before pulling back to close substantially higher. What's even more interesting though is the volume behind each move - we haven't seen USD volume like this on SBD since December 12 last year:
The volume wasn't quite as extreme on STEEM, but we still got a 2 month record in USD terms:
As you can see, both pairs have now broken out of their recent down trends and I think it's safe to expect continued strength going forward. As liquid STEEM is now being minted in place of SBD and the latter is easier to pump, I expect SBD to continue to outperform for the time being. I'll leave you with this chart of yesterday's STEEMSBD crash:
Yeah, from the chart perspective it all looks like a solid breakout - but unfortunately charts don't have any meaning in crypto and when BTC is going down, Steem will follow, doesn't matter what the chart says. This is actually what is happening as we speak.
What a load of tripe. ICYMI both of these pairs outperformed BTC on Tuesday, as did a lot of other small-mid cap alts. Correlations wax and wane and alts often do better when BTC is only drifting higher or going sideways. If trading was as simple as you suggest, everyone would be rich. Charts tell all.
Nice, thats what we needed! Hope the correlation with the rest of the crypto market is broken and we can go up and down on real fundamentals, because they are extremely good!
I very much doubt the market correlation is broken and IMO that's a good thing, because we want to ride the market-wide bullish sentiment when it finally comes back.
I don't have the cash to buy more steem but have the time and the zeal to continue posting for now.
That is why I am happy steemit is rising, atleast the rewards are encouraging, and take it from me, you;ll now see the surge of content and engagements on this platform. because when it rise, that's when it draws attention.
Agreed. I hope we can continue to grow while the market is down because when the market does turn I think we will see a massive spike in both steem price and new users on the steemit platform.
Yes, @rhyscn. You are right. This is the best time to double down on posting quality contents and commenting to connect with people. I'll follow you and the author.
Yep a strong SBD does wonders for user engagement and encourages investors to buy STEEM to reap the SBD rewards.
Those are very good news for all the Steemians, that keep going higher and higher. ;)
Yep if you're trying to make an income here then SBD outperforming again is truly a godsend.
That's right, this for a Venezuelan girl falls to me as a gift from heaven. ;)
@bulleth good to see a possible new UP Trend. I am looking to add more STEEM on pullbacks in price. I try not to chase......................
No worry, you don't have to chase anything, since we are already going down again and the gains from yesterday will be gone in 1-2 days, since BTC is going down too.
Yep, got a nice little down day today - sell off not as fierce as BTC and SBD holding up like a boss.
nice post
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