$STEEM/BTC Daily Poloniex+Bittrex Technical Analysis / Market Report Update #72, "When time stands still " Oct. 12, 2016.
Hello Steemers!
POLONIEX
4 hour Poloniex chart - Oct. 11, 2016
4 hour Poloniex chart - Oct. 12, 2016
1 day Poloniex chart - Oct. 11, 2016
1 day Poloniex chart - Oct. 12, 2016
The price dipped further down making a new all time low at 0.000385, which is near to the lowest levels ever, even on Bittrex. After reaching the mentioned point the price bounced, spiking through through the 0.00048 resistance.
At the moment it got pulled back and is trading at around 0.00045 BTC.
BITTREX
4 hour Bittrex chart - Oct. 11, 2016
4 hour Bittrex chart - Oct. 12, 2016
The Bittrex price went a bit bellow the Poloniex one, reaching ~0.00037 at the lowest point.
After making that new local low it spiked up, reaching 0.000507 at the highest point. After the bounce, same as Poloniex, it got pulled back down and is now trading at around 0.00045 BTC.
VOLUME COMPARISON
STEEM/BTC volume Bittrex Oct. 11, 2016
STEEM/BTC volume Bittrex Oct. 12, 2016
STEEM/BTC volume Poloniex Oct. 11, 2016
STEEM/BTC volume Poloniex Oct. 12, 2016
STEEM indexed global volume Oct. 11, 2016
STEEM indexed global volume Oct. 12, 2016
Coinmarketcap top volume cryptos Oct. 11, 2016
Coinmarketcap top volume cryptos Oct. 12, 2016
Overall volume about 52% higher then yesterday, $STEEM on 20th place on the volume rankings.
Poloniex volume about 20% higher then yesterday, ~131 BTC.
Bittrex volume about 35% higher then yesterday, ~50 BTC.
COMMENT
Once again, I will post the comment by commenting as it involves my personal opinion!
Thank you for understanding!
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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.
Everyone who uses TA develops his own unique charting style, please keep that in mind.
Kind regards, OZ :)
COMMENT
The price made a dip into the lowest support level, after which followed a bounce, and now seems to be knocking on the first resistance line, the 0.00048 one,
If the price breaks upwards and menages to hold, aka establish the 0.00048 resistance as a new support, we are very likely to see some positive charged days.
On the downside it is getting rather tight with the last support line being ~0.0003 BTC, which would be just a few saotshi above the all time low, 0.00027605 BTC.
Agreed. The good part is our possible outcomes have become rather obvious based on where price is. Let's hope we can re-establish above .00048 and begin to build a bullish tone. I'm nervous if we test the all time low.
Thank you for the TA. I am not well skilled in charts, but I was wondering something the other day. Is the initial run-up during the launch of steemit look like a head and shoulders pattern to you, or was that not enough time to be one? It seems a typical downtrend after a head/shoulders. Your thoughts?
Thanks Oz
Much appreciated...