$STEEM/BTC Poloniex+Bittrex Technical Analysis / Market Report Update #219, May. 24 2017.

8 months ago
76 in steem

Hello Steemers!

POLONIEX


4 hour Poloniex chart - May. 20, 2017


4 hour Poloniex chart - May. 24, 2017


1 day Poloniex chart - May. 20, 2017


1 day Poloniex chart - May. 25, 2017

Shortly after reaching the 65k levels the price started turning down finding first support around 55k satoshi and has been traded between the 65k and the 55k lines during the 21st.
With the 22nd of May came more downtrend with the price breaking the 55k support and going all the way down to 48k satoshi where it found some support, but made a new local low a bit low, at 45k satoshi.
After the hard fall came a bounce above the 55k satoshi line all the way up to the 60k levels,and since the price has been trading around the 55k line with less and less volatility.

BITTREX


4 hour Bittrex chart - May. 20, 2017


4 hour Bittrex chart - May. 24, 2017

On the Bittrex chart u can see how the price dumped down exactly to the 45k line then in the retrace went with the spike to the 60.5k satoshi one and has since been trading above the 53k line, at the moment being at the same prices as on Poloniex, ~55k satoshi.

VOLUME COMPARISON


STEEM/BTC volume Bittrex May. 20, 2017


STEEM/BTC volume Bittrex May. 24, 2017


STEEM/BTC volume Poloniex May. 20, 2017


STEEM/BTC volume Poloniex May. 24, 2017


STEEM indexed global volume May. 20, 2017


STEEM indexed global volume May. 24, 2017


Coinmarketcap top volume cryptos May. 20, 2017



Coinmarketcap top volume cryptos May. 24, 2017

Overall volume about 36% lower then on May 20, $STEEM on 29th place on the volume rankings.
Poloniex volume about 46% lower then on May 20, ~1708 BTC.
Bittrex volume about 51% lower then on May 20, ~347 BTC.

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?
Please post the links to your TA's posts into the comments as well!

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

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58
  ·  8 months ago

Great post awesome info and glad to see some god TA.

68
  ·  8 months ago

COMMENT
If the 55k level holds I expect the price to go into an uptrend looking for new local highs, the ~71k being the first target in that quest,

if the 55k however fails to provide support I see another test of the 48k level coming an most likely a bounce from it

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70
  ·  8 months ago

71k no doubt!

62
  ·  8 months ago

Why you sold most of yours STEEM? Pozdrav.

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68
  ·  8 months ago

what makes u think I sold my steem?

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62
  ·  8 months ago

Through your wallet. Glad you didn't.

49
  ·  8 months ago

I'm new to Steemit and this is my first comment! I'm always fond of finding technical analysis to overlay on my own fundamental. As a trader myself I'm always looking for new paths to follow and will be definitely paying attention to your posts from now. Do you think the relation between Steem and BTC is intrinsically driven or opportunistically?

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59
  ·  8 months ago

A little bit of both, but Austrian economics tells us that price discovery is always in a sense a matter of speculation. It is based on many different valuations, that ultimately end up driving the price.

To answer you more specifically, I think it is opportunistic in the sense of looking to make a buck. Intrinsic value doesn't actually exist, but it's the human element that gives it value to human beings.

What use either Bitcoin or Steem will end up being in the very end, that is unknown to us. And in the very very end, it is likely to be replaced by something else. Therefore I would have to say that a lot of what we are seeing right now is short term speculation driven by crowd psychology, but wether this makes any price "too high" or "too low" there's no way to know.

61
  ·  8 months ago

I'm a complete noob when comes to the cryptocurrencies and posts like this one are very hard for me to understand. But in other way, they are giving me an opportunity to learn. Thank you for your great work :)

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68
  ·  8 months ago

this is technical analysis on crypto currency,
to get a bit more familiar with TA i would recommend babypips.com, the offer a great educational course for as beginners as well for more experienced traders

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61
  ·  8 months ago

Cool, I will try it for sure. Thank you :)

53
  ·  8 months ago

THANK YOU for all the info , you did do a very good job with it

42
  ·  8 months ago

great work!!!

61
  ·  8 months ago

Wow steem pump up

50
  ·  8 months ago

Nice post and great charts, thanks for sharing

52
  ·  8 months ago

great...resteem and upvote for you....

62
  ·  8 months ago

Hi friend.
Last night, I did a valoration of Steem. Please, could you give me your opinion. Tha valuation is made without technical analysis, only data of users and comparing with its big competitio, Facebook.

https://steemit.com/steemit/@malonmar/cryptocurrencies-analysis-4-my-target-price-for-steem-is-usd2-93

Thanks for share with us. Regards from Spain.