Hello Steemers!
Today we made a new low on Poloniex, read allot of panic and insecurity, so lets see whats happening there.
POLONIEX
4 hour Poloniex chart - Aug 9, 2016
4 hour Poloniex chart - Aug 10, 2016
After yesterdays unsuccessful bounce attempt the price broke the so far solid support level, for now making a slightly lower low. On Poloniex this is a new all time low and we don't have any more support level's from this exchange, so in case of further downtrend Bittrex support levels should count.
BITTREX
4 hour Bittrex chart - Aug 9, 2016
4 hour Bittrex chart - Aug 10, 2016
The Bittrex price also broke the recent support level slowly advancing towards the next possible one, the dumps don't seem too aggressive so there is still a chance the price can recover.
VOLUME COMPARISON
STEEM/BTC volume Bittrex Aug 9, 2016
STEEM/BTC volume Bittrex Aug 10, 2016
STEEM/BTC volume Poloniex Aug 9, 2016
STEEM/BTC volume Poloniex Aug 10, 2016
STEEM indexed global volume Aug 9, 2016
STEEM indexed global volume Aug 10, 2016
Coinmarketcap top volume cryptos Aug 9, 2016
Coinmarketcap top volume cryptos Aug 9, 2016
The volume doubled again today, even Bittrex showed double volume again, probably meaning that it is willing to support downtrend pushes for now, but not the uptrend ones.
The volume is still trending very high all thou the price seems to be dumping, This indicates that the people are not losing interest in the market, which is very important during downtrend of a market.
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.
Kind Regards, OZ :)