Hello Steemers!
A bit later then yesterday, but still made it!
The #4 update of the daily #STEEM price analysis.
So, let's begin.
#POLONIEX
4 hour Poloniex chart- 02/08/16
Yesterday the price was in a downtrend heading towards the Poloniex all time low.
At the time of yesterdays post it seemed to have slowed down.
Lets see what developed meanwhile.
4 hour Poloniex chart- 03/08/16
Between the last post and now the price went down further hitting the Poloniex all time low.
It made a quite hard bounce with record volume and a new local high, making a new important swing high.
Notice that the price was again pushed back down to the ~0.0038 line.
4 hour Poloniex chart + new swing high + price waves marked yellow- 03/08/16
This swing high could have a high possibility of playing a role in the near future.
The ~0.0038 line acted as a strong resistance recently, which strongly points toward it being a strong support level in the near future once the price breaks upwards.
4 hour Bittrex chart- 02/08/16
4 hour Bittrex chart- 03/08/16
First making a slightly lower local low,
the price bounced up hard, wicked through 2 resistance levels but was contained.
The volume on Bittrex is going down each day which also plays a very important part for the price (more explained in the comment).
COMMENT
With the price making another hit on the level of the previous local low, but not breaking it, indicating a possible bottom.
However the price going up sharply short after but not successfully breaking first resistance level further indicates that we entered accumulation area, rather then a sharp uptrend/moonshoot.
Another thing I want to mention is the volume!
STEEM/BTC volume Bittrex 03/08/16
STEEM/BTC volume Poloniex 03/08/16
The Poloniex volume keeps rising while Bittrex volume doesn't show any will to compete.
It seems that the transfer is near to complete.
That as well indicates a confirmation of a new bottom. It means that the trades mostly moved their funds to
the bigger exchange and are ready to start working on accumulating coins for a new push.
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?
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 :)