Hello Steemers!
Time to make the daily check on the $STEEM price!
Let's start the update #5!
Let's start with an overview of what has changed.
4 hour Poloniex chart + price waves marked yellow- 03/08/16
After yesterdays spike, which made a new swing high, the price seemed to be turning down which was to expected after such a rapid price increase.
4 hour Poloniex chart - 04/08/16
If you take a look at how it developed today u can clearly see that the price is having a harder and harder time to go down and the buys getting stronger and have an easier time to move the price up.
4 hour Bittrex chart- 03/08/16
4 hour Bittrex chart- 04/08/16
Not much different from Poloniex, the overall movement is the same with well volume and less volatility it seems.
COMMENT
As you can see the price once again respected the ~0.0038 resistance line, but today didn't get such a hard downwards push after yesterdays spike.
The price made a higher low in the first try of the push down, and is now battling again to break down, ot make a new local high. Reading the volume one could slowly lean towards the option of the new local high, but even if wrong, don't forget this is the accumulation area so there the price is expected to rise above the current levels because allot of people bought in around here and won't want to sell in a loss. this is definitively a good area to open a position, either bullish or bearish, depending on your targets.
And for the end a word or 2 about the volume.
STEEM/BTC volume Bittrex 04/08/16
The Bittrex Volume keeps on declining leaving Poloniex in a mass advantage
STEEM/BTC volume Poloniex 04/08/16
Poloniex volume keeps rising from day to day in comparison to Bittrex.
The volume transfer seems to be at the very end which amplifies market movements, in which ever direction they might be, but as we can't clearly see if the accumulation period of this levels are over or not, the moves are not to be surely expected in the coming day or 2.
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.
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!
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Are there more people who are doing TA?
Kind Regards, OZ :)