Hello Steemers!
Time for another daily update on the price!
The chart hasn't changed, nothing added to it, still the 4 hour Poloniex chart from yesterday.
4 hour Poloniex chart- 31/07/16
4 hour Poloniex chart- 01/08/16
You can see how the price "attacked" the bottom light blue dashed line for the 3rd time in the last 3 days and is
still having troubles breaking the line and going upwards.
Although the candles don't seem big to our eyes, they are quite important for the TA,
because they have a significantly higher volume then the recent ones.
4 hour Poloniex chart - 01/08/16
The recent boost int he volume in the buys and the low volume of sells indicates that we either entered accumulation area or are reversing the trend.
That does not mean that the price can't move down anymore, remember there is still plenty of downward potential as we can see from the Bittrex chart.
4 hour Bittrex chart - 01/08/16
As you can see on the Bittrex chart, the situation considering the volume is not quite the same as on Poloniex,
yesterday I mentioned that the traders are moving to bigger exchanges, and now it's easy to see it.
STEEM/BTC volume Poloniex 01/08/16
STEEM/BTC volume Bittrex 01/08/16
The chart look's pretty decent, as said we either changed trend or we entered accumulation area, but beware, in case that's the scenario, it doesn't necessarily mean we hit the bottom. Let's say that the current accumulation area will act as a future bottom area.
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!
Kind Regards, OZ :)