Poloniex vs Bittrex STEEMBTC- 8/8/17
Lately, Steem has been down-trending since early June and now 2 months later it might be setting up for another breakout higher. Another interesting note is the volume % as it seems to be quiet high which might be indicating more people are looking at the chart and seeing the same setup.
Poloniex is scaring some people off with the deposits and withdrawals being disabled.
I checked Bittrex today and steem deposits and withdrawals seem to be working fine.
Lets compare the two charts on each exchange.
Daily & Weekly charts on Poloniex
Daily & Weekly charts on Bittrex
Personally I think the chart looks better on Bittrex, since it has more history with Steem and the wallet isn't disabled. Still, Poloniex is the king of liquidity since it doubles what was traded on Bittrex in the last 24 hours. Once Poloniex gets rid of the "under maintenance" warning, I see Steem continuing higher above 0.00100000.
Both charts look like they might be setting up to reverse near the daily 50sma around the 0.00055000's. There is a possibility we see a drop near the daily 200sma around 0.00035000. So be-aware it might not be ready just yet, especially with the recent action between bitcoin and bitcoin cash.
The future looks bright on steemit as it has a revolutionary content sharing platform. I believe Steem can easily surpass the $5 dollar range as it has offers what no other social media platform has. Accumulating on the dips seems like the way to go for the long run.
Poloniex Tradingview idea: 200sma Daily support on STEEMBTC #steemit
Bittrex Tradingview idea: Weekly trend with fibonacci retracements
If anyone has any questions or suggestions I would love to hear them.
I'm looking forward to the coming months and years for steemit.
-AaronX