For most of the day yesterday there was strong selling pressure and the market absorbed it all and then bounced back.
At the peak of the selling pressure hundreds of Bitcoin/STEEM was traded, but the bulls stubbornly stuck to their guns and would not let the price be dumped much below 0.0001750.
The trades, circled in red below, represent hundreds of thousands of dollars of trade in two short hours. The grey peaks, representing volume traded, crossed the 30 BTC in 5 minutes mark 4 times with 20 BTC in five minutes even more common.
The STEEM bears were taking on the STEEM bulls in a major way and based on the bounce back the bulls won.
It's not too surprising that the STEEM bulls won, since this level has been tested many times in the last two weeks. Always with the same outcome.
This was however the largest and longest sustained attack on that level.
The fact that the level was not breached and the price is now bouncing back indicates very positive and bullish sentiment for STEEM.
We have a very strong floor formed at around the 0.000175 level.
This also occurred at a time when Bitcoin is on the rise and that typically does not bode well for alts as traders move out of alts to catch the bitcoin rise.
This implies that traders waiting for the STEEM price to fall lower in the hopes of buying up cheap STEEM are in for a disappointment.
Thank you for posting @gavvet.
Appreciate the analysis.....very good news for holders of Steem.
Authors and curators too... a higher price means a more valuable rewards pool
Thank you for your reply @gavvet.
Apologies for tapping the wrong tab....and then to discover more negatives than one has ever seen when tapping your tab.
Wishing you all the best.
It goes with the territory, tall trees catch more wind.
So true.......nevertheless it is disheartening to those of us watching.......leaving one without recourse to set it straight.
Thank you @gavvet for being the tall tree. It appears Steemians want to hear from you. Steem on.
Appreciate your reply.
In any given period, this movement wouldn't be so impressive. But as you mentioned, with BTC's big rise happening concurrently, the holding pattern looks quite impressive.
Looks like the next move is starting, wonder if there are any bears left with some fight in them?
seems like there were some that did:
So we need more patience, due to the strong move of btc.
Good to hear. I feel Steem has something behind it in the form of this small, but enthusiastic community. It just needs to fulfil its potential and grow to millions. Then we will really see the price go up. Cheers
Somehow I think the price of STEEM going up will precede the rise in users, that's how its been in the past, higher prices bring users to the site.
It may well attract some attention. We just need someone to fund the @steem account so that new users don't get errors due to lack of SP to delegate! I want to see how this works with millions of users, but I'm not sure it's quite ready for that yet
Thanks for all this positive outlook and information. It is really appreciated here. Namaste :)
A pleasure, we need some positivity after all the flags, reward drops, trolling and negativity.
These are great news! I understand little about cryptocurrency, every day I learn something new and little by little my knowledge increases.
A question. Why do you think the price of steem has a good future perspective? What makes you think that? I ask you, to learn what variables you look at.
Beyond that the price of btc is strong and on the rise.
Thanks for the info!
It's complicated, but when a currency starts to bounce repeatedly off the same floor then that means there are buyers willing to put up serious cash to defend that price. This graph indicates that there is currently more money betting that steem will rise in the future.
Thanks for explaining. Now I understand. Translated into Creole, it would be like dogs defending their food...
My friend why you have 4 negative flags??? I've never seen you do anything wrong, you just bring quality content and excellent feedback!
Some people cant think of better things to do with their SP at the moment, but they will move on, they always do.
Stay positive, that this doesn't affect you! If you do good, it will come back to you with more force!
At my rep they can't touch me.
No, but soon you will cease to earn any more here. :)
Interesting analysis
thanks
Thanks for sharing information update @gavvet
thanks
you are welcome @gavvet
😙
those are great news!
great news indeed
gogogo
good post ! following you
thanks
Yes! STEEM IS MOONING!
Great article Mr. Gavvet. Resteemed.
Wow, talk about timing looks like a big move may just be starting, volume is up and price is climbing...
Agreed. I keep up the progress in Poloniex.
Shared on twitter. Stephen
Thanks, and the market responds immediately... coincidences amaze me...
It was funny earlier. Just after I hit "Post" to publish my blog my little spinning wheel turned then up popped your Blog. I thought, "hey, that's not my chart..!!" I kept looking at it in the "New Blogs" wondering WTF, then mine was simultaneous published straight after yours. There's an old say, "great minds........." Stephen
and the couplet "... fools never..." I hope its not the latter.
By reading this article, I finally know what the grey peak means, thank you!
volume, mouse over will tell you exactly how much...
That's actually very handy to know. I've only started the whole trading thing a few months ago and am still learning a lot :-)
Thank you
a pleasure
It is great news that steem is gradually growing.
slow growth is more sustainable growth
That STEEM turtle is small, but kraken at heart for sure by the look on his face.
That's the stuff. Steem is on the march and is a sign to all the nay sayers that they are wrong!
Yup, the nay-sayer's are running out of material
On and off the platform!
For sure...
Excellent post!! thank you for sharing
Glad you liked it!
I agree that things will likely head up as we continue to gain more and more users.
Users would be nice... but this is crypto-land and I am beginning to reconsider just how important massive or rapid user growth is at this stage.
I personally think its more important to have a system in place that encourages users with more original content. Its cool that you can make a few bucks with your posts, but more important to get genuine interaction between people. Viral Organic growth will occur once the focus is more on viral content than a viral currency. I compare steemits trending content with that of traditional social media trending content and I am often perplexed.
The content will get better as the platform and community matures, it will ebbs and flow.
We can't at this stage compare a site with a couple of thousand users with one with millions. It's still quite niche and the social networks are immature.
I am sure the price will go up steadily steem
It sure looks that way
Yes I already know steem going up, why your comment down vote
It's because he's a bitch.
I have bored friends
very good :D
Interesante a la par que complejo!! Gracias por la explicación ;)
Gracias
I hope you are right!
Time will tell.
Hi @gavvet
Thanks for the good news, looks if it is a good thing to hold onto steem for the long run. Hope I am right.
I am long too. STEEM has so much going for it long term.
this is because people REALLY want that STEEM tho...
It would appear so.
This is great! I wouldn't be surprised to see Steem get up around 30 cents in the next few months.
I suspects its days or weeks and we will see 30c
I saw the exact same thing and concluded the exact same thing too. Thank you for making this publicly known.
yup, and the signals keep getting stronger
I know both of us "knew" this would happen or at least we had high hopes for many months already and so it's really nice to see what is happening in the last month particularly in the last week.
Where's a good target, if there is one?
Hard to say.
The price of "Steem" is quite large and sales "steem" back to normal.
@gavvet
Yup, looking good.
thanks for posting this analysis :)
I received a lot of helpful tips! Thank you!
Pleasure.
As you mentioned earlier @gavvet, that is slowly rising it will last for a long time. I am glad to see the current steem development
Slow rises are definitely better than rapid pumps and rapid dumps