$STEEM/BTC Poloniex+Bittrex Technical Analysis / Market Report Update #219, May. 24 2017. by ozchartart

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steem · @ozchartart ·
$318.73
$STEEM/BTC Poloniex+Bittrex Technical Analysis / Market Report Update #219, May. 24 2017.
Hello Steemers!

*POLONIEX*

http://puu.sh/vVWob/e6ae541e10.jpg
*4 hour Poloniex chart - May. 20, 2017*

http://puu.sh/vZZdX/3ccbaeb4d2.png
*4 hour Poloniex chart - May. 24, 2017*

http://puu.sh/vVWrs/4f6f086fb3.jpg
*1 day Poloniex chart - May. 20, 2017*

http://puu.sh/vZZfH/4cfb9bc8d6.png
*1 day Poloniex chart - May. 25, 2017*

Shortly after reaching the 65k levels the price started turning down finding first support around 55k satoshi and has been traded between the 65k and the 55k lines during the 21st.
With the 22nd of May  came more downtrend with the price breaking the 55k support and going all the way down to 48k satoshi where it found some support, but made a new local low a bit low, at 45k satoshi.
After the hard fall came a bounce above the 55k satoshi line all the way up to the 60k levels,and since the price has been trading around the 55k line with less and less volatility.


*BITTREX*

http://puu.sh/vVWZF/09264d3b0e.png
*4 hour Bittrex chart - May. 20, 2017*

http://puu.sh/vZZAk/8458a27045.png
*4 hour Bittrex chart - May. 24, 2017*

On the Bittrex chart u can see how the price dumped down exactly to the 45k line then in the retrace went with the spike to the 60.5k satoshi one and has since been trading above the 53k line, at the moment being at the same prices as on Poloniex, ~55k satoshi.

*VOLUME COMPARISON*

http://puu.sh/vVXg2/56d622275b.png
*STEEM/BTC volume Bittrex May. 20, 2017*

http://puu.sh/vZZHf/60d8ac4f15.png
*STEEM/BTC volume Bittrex May. 24, 2017*

http://puu.sh/vVXom/82c29e6239.png
*STEEM/BTC volume Poloniex May. 20, 2017*

http://puu.sh/vZZJJ/24edf3135c.png
*STEEM/BTC volume Poloniex May. 24, 2017*

http://puu.sh/vVXnk/e8b2e86b42.png
*STEEM indexed global volume May. 20, 2017*

http://puu.sh/vZZL1/ccd02ef38f.png
*STEEM indexed global volume May. 24, 2017*

http://puu.sh/vVXhQ/ebcaef6e7a.png
*Coinmarketcap top volume cryptos May. 20, 2017*

http://puu.sh/vZZMm/39655fdf88.png
http://puu.sh/vZZNH/19bfc39554.png
*Coinmarketcap top volume cryptos May. 24, 2017*

Overall volume about 36% lower then on May 20, $STEEM on 29th place on the volume rankings.
Poloniex volume about 46% lower then on May 20, ~1708 BTC.
Bittrex volume about 51% lower then on May 20, ~347 BTC.

*COMMENT*
Once again, I will post the comment by commenting as it involves my personal opinion!
Thank you for understanding!

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?
Please post the links to your TA's posts into the comments as well!

*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.
Everyone who uses TA develops his own unique charting style, please keep that in mind.

https://www.youtube.com/watch?v=08h0IVs4RKQ

Kind regards, OZ
http://puu.sh/qPHEc/3b0d8913ce.png
πŸ‘  , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , and 314 others
πŸ‘Ž  , , , ,
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@ozmaster ·
$7.04
*COMMENT*
If the 55k level holds I expect the price to go into an uptrend looking for new local highs, the ~71k being the first target in that quest,

if the 55k however fails to provide support I see another test of the 48k level coming an most likely a bounce from it
http://puu.sh/w002G/6f56a746f7.png
πŸ‘  , , , , ,
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@buzzbeergeek · 
71k no doubt!
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@frankmb · 
great work!!!
πŸ‘  
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@imperfect-one · 
I'm a complete noob when comes to the cryptocurrencies and posts like this one are very hard for me to understand. But in other way, they are giving me an opportunity to learn. Thank you for your great work :)
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@ozmaster · 
this is technical analysis on crypto currency,
to get a bit more familiar with TA i would recommend babypips.com, the offer a great educational course for as beginners as well for more experienced traders
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@imperfect-one · 
Cool, I will try it for sure. Thank you :)
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@retailtrader ·
$0.12
I'm new to Steemit and this is my first comment! I'm always fond of finding technical analysis to overlay on my own fundamental. As a trader myself I'm always looking for new paths to follow and will be definitely paying attention to your posts from now. Do you think the relation between Steem and BTC is intrinsically driven or opportunistically?
πŸ‘  , , ,
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@the-ego-is-you · (edited)
$0.11
A little bit of both, but Austrian economics tells us that price discovery is always in a sense a matter of speculation. It is based on many different valuations, that ultimately end up driving the price.

To answer you more specifically, I think it is opportunistic in the sense of looking to make a buck. Intrinsic value doesn't actually exist, but it's the human element that gives it value to human beings. 

What use either Bitcoin or Steem will end up being in the very end, that is unknown to us. And in the very very end, it is likely to be replaced by something else. Therefore I would have to say that a lot of what we are seeing right now is short term speculation driven by crowd psychology, but wether this makes any price "too high" or "too low" there's no way to know.
πŸ‘  , ,
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@newschannel428 · 
THANK YOU  for all the info , you did do a very good job with it
πŸ‘  
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@thehulk ·
$8.76
Great post awesome info and glad  to see some god TA.
πŸ‘  ,
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@fminerten1 ·
$1.19
Why you sold most of yours STEEM? Pozdrav.
πŸ‘  , ,
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@ozmaster ·
$0.19
what makes u think I sold my steem?
πŸ‘  
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@fminerten1 ·
$0.93
Through your wallet. Glad you didn't.
πŸ‘  
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@jamhuery · 
Wow steem pump up
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@liberian · 
Nice post and great charts, thanks for sharing
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@lautenglye · 
great...resteem and upvote for you....
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@malonmar · 
Hi friend.
Last night, I did a valoration of Steem. Please, could you give me your opinion. Tha valuation is made without technical analysis, only data of users and comparing with its big competitio, Facebook.

https://steemit.com/steemit/@malonmar/cryptocurrencies-analysis-4-my-target-price-for-steem-is-usd2-93

Thanks for share with us. Regards from Spain.
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permlinkre-ozchartart-usdsteem-btc-poloniex-bittrex-technical-analysis-market-report-update-219-may-24-2017-20170527t151952886z
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created2017-05-27 15:20:00
last_update2017-05-27 15:20:00
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root_title"$STEEM/BTC Poloniex+Bittrex Technical Analysis / Market Report Update #219, May. 24 2017."
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