As expected, SBD is trying another weekend pump, currently trading just a tad above $7. I said "as expected", because that was the pattern for the last few weeks, but it's obviously no guarantee that this will happen again. The current price just seem to support that scenario, that's all.
Since the vast majority of the SBD volume comes from only one exchange, the South Korean Upbit, I paid them a visit this morning, trying to understand the dynamics behind this game.
I don't understand Hangul, so it's quite difficult for me to make sense of anything other than the charts.
But, and here comes the funny part: even the charts are somehow twisted. If you look at the screenshot above, you'll notice something very odd: the down candles are blue, and the up candles are red. In any other charting software I've used (and, believe me, I used quite a lot) the down candles are always red. The up ones may be empty or black, but the down candles are always red.
That makes the reading of the chart very awkward, because when you see tree consecutive red candles, stacking up on each other, you're kinda baffled: it means the price is actually going up, but the red color may make you think there's some huge sell off going on...
What if this entire pump is the consequence of this strange color thing?
What if people are buying SBD when it goes up, because they think it goes down?
We live in a very, very twisted world.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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I know the feeling. That's why I created steem.supply, an easy to use and accurate tool for calculating your Steemit rewards |
ha, that is really weird. Maybe it's a cultural thing?
Red implying the element of fire - which means rising and blue the element of water - which means falling.
maybe we have AI bots that are looking at the steem blockchain as a resource for storage, what with it's millions transactions and not breaking a sweat blockchain and no fees maybe it's just a great blockchain to be wheeling and dealing! :) dunno -- i certainly feel like i've backed the right horse.
Yep, the red candles are always red, I didn't used many software to display charts like that, but I have seen a lot. I don't know if this confuses people from Upbit so much, I guess they just got used with it :D
Oh my goodness, as if things were not complicated enough already. I always thought red was a globally accepted color of warning but may be not in South Korea. We need our South Korean brothers and sisters on Steemit to come out and explain this :D
Be careful with their traffic lights !!!
Hi @dragosroua, I'm looking for your support on adding STEEM/SBD on a zero fee exchange. Please check my last post for details. Thanks 🙂💙👍
If Steem and SBD continue the trend they should well and truly reach ATH again by end of Feb. Unless Bitcoin goes on the run again, in which people will move their money back to the big dog.
Looks to me to maybe be a cultural thing with the candles. I get it ( red = Hot ) and Blue = cooling off. What say ye?
Cheers
From 12:03 am (UCT Time), the price started increasing.
Shouldn't we ask @haejin?:)
Red is, at least in Chinese culture, a symbol for luck, health, fortune and the whole shebang.
They deny it, but the 3 East Asien cultures, Chinese, Japanese and Korean are extremely close together.
:)
Well rates from past wereks are weired!!
Can't understand whats happening?
May its cause from the korean but eventually no idea about that!
All people like me can hope for the best!
Good job noticing the pattern!
I should’ve bought more Steem when the conversion was 1.5 Steem to one SBD!
hmm, another SBD price pump right before I have to pay for my servers. Love the timing!
@dragosroua I have always liked RED and GREEN Candles on my Charts the Best. If anyone would like to learn about Candlestick Charting from one of the BEST. I may suggest the you take a look at Books by author Steve Nison. He is one guy that I learned from when I wanted to know more............
Great Post Sab. always giving us great review and information @dragosroua
Thanks for the market news about sbd
your activity is good
thanks for sharing
carry on
Great information of steem, very nice post, thanks for sharing
If I was color blind red or green would probably not matter to me. Strange now Korea can keep continue pumping SBD. Wonder how long this will last?
the world is twisted and this upbit exchanged is more twisted than anything else everything seems to be on a high price there
This is again the time to hold more SBD.