Steem market just took a huge jump today after a long, downturn. Last night it seemed to have hit a floor with a minor bounce on decent volume. WIthin the past hour, a major sell wall at around $1.02 of about $6k SBD was broken down and it seemed to open the floodgates. You can see some of the buys here:
Shortly after, the market on Poloniex seemed to respond and blow up as well:
Here you can see the depth chart of buys vs sells on both the internal market and the Poloniex market. The large buy wall on Poloniex (the one that looks like a green wave about to crash on a shore of red) is a strong indicator of support and possibly strength on this market rise :
The internal market looks much different, but from personal experience, the Steem sell walls on the internal market have always been somewhat skewed (that may just be personal bias, please swallow a few grains of salt with that statement):
The important test now will be if it can continue, or if it was just a minor pump to test the waters or if a few individual sellers were looking to establish a better selling price before selling off more.
The timing is interesting because it falls on the heels of the most recent Monero(XMR) climb to very high levels on news of the Dark Net markets accepting more Monero. It had a very sharp rise, followed by a few dollars correction, but still continues. There seems to be a good deal of altcoin volatility (rise and fall) surrounding the current Bitcoin price stagnation at the $570 level.
Interesting times ahead, as always.
Steem mining Image from @incomemonthly!
I'm sure it's just a coincidence that it coincides with the BitShares pump. ;)
Interesting. Didn't even catch that. Thanks tuck
Yes... I just seen that too. Veeeeerrrry interesting. :)
Bahahaha
Lol I didn't want to feel that way so a picked up some at .73
But im still waiting to buy a lot if it goes back to .23!
.20 is quite good but if goes to .20 is more likely will go to 0.05 I will catch it at 0.05 and from there to the moon?
Interesting look at what is going on. It is funny how we define a "long downturn" in crypto as a month. Hahah. It is true though. 6 months is an eternity in crypto
Yea no kidding. I didn't even flinch when I wrote that line haha
Somebody bought 200 BTC of STEEM on Polo in a pretty thin market.
Wow ... Nice. I didn't know. Maybe people were waiting for a time to jump in on the turn?
Possibly. Especially after bouncing off .70$.
I know I was mad I missed that floor.
In my experience a lot of new coins have a major price drop when they first go on the market, but then it settles down and starts climbing if the fundamentals are good. Based on that I would say now is a good time to buy if you can spare the funds :)
Great info, and good research.
The value proposition of Steem is to support people who post on steemit.com or influence what gets on steemit. com's trending pages. More adoption will make the later a greater factor. Let's put more votes on posts that would get sensored on Facebook (for political reasons) and lots of adoption we will see a lo g term increase in the price of steem
Great analysis of Steem, will grow more in future.
Thanks for sharing this material. I like what you posted. Thank you so much
just saw that as I was on poloniex earlier today. thanks for the update!
sweet! bought some yesterday :D
Very good analysis my friend. I followed Steem in Poloniex. A lot of people buyed cheap Steem and now it´s time to pump it.