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RE: $STEEM/BTC Daily Poloniex+Bittrex Technical Analysis Update #12 "Back to the roots" Aug 11, 2016
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The price went a level down, which means further accumulation. Now the price hit an support level from the "pre-pump" era, which means we are entering really tight support area, the bears will have much more problems dumping the price from here on lower, not meaning that we won't see any more downtrend, it just means that allot of people will be tempting to " buy a bit" around these levels in hope for a bounce in the future.
Keep in mind that the Risk to reward ratio is dropping as the price drops as well.
I expect some accumulation between the newly made low on Poloniex and the recently broken support in the next few day, with chance of possible further downtrend if FOMO steps in.
I hope the price can go up
I've been tempted to buy more all the time. But currently saving SD for another project. :D
i mind up the price
Great analysis @ozmaster. I too think support might hold but with so little data it is hard to say. One thing is certain, crypto is always exciting! Take it east @ozmaster and keep them charts flowing.