RE: STEEM Price Analysis – May 15, 2017
Thanks for the analysis, interesting. I am following @leongkhan analysis for some time and what I find interesting about those is the fact that it also takes into accounts some fundamentals, like power downs / ups trends or total number of accounts. I do believe there's truth to be discovered in technical analysis, but a broader perspective, using fundamentals, can be more supportive in trading.
With that being said, I'm bullish on STEEM/BTC, based on what I perceive as being a new influx of money in crypto, generally speaking, an influx led by the Bitcoin starship, in which more traditional traders are dipping their toes into a range of various cryptos. Among cryptos, Steem has a lot of advantages (speed, zero transaction fees, zero mining power required to mint, etc).
As usual, I might be wrong.
Yeah, I was putting that in my posts, but haven't in the last two. I'm not sure that powerdowns have that much influence on prices anymore. Most of the larger whales who wanted out have already divested. And the last time I looked, total powerdowns was a fairly small size compared to the liquid market. I'll put them in occasionally if there are any large spikes, but I just don't think they're going to move prices much at the current rates. The larger trading market is taking over - and, as you said, there's a bigger influx of money into the markets overall.
@ats-david, I track power downs and active accounts as an indication of long term trends (weekly) . I believe that the technical analysis (price patterns, volume, and momentum indicators) are geared towards the shirt term (intra-day or daily). The crypto market is too new and immature to make the quarterly projections more commonly seen on Wall Street (IMHO). Putting the short and long together gives you enough information to trigger informed trades. That's my opinion, but I'm open to improvement.