Steem Dollars (SBD) Chart Analysis - Very Bullish
Note: Source of all data and chart have been sourced from: https://coinmarketcap.com/currencies/steem-dollars/ ...Note: Chart times are different on other exchanges depending upon local time or whatever time they wish to base their data on.
I am a former NY commodities floor trader, etc. I have studied charts and markets forever. The recent move up from the November 30th low has formed what is known as a "bull flag" since yesterday. Volume is WAY UP since November 22, 2017. There are sellers in this $2.20 to $2.50 area. If sellers are cleared out and yesterday's highs are broken within the next few hours/days, SBD could easily see $3.50+. The "+" could mean anything, the sky's the limit. I will explain...
On November 22, 2017 through November 23, 2017 there was a whopping 241% spike up in price from $0.95 area hitting $2.29 within one hour. Trading "dollar volume" jumped from an average hourly trading volume of $100,000+/- to a whopping $5,800,000+ in the first hour of the breakout! It appears that there was a massive buy order that just cleared out all of the sell orders on the books to that level. Since then, it has put SBD into play as it alerted some SBD banked coin holders to consider taking some profits and has now attracted a decent amount of day traders as well.
In my opinion, somebody (or a group of individuals) has information about the future impact of something in the works with steemit that can possibly have a serious impact on the value of SBD (and "Steem"). It doesn't appear that chump change spiked SBD, this was most likely big money taking a position. Therefore, I'm in for the ride.
The reason I am talking about SBD and not STEEM is that regardless of the fact that STEEM price is lower, if you look at the "Circulating Supply" of 3,000,000+ SBD vs 246,000,000+ STEEM and consider fundamental impact of supply and demand with the same dollar volume for each, SBD can go to the moon requiring a lot less money to move it!
In summary, and again this is only my opinion... it looks to me either that there could be some major positive Steemit news that could possibly be brought forward into a brighter light, or there is someone that just likes Steemit a whole lot and decided to take a huge stake. Whatever it may turn out to be, it looks positive for now...
So there you go... have fun!
Disclaimer: The information contained in this post is my opinion only, it is not trading advice or any recommendation to purchase SBD, or any other crypto or other trading vehicle that I may discuss in the future. Your use of this and all additional information that I post is your sole responsibility.
Resteemed your article. This article was resteemed because you are part of the New Steemians project. You can learn more about it here: https://steemit.com/introduceyourself/@gaman/new-steemians-project-launch
And there you have it folks... 20 hours later and Bittrex tagged $3.59 a few hours ago and backed off to $2.60 area. Still looks like a buy. To bad I have to toot my own horn here, lol! I used to run a Bitcoin trading room in 2013 where traders were earning a few hundred percent per month. Tell your friends to upvote this post and future posts and I may keep this going. Cheers!
If I were a big investor that was trying to corner the market on SBD, I would be watching for people like me that know how to read charts and I would be concerned. Can I predict what the next big move will be? Will I tell the crowd that you are starting to make your move, or even what to watch out for that will signal that you are starting to move in? You know what I am talking about. If I can earn money with some upvotes from traders that like to dabble in the markets, as well as a few whales that take trading seriously, I may analyze more markets for signals. If I don't catch on with this Steemit crowd, then Steemit traders may be losing a very valuable asset. If I can earn enough from my upvotes, I will keep this going.
From this Blow-off out of the recent highs, SBD could still come down to the $ 2.50 to $2.20 area, maybe a bit lower. If I were to bet, and I did, that the old high area will become the base... I would say that SBD could see some good upside movement from here... perhaps as high as $7.00 to $ 10.00 within 30 to 60 days. This is one of those things that if all goes right with Steemit development, and I believe those geeks are very competent, each STEEMIT DOLLAR could see a price of $10k to $100k+ in value faster than you may believe. That is my opinion only, and not trading or investment advice. I take no accountability for what you do with your money. Follow me if you like, do your own thing...