STEEM/BTC - When the Levee Breaks The Tide Gets Low....Get Low, Get Low by scaredycatguide

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scaredycatguide · @scaredycatguide · Sep 8 '16

$0.35

STEEM/BTC - When the Levee Breaks The Tide Gets Low....Get Low, Get Low

As much as I don’t want to utter the words, folks we have pushed lower through the major support. Next likely stop for STEEM/BTC very well could be all time lows.

First lets take a quick look at STEEM on Poloniex and then a more detailed look on Bittrex

## We will analyze the daily charts
As much as I love the 4hr, 2hr and 1hr charts - **They will always be a slave to the daily chart. That is simple time frame analysis.**

#### You start at the larger time and work your way down looking for congruent action between them.

Looking at poloniex we see the opening low of .0012 (1st day on chart) has been breached and STEEM/BTC closed below that level.

Since that's all the history we have on Poloniex are next stop could be anywhere. We have no reference...
<a target='_BLANK' href='https://ipfs.pics/QmNMABSiE2moqatLcQqa1Q3aeemjLHLadmBGJuX5hfZcSi'><img src='https://ipfs.pics/ipfs/QmNMABSiE2moqatLcQqa1Q3aeemjLHLadmBGJuX5hfZcSi'/></a>

However, Bittrex gives us a cleaner view of the price action.

We can see there is some price support action at the .00070 area (the higher horizontal line).

**More importantly**- you have the bottoming base at .00025 (the bottom line drawn) That bottoming action at the all time low is our foundation support. If we continue to trickle lower that's fine, so long as that support then holds.

There is also some price action at .00050 in between those lines, but ultimately if we go through the first support I fully believe we will retest that bottoming base at the all time lows.

We did see STEEM/BTC rally off the low today, so maybe we can get a push back above .0012, but if not the above scenario likely applies.

If we do hit that all time low on bittrex, personally I'll be buying some.

However, until that time it seems Lil' John made the theme song for STEEM:
https://www.youtube.com/watch?v=P-eAx3Dxpj4

Information in this post is educational information only. (a.k.a. - make your own damn trading decisions..lol )

Your hoping to buy at the lows Scaredy Cat Guide,
Click to <a target='_BLANK' href='https://ipfs.pics/QmRvEUK6f2zQxecstRREmtnZBM5s8WJaaFpJkxuUitM3Xi'><img src='https://ipfs.pics/ipfs/QmRvEUK6f2zQxecstRREmtnZBM5s8WJaaFpJkxuUitM3Xi'/></a>

👍 officialfuzzy, dragonslayer109, bonface, cdubendo, sunshine, scaredycatguide, dennygalindo, fydel, robotev, wuyueling, steemswede, hyperbatata, tee-em, autodafe, bajekay, morning, sergey44, stephenkendal, jlufer, thecastle, cynetyc

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@jlufer · Sep 8 '16

Gracias Por compartir este material, Me gusta lo que has publicado. Muchas Gracias

👍 fydel

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@stephenkendal · Sep 9 '16

Great bit of TA. Thanks for sharing. I am happy to share this on [Twitter✔](https://twitter.com/StephenPKendal) for my followers to read. Following and looking forward to reading more of your posts. Cheers. Stephen

👍 scaredycatguide

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@scaredycatguide · Sep 9 '16

Thanks @stephenkendal, appreciate the share!   I do my best to keep the TA simple and straight forward for people and just post it when new developments have occurred.

👍 stephenkendal

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@thecastle · Sep 8 '16 (edited)

I don't know, from what I can tell right now, the value of steem is always going to be pretty low. But how low are we talking here. Because as far as I can tell everyone who makes an account can power down any time they want obtaining a free 3.000 steem right?

They need to make it work so you cannot power down until you have the value of 10x the current value of 3.000 steem. Or something like that. Its entirely possible that I am looking at this wrong or dont fully understand how it works though.

👍 scaredycatguide

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@officialfuzzy · Sep 9 '16

Actually for someone to power down it takes 2 years. So if you power down 3 dollars (right now its 8), you will only get something like .03 steem per week for 104 weeks. 
Hope that helps!

👍 scaredycatguide, fydel

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@scaredycatguide · Sep 9 '16 (edited)

Yes @officialfuzzy, that is correct.   I had a typo above, its 104 weeks.  Thank you for the correction.

👍 fydel

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@scaredycatguide · Sep 8 '16

@thecastle, that's freaking brilliant and simple!    They need to implement that.  Right now the only restriction is it takes 102 weeks to powerdown your total amount.  But you can start right away from what I know.  There should be a holding period or vesting.   

Do it like the casinos do.  They give you a $5 free play.  You cannot ever cash out that free play, only the money you make above it.  That would be perfect for Steemit.

👍 thecastle

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@thecastle · Sep 8 '16

I am wondering why they havent done this. By the way Steem is at an all time low right now. holy crap.

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2 replies

@timcliff · Sep 10 '16

I actually wrote a post on this a few days ago. You should check it out :)
<a href="https://steemit.com/steem/@timcliff/down-down-we-go-and-why-that-might-not-be-a-bad-thing">Down Down We Go – And why that might not be a bad thing</a>

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