… despite the amount of Liquid STEEM deposited at the exchanges keeps growing according to the last weekly post of @penguinpablo (you can read it here), STEEM is showing a strong resistance against sellers.
This is the weekly amount of STEEM withdrawn to the Exchanges:
This is the weekly averaged position of STEEM at The Total Market Cap:
…and this is the current 4h-Chart of STEEM:
The amount of STEEM deposited at the exchanges still is enormous but there is something that has changed since a few days ago.
Exactly 4 days ago the RSI showed us a well formed BULLISH DIVERGENCE when STEEM hit the Bottom of the year, forming as well a double bottom in the long correction.
Maybe Sellers have relaxed a little the tension but what is sure is that we have buyers here so there is a clear interest on STEEM.
And it is clearly sustaining the fall of STEEM at the Total Market Cap… of course, with the permission of BITCOIN. If BTC falls strongly STEEM will be affected as well
Hopefully we have reached an equilibrium at the market that will allow STEEM to recover not only the price but also the visibility.