Believe it or not it’s been already 5 consecutive days on which STEEM presents positive numbers in terms of price…
Of course I am speaking about the STEEM/BTC pair. The STEEM/USD pair is not bad neither but it is affected by the correction of BITCOIN.
What is interesting to see is that, both, the 50 and the 200 Daily Moving Average are now holding STEEM more solidly than ever and it is trying to break a known resistance right now, on a time not specially good for BITCOIN…
I really think we touched the bottom already on December, the problem is that there is an excess of STEEM available at the market due, mainly, by the major transfers performed by STEEMIT INC during the past months, some of them were really massive… in particular during early this year, and according to what I have extracted from the data obtained at Steemworld, STEEMIT did in a couple of months transfers to alternative accounts which withdraw STEEM to the exchanges in enormous quantities (millions of STEEM)…
So, even if STEEM has done the bottom there, the amount of available STEEM at Bittrex, Binance, Huobi etc… highly exceed the demand of the buyers…
Lately, STEEMIT has decreased the amount of coins transferred to the Exchanges…
We are speaking about a huge change from a few Millions to less than 1 Million of STEEM… this are very good news for everybody.
Hope they can maintain this withdrawal level in order for STEEM to recover a little bit its price… we deserve it as well.
@toofasteddie
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