yeap... I agree. I see it this way. The whales control the market and are cashing out while retaining their investment every week. They will continue to get their weekly paycheck until they decide price has gone too low. They stop selling and hopefully let the market go back up. So at what price will the whales stop selling? It's basically free money so it could go pretty low.
RE: STEEM Technical Analysis on Poloniex - Approaching 0.00119774 support zone
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STEEM Technical Analysis on Poloniex - Approaching 0.00119774 support zone