STEEM Price Action Analysis near multiyear support! | 10% To @tron-fan-club

Hello and welcome to episode 24 of TA (Technical Analysis) Today we are diving into The STEEM Token!

I don't know how many of you might have noticed this but in my previous analysis also I talked about the ever-increasing dominance of sellers. And I had also marked this lower support area on the chart for a long time, although I myself did not want the price to fall so much because this creates an environment of overall instability and price depression.

Identifying S&R's on the chart is also not a big deal because with every broken support or resistance, you get the complete details of the behaviour of the market participants and from my experience, the technical analysis is not that difficult, the real difficulty is to plan the trades based on that analysis and then execute them.

Now if we talk about what can happen next, the purple support zone shown in the chart above is a multiyear support area, so obviously you can see it as the ultimate support and technically it will be the last support as well. I will not say much about this, but based on the important rule of trend identification, you can understand how fast the psychological shift works when any support or resistance is broken.

For now, let's hope that this support will re-establish the dominance of buyers and the price will change the trend and start rising once again. If this happens, the first important resistance on the upside can be the level of 0.22, the dominance of buyers will be confirmed only after breaking and sustaining the above.

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My analysis, trade plans, or any sentence written in my blog is not intended to be any kind of investment advice. Please do your own analysis before making any investment. Thank You!

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