Hello and welcome to episode 21 of TA (Technical Analysis) Today we are diving into The STEEM Token!
The continuous decline of the last few weeks has undoubtedly made the STEEM token very weak because in this decline, there was buying on the supports in Steem but the sellers sitting at the resistance created pressure with big selling, making it weaker than before every time. This is a pure price action analysis without so many indicators and drawings. You will assume the dominance of buyers only when the price breaks the lower high trend upside and sustains it, but here none of the efforts of the buyers seem to be successful, which you can see in the chart below.
However, the overall picture is not just negative because apart from the downtrend of this almost 1-month price action, we also have a support line of an uptrend from the last 3 months price action and looking at the price action so far on the daily timeframe, it seems that buying should take place at this place. However, how successful this buying will be will depend on how much strength the buyers show by absorbing the selling pressure at the resistance.
No one can say for sure what will happen in the near future, but based on the strong fundamentals and community of this project, it can be said that the distant future is going to be bright. Now it depends on you whether you look at it from an investment point of view or from a trading point of view.
I'm eventually will be focusing on increasing my Steem power! : )
Upvoted! Thank you for supporting witness @jswit.
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The bleeding was actually expected but I am so sure in just a awhile, the price will definitely surge up and perform much more better than what it is right now. I am really confident about that actually
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This is what a true investor believes. We are investing in its future so we do not need to worry about such fluctuations.
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