So there is yet another bloodbath in the realm of cryptocurrency where steem (at the time of writing) is down by around 7% today and has broken and looks like closing below the $1 mark, we also have bitcoin testing the $2000 mark. This may be due to blockchain problems and the anticipated fork in bitcoin which is due at some point before August 1st, this seems to have caused increased panic selling and a decrease in buying.
Below is the daily chart for STEEM/BTC and we can see the price floundering somewhat, we are below a support level that may now act as resistance, but also notice the low volume which when returning could cause a spike, but this probably won't happen until the blockchain issue is addressed.
Below is the daily timeframe on the BTC/USD pair, where we can see the price moving from around $2400 to test the $2000 in the space of 3 days. We are hovering around key support at the moment and can also see the RSI approaching oversold territory. The coming weeks will ultimately determine which way we go possibly for the rest of the year.
Thanks for reading and if you found this interesting consider upvoting, following and resteeming.
well, despite how bad it all stinks, it's nice to see that the RSI is bottoming out and the only clear direction from here is up.
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That is how it is looking but if we have consecutive closes below the $2000 mark that could prove to be bad, but the RSI is definitely calling for a bounce.
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first time I got involved in cryptocurrencies and then all this happens lol. holding long term though so I'm not concerned for the short term panics.
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Yes i agree with you long term is the way to go 👍
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I agree. The end of this month might even be a good time to buy.
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Its really scary. But actually, how does the 1$ physiologic barrier works. I thought steem can never go below sbd but today has proven me wrong. I think i will have to learn more ab
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Hello! I just upvoted you! I help new Steemit members! Upvote this comment and follow me! i will upvote your future posts! To any other visitor, upvote this post also to receive free UpVotes from me! Happy SteemIt!
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