In my last analysis I asked either the bulls or the bears to please stand up. For either buyers or sellers to take control as we languished in the apex of a triangle pattern.
Guess The Bears Stepped Up!
Granted, all cryptos are taking a hit the past 24 hours, but this doesn't change the fact that price action on steem is bearish and broke down before this overall sell off in crypto.
Analysis
Looking at the daily chart of Steem/BTC you will see I circled the apex previously discussed. The price broke down out of that pattern (fell below the horizontal support at 32K satoshi)
Steem remains stuck in that descending channel and is now testing the most recent bottom of 25K satoshi.
What Can We Expect
Well, if steem does not bounce here than we are most likely looking at a test of 17K and then 12k (the bottom horizontal line).
Basically, 12k takes us back to the all time lows - No one wants to see that.
If steem were to bounce off 25k then the next upside is a test of the 32k again.
Silver Lining
Steem vs. the USD is just grinding in a sideways range as opposed to trending down. Even though that is good, in the end we still need to convert Steem to BTC in order to get USD, thus the Steem/BTC price remains relevant to me.
We need buyers of steem to get hungry like a wolf, so here's the new theme song:
Best Regards,
Disclaimer: Content in this post is my opinion and for info purposes
It's really a period of uncertainty now...
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Nice analysis. I'm new enough to Steem to relish the buying opportunity, but I hope this is just a market correction and we soon will Steem on to ATH.
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I'm keeping my fingers crossed. In the meantime I have grabbed some other coins on this overall crypto pullback.
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Good anylsis bud...I am bullish about steem and indicated my reasons in my latest post. Almost all coins are bleading due to Chinese stopping ICO,s however its a good time to buy especially steem ...Thanks for sharing.
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Yeah, it is also a good time to diversify. I just used a little steem to buy up some NEO and LTC. Steem is still the overwhelming largest holding I have tho.
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Good point, diversification is the key bro..more success
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great work!!
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Good post. You gotta believe!
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The lines look conclusive. The price will either go up or down. You have all the angles covered.
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