Steem Chart Update - Further Declines Ahead?

Happy Monday traders! Here's a quick check at STEEM/BTC, and what transpired over the weekend. Have a look at the latest snapshot of the STEEM/BTC daily chart below:

From the chart, we can see that we are now on our 5th straight day of decline. The key levels to watch at this point are:

1. The 50-EMA line, currently sitting at 0.00035500 level, and
2. The support line at 0.0003300.

These are the 2 levels that I believe price could find support and potentially bounce. I have to admit though that the recent price action is not encouraging for and does not bring a lot of confidence. Therefore, it would prudent to stay nimble and take a conservative stance when trading.

As a side note, if we do close below 0.0003600 in the next few days, then we would have negated the bullish move last April 25 (as depicted by the long green bar, the 14th bar from the right) that had the price shooting up from 0.0003600 to 0.0004750 within the day. Again, another price action that does not bring a lot of confidence to bulls.

Let's see how the week will unfold. I will give another update within the next few days. Till then, trade carefully.

Risk Warning: All comments, charts and analysis on this post are purely my own and should in no way be treated as recommendations or advice, nor should they be construed as an endorsement or recommendation to buy, sell or hold. Please do not trade based solely on the information provided on this post. Furthermore, past performance does not guarantee future success. Always do your own due diligence and analysis when trading.

Chart courtesy of TradingView