Downtrend Hitting February Lows

Hello Steemians! Its been a while I have posted on crypto. I just checked, its been 10 days. That is a long time. I was traveling and didn't have access to charts and time :). So let us look at BTC.

In the daily chart above we can clearly see that it has now broken through everything that the July uptrend carefully constructed. We are basically at the shoulder level of the previous inverted head & shoulder pattern that formed through June and July. The low of 5790 is in play right now. Prices are just 200 points away from that. So I will be surprised if we don't get there soon. Million dollar question is if we break or hold that level. I personally have no idea. I am a momentum trader, and if we break that level there will be plenty of downward momentum to act on. But we will cross that bridge when we get to it.

Steem:

Oh Boy! What can I say here. It is perhaps the most ugly looking chart in the whole major crypto universe.

We have arrived at the 2017 bottom levels around 0.66-0.75. This is a major level for steem. I will be surprised if this level breaks. So let's keep our hope up and sit tight. As there is very little we can do here.