Steem chart review, July 31st @ 19:30pst
The weekly chart of Steem has printed consecutive red heikin ashi bars which illustrated and confirms the downtrend.
Although price has leveled off over the last few weeks, it still has red bars and support appears to be at the last low around the ~1.32 level.
If support does not hold, Steem may drop to the next low support area of ~.72. If that should happen, I would guess that there would be a lot of speculative buying. Especially those that are positive for the future of this particular crypto.
Stochastics are embedded to the downside which is not ideal for those that are bullish.
The daily chart shows the support at 1.32 and that the 50 day moving average (blue line) may be providing some resistance to the upside.
Stochastics are heading down so this is an interesting spot for Steem. Will support hold or will the selling momentum take it down further???
A daily line chart comparison of Steem in Blue 1.27 vs SBD in Red 1.07
Another daily line chart, Bitcoin in Red, ETH in Black and Steem in Blue. Over the last few weeks, BTC has had a bid to the upside while the 'alt' coins have either went sideways or continued down. They in general, have not participated with the BTC rally.
Market cap from the livecoinwatch site, Steem hold the number 37 position. (A range of 10 seems to be where Steem is over the past year, from the upper 20's to the upper 30's)
Google trends for the search for Steemit has declined with price. But that has not stopped the Venezuelans from searching for the site as they have been in the number one spot for quite a few months. They have a hyperinflation problem in the country mainly caused by government, what else...
@glennolua Yes my friend this is hyperinflation in Venezuela is taking us too long, it's imprecise as everything increases by giant steps, the Venezuelan currency super devalued, a country destroyed like this is very sad, experiencing it is very bad, thank you very good friend your article
It is really sad to hear about the news over there. It really does not get on the main stream media over here in the USA, buy many of those that watch the gold / silver and crypto markets know about the situation.
I hope all is well with you and that the economy turns around with the rise in Oil prices lately.
@glennolua If a friend right here sometimes we don't know what's going on because they hide the information and the true and catastrophic situation, everything is manipulated, hopefully one day it will be very far away everything will be better again, thank you for worrying, friend.
Its nice information provided, thanks for sharing it.