Steemit Analysis #1 07-11-2017 EXPECT PRICE TO DROP FURTHER!

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Poloniex Chart, Timeframe 1Day=1Candle, Price at the moment 43700 Satoshi

Dear Lazytraders,

i highlighted the trend with the black line and the next critical level with a yellow rectangle. The blue rectangle gives you a deeper look because its the very candle which closed above the all time high.

Steemit corrected all the gains made the last couple of weeks. If we close below the blue highlighted candle(50000 Satoshi) we will see a further fall to 38000 Satoshi(yellow rectangle). We already dipped below 50000 Satoshi so there is a high likeliness that we will also close below that. Dont expect another runup just now.
You have to understand that STEEM/BTC means Steemit against Bitcoin. We are stuck with a falling STEEM/BTC and BTC/USD the same time which destroys the dollar value of Steemit. For your clearer understanding when Steemit is worth less Bitcoin and Bitcoin/USD sinks, than we are attacked from both sides.

To see the Bitcoin Analysis https://steemit.com/bitcoin/@lazytrades/bitcoin-analysis-2-07-11-2017-close-but-no-cigar click here!

Remember trading is from level to level to level its pretty straightforward.
I hope you can see clearer now and you are not stuck with uncertainty when it comes to the value of our beloved Cryptocurrency Steemit.
If you want me to analyze another market just let me know in the comments below.
Stay tuned, follow my blog, upvote and share if you find this information helpful.
See you next time!

Disclaimer: Im not sponsored or paid for to use certain tools nor is this investment advice. Its just my perspective on the markets and thus just for educational purposes.