STEEM Chart Update: March 16, 2018
A short note this morning on STEEM/BTC chart. This post will be a continuation of my earlier post, which you can read here.
Here is the latest snapshot of the daily chart on STEEM/BTC, courtesy of TradingView:
We have inched below the 0.00025 level on an intraday basis. Only two month ago, this would have been unthinkable as we were tried to break above 0.00060 twice during that time! It will be interesting to see how we close the day -- with current sentiment, it looks as if we may well close below 0.00025 for the very first time in 2018!
RSI indicator has us on the oversold region, but as has been warned time and time again, oversold can continue to be oversold and doesn't necessarily mean it is time to bounce up.
With that said, if we indeed close below 0.00025 the next question will be: are we really headed towards the 0.00020 level? On the chart, this would represent a 78.6% retracement from the 0.00060 high and is quite a possibility now. Oh the volatility in the crypto world.
From a USD standpoint, both STEEM and STEEM Dollar have also suffered quite a setback with current prices at $2.07 and $2.24 respectively, both sharply lower from their loft highs at over $8 at the start of the year.
It's a Friday, so here's wishing everyone a great weekend ahead! As always, 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.
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