Steem Backed Dollars(SBD/BTC) Update 31/01/2018: Testing The Important Support Levels!!!!

SBD is again trading under selling pressure which not as intense as it was yesterday. It is down 1.5% from yesterday's close of 48.5k satoshi.
Currently, SBD is trading at 47.9k satoshi and testing some important levels on daily chart...

I have marked supporting zone on chart above which SBD is currently testing. This zone has somehow holding the bears but pressure is visible.
Moving averages are showing contraction but they haven't done bearish crossover yet.
Today's candle is appearing like DOJI which indicates indecision among buyers and sellers that is why no one seems in control but as SBD was undergoing a correction; today's candle can also be seen as exhaustion of bears.
At the end, I am hopeful of meaningful recovery in price with increased buyers participation.
With that said, I am signing off this little update.

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