BTC hits Resistance

Hello Steemians. Our nice crypto rally is getting softer as I write this and BTC dipped below $10K. Although it feels bad to see the rally fizzle, I do not see any major concern at the moment. Let's take a look at the BTC daily:

As we can see clearly the the uptrend line that I have been drawing is broken. Actually on the next post I will take it out. We will be drawing a shallower line, if the uptrend continues, which will be a good thing. BTC did not quite got up to $12500 level, which remains a resistance. In addition, now $11750 area is a resistance. I can draw more lines on the chart, but it doesn't really mean much. If we get some volume, we can easily break through these levels to the upside. To the downside $6K remains the firm support from where we started this rally.

Let's look at STEEM daily:

This STEEM chart continue to look worse than BTC. 2.8-3.0 is our immediate weak support, which will not hold if BTC dips for one more day. 2.2 level remains a firm support to the downside.

I will follow up with a US stock market post, that is where I think most of the problems are.

Disclaimer: This is NOT professional advice, this is all just my own opinion and experience. I am NOT a Certified Financial Adviser. Consult professionals for any financial, accounting or legal related questions you have.