Steem Currently Sitting at a Critical Suport Level
80 cent Steem is a huge deal. The way I see it, a dividing line between a potential huge drop down to 30-35 cents. And right now we're hovering around the 78 cent level. Therefore, is it all now impending doom and gloom in terms of where we're going next pricewise? Well, not yet...
Apologies for the squashed graph, but I needed to get all the relevant info in. As you can see (just about, lol), we have not broken the 80 cent price point since around the beginning of May 2017. It has acted as a strong support, withstanding every attack coming it's way. I count 5 tests of that line in total, not including this latest one. Now, it is possible to dip below that support but resurface within a few hours to a day or so. This is crucial as to be a confirmed break would mean remain below 80 cents. So, even though we a barely under that level now, there is still every chance for it to recover back up again. If we go below and "stay" down, especially another 10 or so cents away from the 80 cent mark, it's safe to say we are probably headed a lot lower.
See the orange line on the chart? That represents about 35 cent Steem. And the way I see it, that would most likely be the next area of support. Sucks if you're waiting for the bull run to kick in, but not too bad if you're an investor biding your time to scoop up some seriously cheap Steem at insane prices. The way I see it, there is an opportunity to be played on both sides of the fence.
And, as always, BTC has a huge impact on the price of Steem too. So, if say, BTC were to tank from where it is, chances are Steem would do the very same thing. Although I must say, BTC's $6000 support level is made of seemingly impenetrable titanium as this time. So, if we get the break for Steem to the downside, I will personally wait for the 35 cent mark and then go consider going into major "investor" mode. Steem will turn around at some point, as will the crpyto market in general, and these days of depression looked back on as nothing more than an unpleasant distant memory. Stick to your game plan and trade what you see...
Best of luck, y'all... :)
Couldn't have said it better myself Ezzy. Wish I had some extra cash lying around for moments like these lol....
Tell me about it, man. Some nice entry levels to buy up some cheap Steem now. :)
This analysis is both relaxing and offsetting at the same time. But we have to face reality, its crazy bro its really crazy...
Just keep in mind there is an opportunity each way. :)
Definitely, a part of me kinda appreciates this, this is the universe telling us to do better, 10 times more....all round...
To listen to the audio version of this article click on the play image.
Brought to you by @tts. If you find it useful please consider upvoting this reply.
@ezzy Respect your hard work man.
Thanks... :)