STEEM/BTC $$$ - When the Floor Becomes The Ceiling
Last week we saw the price of STEEM/BTC breakdown below the key support of .0012. This is significant because that support represented the opening day low on Poloniex exchange.
If we look at the chart below. We see the support line at .0012 that was breached on Sept 7th. After another down day, STEEM than bounced up to test that .0012 level.
Support is now Resistance
That rally failed. Thus confirming .0012 as a point of resistance going forward.
Unfortunately, after failing at the .0012 level Steem has now closed below the prior low of .000901 set on Sept 9th as well.
To find the next level of possible support we need to look at Bittrex as it has more price history.
The support line drawn on this chart represents roughly 0.0007. That is the next area that has significant price action and has acted as a support and a resistance point in prior months.
(apologies price # isn't showing on the right hand of chart - currently traveling, makeshift tools at my disposal)
Conclusion
We are still in a bearish scenario for the price of STEEM.
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Here's hoping Steem turns around,
Mitchell J
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If you haven't read it yet, you should check out:
Down Down We Go – And why that might not be a bad thing
Yes - had read that and agreed. It really may not be a bad thing. I'm hoping to buy more steem much lower
RIP steem.
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Are you on steemit.chat? Wanted to ask you a couple questions. If not, do you have skype?
Whats up @daut44? I'm not on steemit.chat or skype. I'll try sign up for steemit.chat soon and hit you up. I Have been mad busy.
I think we need a market to sell goods and services with Steem. I think then Steem with have some value.
I could not agree more...
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