Why Steem price could drop below $1.00- Short term analysis.

Hello, Steemians today I want to do a quick chart analysis of steem. This analysis is base on price action only. It does not factor in any fundamental analysis, such as news or other economic factors. Ultimately all those events are reflected in the price, therefore you can learn a lot from the price action.

The chart below is on the one-hour timeframe, so each candle represents 1 hour of price.

The white horizontal lines represent what I consider to be the major swing points which are usually areas where large volume of buyers/sellers are waiting to transact/exchange steem and based on the demand and supply the market will reflect that.

Now as you can see,steem is still in a short downtrend and there is still a good amount of space for it to move down even further as shown by the white box. I believe the price will drop to about 0.0003 BTC or 0.97 Steem if the price closes in this white box above, before it encounters any real resistance, which will bring the market into a state of consolidation.

Of course, the price of steem can also go up if it breaks and closes above the trendline I drew, however, there is a lot of resistance in that area which decreases the probability of that happening but, it's still a possibility. Also, be reminded that this is a short-term/intra-day analysis and not a long-term analysis. If something major happens for the benefit of steem, the price will go up which would be good for everyone on the side of steem, myself included.

So, that's my input in regards to steem price. The information I provided is for learning purposes and should not be regarded as financial advice or used to make any financial decision which may result in profits or losses. It's in your best interest to do your own research.

Thank you all for reading. Please let me hear your feedbacks by commenting, upvoting or through other means. If you like the content, please resteem, follow me here on steem and or throw Crypto Space's Twitter and Facebook