Steem Price Analysis: 2 Trendlines Are Intersecting, Could This Be What We Are Looking For? (Video)

Steem has been struggling for the last 3-4 days and that is most likely correlated to whats going on with the Bitcoin price. Most cryptos are following every Bitcoin move and it is really hard to find a crypto that goes against the trend.

However, it looks like Bitcoin is about to turn and that should be good news for altcoins and Steem. But, lets have a look at the daily chart for Steem:

Comment: As you can see, 2 trendlines are now intersecting today and this corner could be the potential support we are looking for. If all goes well, we could start following this trendline in an upward movement in the next few days and hopefully make a bigger move in the near term.

The next target should be around the 0,0006 BTC price level, that was the last major peak and therefore, that is a natural target for Steem.

But keep in mind that you must watch Bitcoin, if Bitcoin fails to climb from here, Steem will most likely follow along.

Happy trading!