Steem(STEEM/BTC) Update 26/07/2017: Gone Weak Again, Will It Get Strength????

Red zone for steem is looking far from over. Few days back, it was trading in short term uptrend but turned bearish again after hitting resistance level of 63K satoshi. In my last update i.e. https://steemit.com/steem/@jimmyrai28/steem-steem-btc-update-17-07-2017-buy-now-for-bounce-back, I recommend buying it for bounce back, well that bounce back did happen, but that bounce get over after hitting a resistance level. Now it is trading at 48k Satoshi level with bit of negative bias.

Now let me take your attention on chart below to carry on further with this analysis......

In chart above their are following points to take note of:-

1. Falling Channel: This is a red zone which i talked of at start. One can clearly notice on chart above that how steem fall again in this channel, after failing to cross resistance of 63k Satoshi in its bounce. I have marked tht attempt in blue highlighted circle on chart above. Now this script seems to touch a lower end of this channel as it has already touched the higher end of this channel. But that touch down will create another opportunity to buy this script again for bounce back.
2. Support Line 3: This support falls at 39k satoshi and already being tested two time, making a double bottom and it seems that Steem going to test that again if a yesterday low of 45k Satoshi is broken. Testing again of 39k level will termed as triple bottom and many time its seen in other scripts that price tend to reverse after creating triple bottom on charts but if that level of support get broken and sustained then test of 20 k satoshi is going to be imminent. 
3. Short term Rising Channel: This short term channel has little significance till the price of steem continue to trade in falling channel zone. One can clearly notice that price of steem is at support of lower rising trendline of this channel, but prices need to move higher tomorrow otherwise steem breaks down from this channel with an ease. But if prices start to trad higher and breach the falling channel on upside then this channel could be followed in the rise.

________________________________________________________________________________

Now The Conclusion

In conclusion , i am inclined to say that tomorrow session is important in context of trend. If steem price starts to trade below the yesterday's low then retest of 39K satoshi level is a certainty. But daredevil traders can buy steem in tomorrow session if steem seems to trade with positive bias and they can place stoploss below 46k Satoshi level. But investors still need to wait for clear rising trend to emerge before buying this script.

________________________________________________________________________________

If you like my analysis do not forget to upvote, follow, comment@jimmyrai28
if not then criticize, this also will be highly appreciated.

You can also drop a comment in 'reply' if want you want me analyze any script of your choice.

Now you can also find me on discord channel: https://discord.gg/VvHmhvH