Steem Update: Holding support levels
Steem is holding well against the sharp drop we had in Bitcoin. The price is holding the support line I drew in the last update, in between 1.50 to 1.60.
Some of the price action does depend on Bitcoin though, its currently hovering around 7000. If Bitcoin breaks below 7000 and bleeds till we hit support at 5800, we will most likely see Steem react similarly. Steem would probably hit 1.00.
I do think there is a chance of hitting 1.00, the RSI hasn't been oversold yet and a drop to 1.00 could be the ultimate bottom when it does.
For confirmation of an short-term uptrend, I could say that the price needs to breakout over 2.50, the 200 EMA. I feel as though that 3.00 is a better price-point though, since there is a lot of past resistance there. Bitcoin hitting the 10000 area should take place at the same time Steem breaks 3.00, and we should be in a good place by then.
Looking at the fundamentals, Steem is an overall great coin in my opinion, the idea mining Steem and Steem power by providing a content on a decentralized social network are both exceptional. This website has a future ahead of it.
Disclaimer: (I am not a financial advisor, do your own due diligence when investing in cryptocurrencies. This is just my speculative opinion.)
I really hope that this bearish period can end soon. I'm going to hold onto my crypto no matter what considering the future prospects it has but I am becoming impatient with these constant downtrends. Thank you for sharing your analysis.
Same, hopefully Bitcoin doesn’t break below 5844, otherwise we’d be in a bear market! Thanks!
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