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RE: $STEEM/BTC Daily Poloniex+Bittrex Technical Analysis / Market Report Update #70, "When losers say it's over with you know that it's a lie" Oct. 10, 2016.
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Seems like the price is going towards the 0.00045 target.
The level it is on now does have some historical significance so I'm not excluding the possibility of a pump from here, but from the look of the actions now it can still get pushed that tiny bit further down. Furthermore this are the last levels of support, making those good trading levels.
Once the previous low broke there wasn't much support until the pre moon shot phase... Which we are rapidly approaching.
Unfortunately, it doesnt matter if steem is $4 or .000001. The price is irrelevant for purchasing steem dollars and steem power with steem, so it has limited utility, and it seems it could go much lower. Buy in 3 yrs before the 10 for 1 reverse split. Until then, 1-2% daily dilution should drive prices lower.
We already broke the lower trend line to downside. Maybe it is an overreaction.