Steem Chart Update - March 23, 2018

Friday is upon as again! I'd like to revisit STEEMBTC before ending the week. Here's the latest daily chart snapshot of STEEMBTC:

We had quite a bit of a decline last weekend, bringing us down 20% from the 0.00025 level touching 0.00020 before bouncing back up. The bounce got us back all the way up to 0.00026 early in the week. As you can see from the bar on Tuesday though, the rally didn't sustain and we closed the day below the key 0.00025 level.

As of this writing, we are back below 0.00023, with price seemingly still following the downtrend channel quite faithfully. If demand continues to be weak over the weekend, we may see a similar performance as last weekend and another touch on the 0.00020 level might just be a possibility.

Immediate support is still at the 0.00020 level and below that, the next major support is at the 0.00016 level. Immediate resistance remains at 0.00025.

Taking a closer look at today's price action with the 30-minute chart of STEEM/BTC:

As we can see, since the strong 2-bar shot up of price on Tuesday, price has lackadaisically drifted lower. In fact, a mini lower high-lower low scenario has unfold and a mini downtrend channel of its own has surfaced. Thus far, any attempt to move up and break the downward spiral has been met with resistance. This may support the analysis above in terms of the direction over the weekend.

That's all for now. I wish you all a happy weekend!

Risk Warning: All comments, charts and analysis on this post are purely my own and should in no way be treated as recommendations or advice, nor should they be construed as an endorsement or recommendation to buy, sell or hold. Please do not trade based solely on the information provided on this post. Furthermore, past performance does not guarantee future success. Always do your own due diligence and analysis when trading.

Chart courtesy of TradingView