STEEM ≈ 1.40 USD!
The other day I wrote about my thoughts on STEEM/BTC price action and I explained how the market will either turn bullish or bearish depending on whether the price breaks above the red line or below the green line I drew on my chart. You can check that post out if you want, by clicking HERE. Today I woke up to see STEEM down 24% to 1.40 USD. It's about 1.46 SBD at the moment which means SBD has also tanked and is now worth less than 1 USD which is honestly not something I expected to see!
HOW DID I MISS THIS!
I noticed something that I also noticed previously but for some strange reasons I decided to ignore it. As you can see in my second chart, it looks obvious that the price was going to tank. It had already broken the green line and was retesting it from the other side. It's always best if we draw the line like this and ignore the price action above and below the open and close quotes! What's even better is to look at both methods of drawing a trendline and compare them and see which one seems to be the one that the majority of traders are following.
MR. OPINIONATED!
Please be advised that trading cryptocurrencies comes with a high risk and any opinions, research or other information contained in my posts is provided as a general market commentary and opinion only, and does not in any shape or form constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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