STEEM DOWN 30%!
I wrote a post the other day, confirming my bearish bias as the bullish long-term trend line broke. You can see in my chart below that the sell-off has accelerated and today I woke up to see STEEM down 30%! The interesting thing is that the bullish flag in my chart which is often a bullish sign has completely failed which is going to produce more negativity in the market. I would expect the price to drop to at least 0.0004 BTC which isn't that far since right now as I'm writing this post, the price is 0.000441 BTC! We should see what happens next.
WHERE IS THE NEXT SUPPORT?
If the support line at 0.0004 BTC does not hold and breaks, the next support is going to be another 50% down from there at approximately 0.0002 BTC! If that happens, it won't be a very good sign and will probably take at least a couple of months for STEEM to start another bull market. Why? This is only my opinion derived from previous patterns and past data. Could I be wrong? Absolutely! Nobody can predict the markets, unless they own the majority of an asset. At the end of the day, it's all speculation and second-guessing.
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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