More Breakdown
Hello Steemians! As summer continue to heat up, we continue to see more breakdown in the crypto prices. Let us look into the BTC daily chart.
As we can see from the daily chart, another downside breakdown from the upward trending channel happened and now prices are in the 6100 level. However, the price did touch the important 6000 level overnight. This is a major support and low for the year. So let us hope this holds, because if it doesn't it can turn ugly real quick.
Steem:
Steem daily chart is similarly weak, with the prices basically at 1.3 support. I am expecting a bounce from here, at least a weak oversold bounce. However, similar to BTC, if we breakdown here; we will likely see $1 or lower soon. But let us keep our eye on the ball and take one candle at a time.
Disclaimer: This is NOT professional advice, this is all just my own opinion and experience. I am NOT a Certified Financial Adviser. Consult professionals for any financial, accounting or legal related questions you have.
Charts are created in Tradingview.com, which is a free service
Unfortunately the volume is trending down again but it isn't too bad. Maybe people are waiting for some clear direction or they are waiting for the Mt. Gox issues to be resolved. The Mt. Gox trustee seems to have found a way to socialize the losses. Annoying.
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