1 month updates *Steem & Pot Coin*

 Another week, another update! 

Things are looking good today with some traders feeling a possible reversal in the market. Among others, Pot Coin and Steem both seem to be on board with this sentiment  looking set to bounce some time soon as you’ll see in my follow up analysis of the two...

(Image Credit)

Taking longer than expected to follow the path I’d originally predicted...Pot Coin has continued to drop over the last few weeks. This was, of course, always a possible scenario and the action did follow my blue support line quite well as it fell. While the decline LOOKS severe, POT has actually only come down about 80% since it's more than 200% rise. In my (not professional) opinion, this decline could still be considered a small correction, a characteristic of such a breakout. Today it looks like support for the coin sits just below where price action currently is on the 1 and 4-hour charts...looming not far below, is the .786 of my Fib which I’ve been expecting a bounce from. 

Follow this chart here.

Recently Pot Coin Tweeted that there’s been an update to their wallet system for both mobile and desktop devices as well as a Tweet highlighting their “groundbreaking plan” to “nip volatility in the bud”.  If development updates like these continue and support for legalization maintains it’s momentum this could be the bottom for Pot Coin...it may be taking longer than we’d like but I see a bright future for this and other cannabis-related coins like THC and Canna Coin.


(Image Credit)

There have been some grand claims in recent days from the Steem It platform with them tweeting a news article citing their claim to be the “new financial internet...aim(ing) to disrupt Facebook...with (the) blockchain”. This statement follows the release of the Steem It stage, a new test site for updates and integrations where users use the platform as they normally would while providing feedback.

Their biggest focus at the moment? AppBase, which when released from beta will, "create distinct “modules” that will dramatically improve Steem’s ability to scale." 

How is the community responding to this news? Does sentiment follow Steem’s grand ideas for the future?

Let’s check it out...

Follow this chart here.

Wicking through three support lines where they cross over on the 1 day and 4-hour chart, price action could bounce from where it currently is. If this is the case I could see the market continuing a sideways trading pattern for some time before busting through the .618 hitting resistance soon after. I’ve indicated this possible move with a blue arrow on my chart...however, I am not convinced this is the most likely path Steem will take in the coming days.

Indicated by the purple arrow, Steem could continue to fall for a few days, or weeks yet. My hopes are if it does it will bounce at the .786, however, I would not be surprised to find it falling below, this potential indicated by the turquoise horizontal line I’ve drawn. This area of support is one price action has seen and bounced from a number of times before.

There is, as always seems to be lately, a feeling of uncertainty this week in the market...but one could say it’s all about perspective. On the one hand, news reports of links to child porn embedded in the Bitcoin blockchain have shaken up investors who wonder, will it be, or is it now illegal to be in possession of the Bitcoin ledger? On the other hand this article by Coindesk highlights a number of notable gains in the market this week echoing the sentiment of others who see, " a major turnaround (or return to normal) beginning mid April or so ".

Based on YOUR analysis, where do you see the market heading in the near future??

Let us know!!
 

  °Br¡tT^N¥° (@TheJadeCrow on Twitter)