Steem Update: 1.00 coming soon?

On the 15th, Steem broke the 2.21 support. We are now seeing a retracement towards 1.60, another previous support level.

A lot of the price action in the market currently depends on the movement of Bitcoin. The price of Bitcoin is 7800 at the moment and if you've seen my recent posts, you would know that 7400-7500 is where the lower trendline of support lies.

If Bitcoin decides to break this level soon, I can easily see the price of Steem go to 1.00. This would also mean that Bitcoin is headed towards 6000, the apex of the wedge.

Also, the RSI will be slightly oversold if the price decides to hit 1.60. I still think that the price could go down further though. Taking a look at the RSI on March 9th, you can see that the price was extremely oversold on the drop that occurred that day. Something similar should happen to the RSI if we break 1.60 and hit 1.00, and there will be a very high chance of a bounce once the RSI hits a low enough level.

For confirmation of a bullish uptrend, I am still looking for a breach of the 3.00 area (200 EMA).

Disclaimer: (I am not a financial advisor, do your own due diligence when investing in cryptocurrencies. This is just my speculative opinion.)