STEEM UPDATE: New Target For Support?
As of today we have broken below our support line at 3.62.
Since the current price is around 3.00, I can see the price touch the next support at 2.78, but I think that STEEM is going to take a bit more time to drop.
The next baseline is at the low 2's, around the 2.30 mark. The value of BTC is around 6400 as of now, if you saw my update on BTC, I said that there is a high possibility of it developing support at 5000 which is the apex of the wedge.
If BTC bottoms at its apex, there is a decent chance that STEEM will develop support at this level and more buyers will most likely eventually step in.
Conclusion - I am going to give STEEM a few more days to develop its price action. An underlying factor is BTC, but then again STEEM could just stay around 3.00 since it is a natural support level. If the price does decides to pullback to the 2.30 price level, I will then look for a confirmation of a bounce.
Disclaimer: (I am not a financial advisor, do your own due diligence when investing in cryptocurrencies. This is just my speculative opinion.)
Very well put together post..
I agree BTC is most likely heading for $5k
following now
Thanks! And yeah I am going to give STEEM and BTC a few more days to find support. Followed!
Why will bit coin stop at 5000.00? It’s going way back in price, I think 1500.00 ish
5000 is marks the end of the descending wedge pattern that Bitcoin has been developing for several months. 5000 is also a major line of support on the chart. But then again, anything can happen it could drop below but there is a high chance that whales will step in to buy at that price.
That was previous resistance so now should act as support ($5k range).
$1500 seems extremely bearish. What indicators are you following that would make you think $1500?
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