Hello Steemians! We are observing some interesting trading action in BTC, and most traders are keeping their eye on the balls right now. Let us have a look at the BTC daily chart:
As we can see from the BTC chart, that the price is right at the 6400 area. This support is defined by the April lows. If this one breaks we have 6000 just below. So this 6400 -6000 area is the line/zone drawn on the sand. If this breaks many bad things will happen at the same time. But we will cross that bridge when/if we get to it.
Steem:
Steem is a bit more problematic here. There is no immediate support nearby. The April lows for Steem is 1.3 levels and Steem is currently trading at 1.7 levels. So it is still a long way down. But Steem being a "dependent" currency, it will likely rally from middle of no where if BTC rallies. Therefore, technical levels probably doesn't matter that much. Again I am keeping my eye on the ball and dealing with 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