Steem Dollar is falling today, down 15% and it is most likely due to Bitcoin going down. In fact, all major cryptos are down more than 6% right now. Here is the daily chart:
Comment: The bad news from the chart is that we fell below the bollinger band median, so the bullish momentum we had for 10 days is now gone for the short term.
There is some support around 5,60 but we are already at 5,40 so we will see about that. If Bitcoin will continue to fall, Steem Dollar could go down to 4,00. The stochastic bull flag we had up and running is also broken, so most things are negative at the moment.
Make sure to watch Bitcoin, that is key in this development.
The only good news I have seen is that Steemit had its best day ever yesterday in terms of new accounts created. We got more than 20000 new accounts in one day. That is extraordinary bullish for the median/long term.
Happy Steeming!