Ok, Steem had a horrible day today, we were down about 20% at most but we then managed to close at about 10% down. Lets have a look at the daily chart:
Comment: The only positive thing with todays action was that we did not close at the very low and that we bounced off the bollinger band median. So we are still on the right side of the median, that is important. However, the volume increased in a down day, not a good sign unless we had a lot of buyers stepping in at the daily low.
Now, lets us also have a look at the descending trendline we are trying to penetrate. That has been impossible for 8 days so there is a lot of pressure built up to the upside. However, if we will be able to go back up again, we could get quite a nice move.
But what would be the worst case scenario here? That would be that we fall below the bollinger band median and all the way down to solid support around $3,5.
In conclusion, tomorrow (Thursday) will be very important and lets hope that Steem could fix this and get some buyers stepping in.
Happy Steeming!