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.)