Hello Steemians! BTC just broke near term support at 7200. Let's have a look at the chart.
As of this writing BTC is trading at 6838.0. It broke the 7200 support convincingly on high volume on late hours of March 29. With the Easter weekend, volume will likely be low in the next couple of days. With that I expect prices to creep towards 6000 level, which is the spike low of Feb 06. I have no idea if that low will hold or not, but I do expect a few players to put buy orders at that level.
Let's take a look at STEEM daily chart.
Okay we have arrived at the 1.4 low. Actually the spike low is 1.339, but for all practical purposed let's settle on 1.4. Never said that this is an exact science :)
As of this writing, we are printing 1.36 on Poloniex, which is one of the lower quotes. So we are holding this level by fingernails, literally. STEEM is oversold, but that doesn't matter in a downtrend. We can remain oversold for days/months. If this level doesn't hold, then this thing is likely head toward sub $1 level for sure. Unfortunately, that is not a good news for the platform.
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.
