Hello Steemians! Out beloved crypto rally is in deep trouble. Shorter terms moves to the upside in hitting strong selling pressure, and prices continue to drift downwards. Here is a look at the BTC daily:
BTC is firmly still in downtrend. Yesterday we did have a hammer, but today we failed to produce a green candle so far. So I am "calling spade a spade": I see continued weakness over this weekend.
Here is STEEM
Chart continue to look like a disaster. No volume, no external interest to buy this particular coin! Here is a zoom in:
The point to note here is the long upper "wicks" of the candlestick that I marked with a red arrow. There are a whole bunch of them recently. A long upper wick means weakness. Prices did rally to the high of the day, but then couldn't keep the momentum going and sellers stepped in, and price closed much lower than the high. This continue to be the pattern in STEEM. We need some serious volume to get out of this funk.
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.
The links are from Stockcharts.com. I am neither affiliated nor paid by Stockcharts.com; I just find their content easy to reference as standard definitions. Please use them as standard internet content and use personal judgement if you re-use them.
