It seems like price of STEEM is in for some volatile times in the hours to come. But will it go up or down?
Present trend is pointing downwards, but the variable that is most likely to decide the asset's price is the price of Bitcoin.
Presently BTC is once again hitting record values and whenever that happens there's some serious volatility in crtyptocurrency markets. So far it seems to be struggling to pass resistance at 2950 USD so the question on traders' mind is - will it break the resistance and go over 3k for the first time ever or will it double top and roll downhill to shrink considerably in the days to come? There's a high level of suspense on the crypto market that is bound to witness some more of the crazy price action if BTC fails. Some coins (ETH included) have already hit the historical values in last couple of days as it is.
So how far down can STEEM go if BTC breaks through the 2950 ceiling? One of the often observed rule in trading is former resistance becoming new support so in that scenario we might see STEEM testing 0.00065 before the next upward move. If however it moves the other way it must break through a serious psychological barrier of 0.001 which have already resisted it once before. Should that happen we have will have an interesting week ahead of us.
