STEEM is looking to pull back along with the rest of the markets. There's currently a huge support zone in the $2.50-$2.60 price level range. This has held before, but we will see with this new test.
There rest or the markets are hoping for an oversold bounce to continue to play out, but consolidation is more likely in store. As a result, it's highly probable we will experience a bear break from consolidation and then test the lower support levels. If this scenario plays out, STEEM will surely break $2.50. Although this sounds like a negative situation, I think it's a great opportunity to continue to buy STEEM at a WAY cheaper price and allow you to experience bigger gains long term.
STEEM has been one of my favorite cryptos for a while. China ranked it as #2 behind Ethereum. I do see a lot more potential in STEEM and ETH than I do in a lot of the other major cryptos like BTC and LTC to name a couple.
STRONG supports for STEEM sit at the $2.20 level once $2.50 fails. This is actually a much stronger support level than $2.50, so it will most likely take a lot of bear volume to break that level.
The rest of the markets are still seeing overall sideways trading with lower volumes and are going into consolidation trading. Even though the candles are green on the day, I don't have the best feelings and we aren't seeing the bounce play out like I was hoping for. At this point, I'm still being extremely cautious.