Steem is taking a blood bath at the moment along with 95% of the other cryptos. Lets have a look at the daily chart:
Comment: Steem fell 19% on Tuesday and it has continued to fall on Wednesday another 11% so it is highly likely that we will continue down to solid support levels. Yesterday we closed at the 50 day moving average but that did not hold, we are already way below it.
However, we are getting a little bit closer to some solid support and that is down at 3,30. If you look at the left side of the chart you can see that 3,30 is the peak we had in the middle of December.
Now, lets finish here with a look at the area chart:
Comment: In this chart you can easily see the 2 peaks we had in the middle of December in the left part of the chart. So be prepared for some more pullbacks.
Happy Steeming!