Here is the weekly chart of Steem in USD's from the start in April 2016.
Since late April, it has produced 7 red heikin ashi bars illustrating the downtrend for a bearish trend.
Stochastics are close to reaching the oversold level of 20, another bearish sign.
It is right at a potential support level at 1.32 USD. If BTC continues it's downtrend, there is a high probability that Steem will also loose value.
Here is the daily chart which also shows the bearish trend with a lot more red bars than green.
Stochastics are embedded, so look for potential further downside if the last low support level does not hold.
Here is a daily line comparison of Steem in Blue and SBD's in Red.
How does Steem price action compare to the 2 largest cryptos? Steem in Blue, BTC in Red and ETH in Black. Over the past month, Steem has been dropping at a faster rate.
This is the weekly Steem/BTC pair. You can see the long cyclical nature of the stochastics and it is currently headed towards the 20 level. IMO, there is a potential buying opportunity coming up, it may be profitable for both traders and longer term Hodlers.
On the daily Steem/BTC chart, it is forming a descending wedge. Steem is declining at a faster rate than BTC and is at the last major low support level. Keep an eye on BTC and the low that was produced on Feb 6th. If that is taken out to the downside, Steem will also decline based on the overall crypto trend.
Who is interested in buying more Steem?
