Steem has been trading weak for quite long time, but now its has come at point where things can deteriorate further. First, take a look at chart below to understand what is going wrong......
In chart above their are points to take note of:-
- Breakdown: Steem has broken a important support level of 63k satoshi. Though steem is playing with level, one day breakout other day break down, but these seesaw movements just making this support level fragile.
- 50 Days EMA: This moving average has been proved as good support , but this support also have been broken by steem. This moving average is at 64k satoshi, and one can easily see on chart above that steem has been hovering around it too like 63k satoshi support level.
- Closed below Support: Steem not only breaking down , but also gave yesterday its first close below major supports as discussed above.
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Now The Conclusion
In conclusion, I am sad to announce that steem is showing some weird movements. If today it again closes below major level of 63k and 64k, flood gate gonna be opened, downflow of which will only be stopped at 39k and this is a worst outcome i outlined in headline.
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