I traded currencies for seven years, mainly based off patterns. This is my take on the price action.
You'll notice Steem is testing the low of it's trading range. This is coming off the back of testing the trading range high previously, then filtering down to test the low (now). Should be interesting to see what happens. It is unlikely to see a sustained breakout lower. If other currencies bounce back from this recent sell off, then it is likely to see a strong break to the upside. Without some sort of catalyst though, price is likely to flutter back to the middle of the trading zone...reverting to it's mean. Just some quick trading info for anyone interested!
