STEEM/BTC BOUNCES OFF A MAJOR TRENDLINE
As you can see in my beautiful chart above, the price of STEEM in BTC or BITCOIN has had a pretty nice bounce from a major trendline. The trendline goes all the way back to early May which is when I signed up and joined about 150,000 Steemians back then. The number of Steemians has grown to more than 250,000 now!
WHY IS THIS A MAJOR TRENDLINE?
If you look at the history of STEEM, you will notice that the price has been pretty flat for a couple of months and in only started to pick some momentum in early May and slowly formed the bullish trendline that you can see in my chart. That's what makes this trendline pretty significant. If this trendline doesn't hold, STEEM can crash all the way down back to approximately 0.0002BTC which based on the current price of BITCOIN, it would be about 50 US cents. But of course if BITCOIN crashes at the same time and let's say it goes down to 1200, that would take STEEM down to 25 US cents!
WILL WE BREAK THE MEDIUM-TERM BEARISH LINE?
As you can see in the second chart, the price seems to have bounced off the medium-term bearish trendline. The first sign that the current bounce from the green trendline is going to continue is if we break above the red trendline. That unfortunately or fortunately(depending on your circumstances) hasn't happened yet. In my opinion, in the next few days, we're going to have a better understanding of the price action. The price will either break above the red trendline or it will fall below the green trendline which can be very negative.
MR. OPINIONATED!
Please be advised that trading cryptocurrencies comes with a high risk and any opinions, research or other information contained in my posts is provided as a general market commentary and opinion only, and does not in any shape or form constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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