Well, here were are my steemit friends. The price of steem is testing support - a level that has held many times before and will hopefully will hold again, otherwise a sub $2 move is on the table.
Steem Support and The 200 Day Moving Average
Looking at the chart below you will see the support and resistance lines that I drew at the turn of the new year.
These price levels continue to be in play and the $2.60 support is currently in the live player!
What I did notice is that the 200 day moving average (blue line) happens to be in the area at roughly $2.50 so its nice to see that as a possible extra layer of support.
The Good News
The $2.60 support area has held the last two times we touched that area and we also have the 200 day moving average that often times provides a support level.
The Bad News
Often times it's the third test of a level when it finally breaks. If this were to be the case then we have downside risk to $1.65 (the next support level) and thus would fall into a lower range with that as the low and $2.60 as the resistance/upside.
Conclusion
Pretty simple - let's hope the price of steem bounces here and we maintain the $2.60 support with the upside of $4.30!!!
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Best Regards,
Disclaimer: All info in this post is my opinion and for educational use.