Steem is almost bottoming because it’s getting near a very obvious support which has worked perfectly 3 times so we actually can expect another bounce
In the past, the result of each bounce, would be a very serious up move however, the last one isn’t that strong. It went up but it reversed quickly. It is what that makes me worried!
- Does it mean, the bulls are running outta power??
- Is the support line reliable?
- Are the bears stronger??
Let’s Look at it another way:
a “V” pattern is a very strong sign that the market makers have changed their minds so quickly and this quickness is not only fast but strong as well. An inverted “V” pattern is a big big sign that their intention most likely is bearish
Here, we have two of them back to back!!!!!! It’s a big deal because it’s a sign of distribution and the result of distribution is a trend down.
I don’t wanna make you more worried but let’s look at another image:
When the wide green bar was happening, I thought it’s gonna raise but what happened? It didn’t follow through.
Don’t we expect follow through from a strong move up??? Yes we do but what if it doesn’t happen??
It bounced but it wasn’t strong. As I said initially, the bounces are becoming weaker and weaker
It is why I’m gonna show you this bloody image:
My conclusion is it might break down hard so I firmly suggest to have your sell stop order resting where the purple line is
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