Happy Monday everyone! Starting off the week with another big move on STEEM/BTC!
The weekend proved to be a listless directional move where we basically stayed around the vicinity of where we ended Friday trading -- between 0.00023 and 0.00025. However, we're starting Monday with a big move down, as can be seen by the latest daily chart below:
As can be seen, we've almost touched the 0.00020 level again before price rebounded back to the 0.00022 level. There's still a long day ahead so it's too early to tell and price can still end up in either direction. However, we are still firmly between the 0.00020 - 0.00025 range. This has made this week's trading interesting.
From the chart, the upper line of the downtrend channel is now moving below 0.00025. If we get more sideways trading action this week, it could signify that we have stemmed the downtrend and at least for the time being, moved into sideways range. However, should price continue to follow the downtrend channel, we could see further price pressure to the downside and eventually break below the psychological 0.00020 level. Finally, a move above 0.00025 will be significant as well, as it could indicate the presence of bullish sentiments finally creeping up into STEEM.
I'll be keenly monitoring the price throughout the week, as I'm sure some others in the Steem community as well. Until then, I wish you all a great week ahead.
Risk Warning: All comments, charts and analysis on this post are purely my own and should in no way be treated as recommendations or advice, nor should they be construed as an endorsement or recommendation to buy, sell or hold. Please do not trade based solely on the information provided on this post. Furthermore, past performance does not guarantee future success. Always do your own due diligence and analysis when trading.
Chart courtesy of TradingView
