For a moment it looked like the selling was over but Bitcoin has failed to hold above the 2550 level. I had mentioned here that if it cannot clear that resistance then this bounce could be nothing more than a back-test of the broken uptrend line. That means the selloff is still not over yet and it looks like we could get another test of support at 2320. If that fails then next support lies at 2120.
Even though Bitcoin is sliding I am noticing that the sell volume is decreasing. This a positive, but also there is no buying volume yet either. To me it looks like Bitcoin could just be digesting the recent gains and consolidating. As long as the supports shown hold, there is still a possibility for Bitcoin to retest 2900.
Like Bitcoin, STEEM has also failed to maintain above its Breakdown point. The 1 day rally was nothing more than a backtest. Steem may retest support at 0.0006. If that level is violated, then the next support lies at 0.00055. Like Bitcoin, it appears as if supply is contracting on this downmove which is a positive. Sellers could be drying up. As long as support holds, STEEM is still in a position to re-challenge the highs.
Use this dip as an opportunity to get cheaper STEEM and POWERUP!!
