Steem has broken support and is now out of the consolidation range. This is not what I wanted to see. The weakness in bitcoin appears to be bringing down the other crypto currencies. It looks like Steem could be under distribution rather than re-accumulation as I thought. Prices need to snap back quickly from here to prevent further selling. Maybe it can close today as a hammer? Supply is now rising as seen in the wave volume indicator at the bottom of the chart. Expect Steem to hit the next support region around 0.00058 - 0.00063 in short order if weakness persists. Price action is bearish so far and its probably best to sit on the sidelines if your looking to invest.
GL Traders