It's been a stretch since I have shared a price analysis of steem. Though the price action has remained the same we have a new development to pay mind too.
Falling Into an Old Frontier
This is a daily chart of steem for the past year. You see the fall that ended last winter, the price basing into the spring and then the long awaited turn higher as we approached summer.
All of that was constructive. However, we broke below the most recent range into that old consolidation range.
The good news is this is a rather strong base with good support around 12k satoshi
The bad news is that support is basically near the historical bottom on steem. Being we entered back into this old range when falling below 32k satoshi, that sadly is our next true support level.
But this is Against BTC
I know what you are thinking, BTC is ripping. Most coins are down against BTC right now. I agree with this, however the following chart doesn't get me excited either:
The green line respresents steem against the USD. It's not exactly showing strength either. It has broken out of the descending channel it was in though and is now consolidating sideways, that is good to see at least.
Furthermore
Let's look at a different coin to gain some perspective. I picked Litecoin becuase it one of the top coins, but it hasn't been the best performer out of them either. However, it still has held up well.
You can see looking at the yellow line it has held up against BTC much better than steem and is gaining quite nice against the USD. There are many other coins that look similiar.
I know it isn't an apples to apples comparison, but it does give us a feel for the tone of price action.
Conclusion
The price action of steem remains negative. As a long term holder I'm not super concerned with this, but I'll wait for it to stop going down before buying anymore.
So with that said, Nelly's Country Grammar is steem's current theme song:
If you want to use your Bitcoin to trade stocks and currencies; 1broker.com is the place I do it.
Best Regards,
Disclaimer: All content in this post is my opinion and meant for informational purpose.