Hey guys, I have been busy with other stuff but Im back now and boy, are we going down today or what? Big down day across the board so lets have a look at Steem to begin with.
Here is the daily chart:
Comment: As you can see from the headline, Steem is currently down 18% and the technical reason this happened is because we lost our supporting trendline earlier this week. So this downward movement could potentially continue for quite some time, but as always, lets take one day at a time.
We are currently at 2.65 which is where we do have fibonacci support so we might take a breather here and bounce back up again, but it could be temporarily.
If we were to continue south, our next support is down at 2.20.
Now, lets also have a look at the weekly chart:
Comment: Here we can clearly see the broken trendline and in the grand scale of things, we are about to form a pennant formation which could take us down to 1.50 or 1.60 again before the next move up.
In terms of the time fibonacci, we can clearly see that we got a movement aligned with the weekly vertical line and we might not get another major move to the upside for another 5 weeks, or in the middle of June.
But, a lot of things could happen, for instance, the Consensus conference in New York is about to start now and that has historically been very bullish to cryptos and we know that both May and June are very bullish for cryptos overall, so keep that in mind as well.
Happy Steeming!