Over the past 6 months or so we have seen steem trade within three different ranges. Recently price broke down into the bottom range after spending the first quarter of the year there.
Where are we and what now?
If you look at the chart in this post you see that price dropped below that 40 cent area support and then failed to breach it on two intraday attempts.
This unfortunately is confirmation of that breakdown and price has traded down accordingly the past few days.
Now we sit in the middle of this bottom range of 40 cents to 22 cents, firmly entrenched.
There is no reason to think we will not visit the bottom of the range at 22 cents as that represents the next true support level. Some good price consolidation exists in the mid-twenties so price could flounder around there.
On the flipside, price action is getting a but oversold so a little relief rally is always a possibility. Either way, price action in the near-term does not look good. We just need to wait for price to work through this.