The past two months have been pretty ugly for the price of steem against bitcoin, yikes!
Back at the low, now what?
The chart within this post is that of a weekly timeframe being we had to go back sometime to find this price level. The all time low set back in in early March of 2017 is being revisited. That low price bottomed out at .00005750 satoshis against bitcoin.
Price is currently sitting at .00005871 after another down move today. At this point it is inevitable that we touch that 5750 low, what happens from there is anyone’s guess.
Steem has been in a steady trend lower since mid March of this year. March marked the bottom in 2017, maybe it can do so here. Price action is weak as hell, but is definitely oversold so maybe that will make way for a bounce.
If bitcoin continues its strong pace it will be difficult for steem to make headway.
I’ll be keeping an eye on this level.