Been a long time since I did an analysis of the steem price chart. However, a loyal reader and fellow steemian @chrisrice put in a request and I am happy to oblige.
The More Things Change The More They Stay the Same
If you look at the top of the post you will see a zoomed out view of the daily price chart for steem. The good news is the price action and levels are rather obvious even to the naked eye once the support/resistance lines are laid out as in that chart.
So here's the thing. We can see long-term price levels when looking at that chart. We can see how they have come into play and to be honest how all of them have been reached with the exception of the level roughly around 10 cents.
At this point, can we expect price to make a full round trip? As in go all the way back to the low it start its prior upward journey from?
Looking at this price action is sort of feels like a self-fulling prophecy.
I say this even with all the good thing going on with steem right now. I think there are some many projects and initiatives (steemleo, splinterlands, etc.) that are pro steem value. However, it takes time for these things to have an impact on the actual demand for and price of steem.
Crypto Market is Weak
The entire crypto market is weak right now to boot. Steem is at 12 cents while a write this. 10 cents is just a mere move away.
I'm fine with it hitting ten cents. My worry is that won't be the bottom. That support area goes into the 9 cent area, but if we go sub 9 cents then the only downside target left is the all time low around 5-6 cents.
So basically I'm rooting for us to test 10 cents and create a bottom there, again.
Then we can focus on upside targets - which would start with this 16 cent area that is now our last little consolidation area before trying to make a run at 20 cents.
Interesting times in steem price action for sure!