Here we are testing support, just a week ago we were contemplating if steem could push through 60 cents. Oh what a week can bring.
Bouncing Back and Forth in a Range
Well, atleast that is what I hope the price is doing. After failing to breach 60 cents on two occasions since we leveled up out of that bottom range; steem finds itself back down to that old resistance point around 40 cents.
Luckily that now represents a support level and hopefully it will remain that way. Either way it is not fun to be testing support as only two things can happen.
1.) We hold the support and remain in the range
2.) It breaks support and we drop back into the lows.
Neither are super great as even the good outcome isn’t technically bullish.
However, range bound is fine with me if it means a consolidation before going higher.
With all of crypto in sell mode the past few days it’s to be expected that we would see steem testing support.
It just needs to hold otherwise we are back to square one.