Cryptocurrencies

Steem Price: That Bearish U-Turn Came to Fruition

A few days back I mentioned how the price of steem formed a bearish u-turn pattern on the daily chart after testing that 40 cent area.

The volume was weak on it so I thought, maybe it won’t play out.

Unfortunately the Bear Roared

The gold circle from my original chart points out the bearish u-turn pattern marked by the reversal candle (first red candle of the past six red days) and the pattern has played out with the following sell off.

Possible downside targets are the 25 cent level that acted as a bottom on the past two little pull backs.

Conclusion

What this basically means is that price is still firmly in the trading range we entered starting December.

As long as this is just more long-term basing I’m fine with being range bound, so long as we stay above 20 cents.

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