So it seems steem is back down into the lower range and granted, the title to this post is a little aggressive as I'm not all that upset, maybe just disappointed in the price action on steem.
Back to the basement?
If you look at the daily chart of steem in this post you will see price has broken below that 40 cent area which was of noticeable reference.
We know see it flirting with the 35 cent area, which I mentioned on the scaredycat investor show this past tuesday was especially important as a close below there really wiped out any hope we were just poking below the key 40 cent area level.
Granted all crypto has pulled back the past couple days but I do not like that are verifiable support is now the 22 cent level and no longer 40.
Price needs to get above 40 for the action to remotely be bullish. After consolidating sideways for a while between 60 and 40 cents, this move lower is certainly not a bullish sign.
Calling all buyers, get to work!