Classic Breakdown of BTC
Hello Steemians! As I write this post on a Monday morning, BTC have broken through some of the supports and some major technical levels. Let us have a look at the daily chart:
The break down in BTC is classic in the daily chart. Whatever the reason might be, the up trending bear flag breakdown puts BTC to well below psychologically important 7000 level. Currently the prices are in the 6700 area, and are stabilizing. There is good support in the 6500 - 6400 levels defined by the early April lows. Technically that should hold, but if not they we head down to 6000 levels.
Steem:
Similar story here on steem. $2 level is history. Steem is currently trading at 1.8 level. There is some weak support here around 1.75 level. But with weakness in BTC that is unlikely to hold. Steem have good support in the 1.3 levels, if/when we get there. But until then I am taking one candle at a time.
Disclaimer: This is NOT professional advice, this is all just my own opinion and experience. I am NOT a Certified Financial Adviser. Consult professionals for any financial, accounting or legal related questions you have.
Charts are created in Tradingview.com, which is a free service
At least there is a reasonable amount of volume now.
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Lower lows of the lowest low in 2018... :)
Been pounding the table on this for weeks now, it was very obvious there were no buyers.
https://steemit.com/cryptocurrency/@heyimsnuffles/crypto-carnage-is-imminent-20180610t190128430z-post