A Price Analysis Update on "STEEM/BTC"

Following up on my last post here, price was headed lower toward that critical support line at around the 8800-8900 sats level. Well, yesterday we got the touch I was waiting for but also cleanly broke through that line. This is not good news as I was hoping the channel would hold. Regardless, we are here now. So where could price be going moving forward?

Apologies for the slightly crammed chart but I wanted to get as much info in there as possible. So, as you can see, we are currently at around 8300 sats. And we have some minor support at around the 8000 sats area but I feel this may eventually be broken too. A small corrective bounce back to the trendline is also a distinct possibility right now, but overall, the bias seems to have shifted to the downside, from a medium-term perspective. We could very well grind our way downwards toward that bottom black line shown on the chart, which sits at around the 5400 sats mark. Basically, a retest of the all-time lows is now very much on the cards.

The RSI is about to move into oversold territory, however with a strong bear trend in place, it can remain in that zone for as long as it wants until a reversal happens. The MACD indicator is also firmly moving downwards with no sign of changing it's trajectory. The 200 Day Moving Average is increasing it's declining momentum which should gather pace over time. Although as I mentioned, a small corrective rally back toward this line, cannot be ruled out. Unfortunately, all these factors combined point to a continued bear run.

Another problem I see for the price of STEEM/BTC is that ever-so-constant thorn in our side, Bitcoin. Whilst it recently managed to have a nice push to the upside, the STEEM price stayed relatively stagnant. Meaning it didn't follow through in line with BTC's price action. Not good at all. In addition to this, I foresee Bitcoin coming back down form these current levels. What I mean is, it can go near to $6000 but I don't believe it will break it for now. Therefore, if BTC begins another leg down and STEEM decides to follow it "this" time around, things can quickly look much worse than they do now.

So, to recap, I'm looking for a retest of the all-time lows as the STEEM/BTC price gradually slides lower. Of course we can have pullbacks here and there, but they should prove to be short-lived. Not exactly the analysis people wanted to hear, but it is what it is for the time being. I'm working with probabilities here and the way I see it, this has a 70% chance of playing out as described. But I'm hoping a miracle comes our way and negates what I see in the charts. We shall see...

As always, stay diligent and remain disciplined, my Steemain peepz!