The Steem bears gave a clinical performance, within 24hrs Steem 15% move is erased...What is likely to happen next??

in #steem5 years ago

The Steem bears gave a clinical performance, within 24hrs the Steem price is back where it started. Now all eyes are on the chart, are we heading for new lows or can we hold and move up from here?
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While its hard to judge if this is typical Steem response, one cannot ignore the obvious Bitcoin price movement that influence the overall market. Currently Bitcoin is experiencing some retracement with other coins following the trend. Nonetheless, Steem hasn't seen much of upward price action for the year and its expected that this kind of price action would bring out the sellers. SBD also experience some excitement but quickly gave back it gains, further restricting whatever add-on effect it would have on Steem.
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All eyes now is on the daily close for Steem, would it produce a long wick candle with little body signifying that the bulls are weak or can it develop into a solid body with small wick to show that the bulls are in charge. Only time would tell but it is good price action for what has been a very long winter for Steemians. I am keeping my eyes on the daily close and looking closely at SBD and overall volume coming from both markets. From the past of Steem and SBD, good volume and strong price action of SBD has strengthen Steem chances of trending higher. The bears so far has shown they are still in charge but can the bulls make a statement in the coming days to weeks? It difficult to say where Steem is heading, if Bitcoin can show some strength and the Steem bulls can build strength on the 4hr and grind higher from there, we likely to see speculators put in some bids as it is still one of the few projects that hasn't done much this year and its previous price action are likely to bring back to good memories. Only time would tell where we head from here

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