Keypoint :
- After fail to retain it's bullish up trendline, currently it's been not looking so well as it's more looks likely to test it's previous low around 4000 satoshi.
- On Bullish side, This also could be a reversal pattern in forming such as double bottom pattern or Rounding Bottom pattern and similar reversal patterns IF the price action manage to hold above 4000 satoshi.
- On bearish side, if STEEM/BTC cannot manage to hold above 4000 k.. expect a devastating dump on price as the listed target already been projected with fibonacci line. *click the picture for more detail about potential support/resistance.
- Keep in mind also since this coin didnt have much liquidity on crypto market capital (around $0.13B) , i expect a sudden movement/volatitily on the market by major entity with high capital as it's cannot be predict.
Indicators :
DMI : -DI spike up and create a huge range with +D, Bearish trend overall for STEEM/BTC with a low momentum as ADX still below 25.
MACD : although there's a bullish divergence between price action and buyer histogram. the price action seems didnt budge about it and now it's will switching to seller histogram. MACD line also still in bearish area and soon will move further toward downside
Thank you for your time to read this post and please take this idea as a grain of salt as reality always differ from what i expect as this post merely just an opinion.
and please feel free to share what your thought on comment section.
peace.
Expected Support in case STEEM/BTC keeping bearish trend