The last analysis of the day, will be about the Steem, which for the last time, was analysed by us long time ago, on the 11th of May. Since that time, the price changed a lot. What did not change is the fact, that our previous view was spot on and the price did what was generally expected. Month ago, when we were around the 2.68 USD, we said:
“Technically, that sorts out the situation and gives a green light for the sellers. As long as we are below the green area, the sentiment is negative and the short positions look like a more favourable option. „
Shorty after those sentences were written, the price created a small rectangle and then, went significantly lower. Now, we are on the 1.58 USD and to get here, we broke an important horizontal support on the 1.75 USD (orange), which was with us since July 2017. Currently, the target is on another horizontal area around the 1.35 USD (red) and the movement towards this line seems imminent. The ultimate, long-term target for the Steem is on the 0.77 USD (blue) and I think that somewhere this year, the price should get there claiming the bearish victory on the crypto market.