Steem(STEEM/BTC) Update 03/08/2017: Still In Bearish Mode

It seems that bearish mode in Steem is far from getting over. Where every other currency in Crypto space is trying to come or have come out of bearish grip, steem seems to be in no hurry. Volume levels are thin which results in range bound trading, but every now and then steem seems to wake up from its lazyness like yesterday it petered out after giving nice upmoves. Currently this script is trading at 44k Satoshi down 3.14%.

 Before going any further, let me take your attention on chart below to take note of few things ....

By looking at chart above their are following thing to take note of:-

• Falling Channel: Their is no doubt that Steem is in bearsih mode as it is still trading in this channel, which is shown in red highlighted area. Steem need to trade above this channel to come out of bearish grip.
• Moving Averages: 10 Days EMA and 50 Days EMA which are at 45k and 54k levels respectively on chart above is needed to be cleared by this script for indication of stronger buyers hand. One can clearly notice on chart above that how 10 Days EMA(Blue Wavy Line)is continuously resisting steem's upmoves. So, steem need to clear this moving average in order to come in investors radar.
• Liquidity: Volume bars on chart above are showing very low liquidity levels which is why steem is trading in range. Its neither breaking support nor breaking resistance because for either move liquidity punch is needed. If on any given day we see rise in volume level bar and momentum on that day is on upside that going to be time for buying this script.

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Now The Conclusion

 Its cleared from above analysis that steem is in bear grip and it need to clear certain conditions discussed above  to come out of it. But traders can play this script by selling at resistance and buying at support strategy. 

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