SUMMARY
Over the past few days the entire crypto currency market has seen what appears to be a minor sell off, this is no different for Steem. The channel of $1.30 - $1.75 was broken earlier this week after Bitcoin broke to the downside and headed for the next support region of $7,200.
The channel held strong for numerous week, which often results in price being a lot of pressure and the more times it test the support/resistance of the channel, the more likely a breakout is. Thats exactly what happened here. On the 4hr timeframe we can see price was able to close below the $1.30 support before having a pullback to retest this level where it was rejected and pushed price even lower. Where this coin ends up in the short time is mainly a reflection on the direction in which Bitcoin heads next. However, i believe we could see this bearish momentum carry prices down to the $1.15 area of support before finding its legs again.
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