![chart.jpg](https://steemitimages.com/DQmTLrt6P528SWkA31dH19wXMExcHd3f6jR5fADsowaqz5N/chart.jpg)

With the rise of Bitcoin over the last few days, other altcoins who have not kept pace have naturally dropped in price with respect to Bitcoin.  And as those interested will know, STEEM has not been exempted from this.  With this, let's have a look at the latest charts on STEEM.

Here's the daily BTC/STEEM chart with 20-day EMA in Red and 50-day EM in Blue:

![Screen Shot 2018-02-20 at 11.08.49 PM.png](https://steemitimages.com/DQmQXXEZsudkn9tku23TFovYJ6dMaZSQjVuWnExApdXGKms/Screen%20Shot%202018-02-20%20at%2011.08.49%20PM.png)

**Commentary:** Price action fell below the 0.00040 support line in what seems to be a relentless, continuous lower move during the past few days. And over the past 24 hours, price rapidly descended further to the 0.00033 level.  

From the chart, the next major support will be 0.00030 and below that 0.00025.  On the other hand, the 0.00040 will now serve as the resistance level.  The one thing to note however is that this decline is happening on thinning volume, indicating that there is no strong fundamental reason backing the decline.  This can add a bit of relief for long term holders.

Looking at the moving averages, the 20-EMA is still above the 50-EMA at this time but the gap is narrowing.  It will be interesting to see how the price plays out in the next few days. Personally, I would like to see price establish a new support base to stop the fall first before gathering a momentum for its next leg upward, which I think would be a more sustainable move.

As always, trade carefully.

_Risk Warning: All comments, charts and analysis on this post are purely my own and should in no way be treated as recommendations or advice, nor should they be construed as an endorsement or recommendation to buy, sell or hold. Please do not trade based solely on the information provided on this post. Furthermore, past performance does not guarantee future success. Always do your own due diligence and analysis when trading._

_Photo courtesy of [Pixabay](https://www.pixabay.com)._