As I was mentioning in my previous Steem chart analysis, the next few days would give us a more telling story.
Well, it seems Steem is starting to break out of the wedge after showing good support on the 75% fib channel retracement which is very nice. Volume is starting to accelerate a tad above normal so that’s good as well. We’re going to need more volume than that though if we’re going to break out of this wedge with some validity. The measured target if we get more volume on the break still sits at 1683 SATS. We might have to test 1498 SATS at critical horizontal resistance first, retrace a little then bust up to the falling wedge target. If we go straight to the measured target first, then we would most certainly get some resistance there since that is where your take profit would be on a break out of the wedge and it’s also where your 50% fib retracement level is at.
Currently it seems we’re in between the 20 and 50 day MA’s with both trending sideways. That’s always good seeing your moving averages flatten out on a longer timescale. We might be starting to have more faith that the bottom for Steem may be in for the time being. Of course this can change at the blink of an eye, but for now it looks good.
I will be continuing to watch what happens from here on out. Yes, we’re breaking out of the wedge but it’s not as strong as it should be at the moment. We need much more volume to reassure us this won’t just be another fake out.
Hope this helps!
Good luck!