Trading Update: Steem - March 1st

Looking at the weekly outlook on Steem, it is looking like a bullish pattern with upside potential however we will need to see the current impulse move break out of the current channel it is trading in. Once it breaks out expect it to retest the upper resistance line and then make another impulse move upward. Steem has been trading in very consolidated patterns the last couple of weeks so I don't expect giant moves like we saw in January and December but think we are more than due for higher trading. One of my thoughts on why we are seeing these consolidation patterns is that many of the whales are selling off their gains and taking profits. I believe this is having an affect on the price of Steem as more and more people are selling causing the price to stay relatively low. This can be explained in the charts by seeing how long the channels have been. If you look at many of the whales they are taking their daily SBD gains and transferring it over directly to Bittrex where they are trading it away. Once they give out enough or more people are interested in buying said tokens we will see more upward movement.