Steem Analysis...Reaching The Apex
Looking at the daily chart, we can see Steem has a mixed signals. During its last bull run, it ended with a failed 5th wave.
That was a major sign of weakness and obviously ended up ushering in the bear market we've been in the past couple months. The good news is, there are signs that point to a possible reversal. Notice I said POSSIBLE. Nothing is confirmed yet.
We see very bullish candles over the last 3 days as well as a very positive trend on the Stoch RSI. On the negative side, there's a clear bearish down trending channel that's formed on the RSI. Steem needs to break out if this channel in order to reverse course. In order to break this channel, we'll have to have a large increase in volume.
Zooming into the 4 hour chart, we can see a clear falling wedge. Steem is reaching the apex of that wedge which can signal a possible trend reversal. Right now, the upper and lower portions of that wedge are acting as strong resistance and support. A break up and out of this wedge would be a VERY strong win for the bulls, and may trigger the beggining of an impulse wave up. Like wise, falling below the wedge would signal a win for the bears. I've outlined a likely path for Steem to follow IF bitcoin remains bullish.
REMEMBER...if Bitcoin drops, I expect Steem to drop with it. This analysis is only valid if bitcoin remains bullish.
Short Term: Neutral
Long Term: Bullish
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