[BREAKING] Steem Has Now Bounced From Its Lower Trendline 2 Days In A Row

As we all know, Steem and most cryptos has shed a lot of blood in the past days, but we can see a possible collective bounce forming. Allmost all cryptos has formed a double bottom on a daily basis. Lets have a look at Steem:

Steem Daily Chart:

As we can see, the Steem price has nicely touched the lower trendline two days in a row and this could indicated a supportive bottom. Could I be wrong, absolutely, it could still go down from here, but technically, this looks like a bottom from the school book. 

Lets also have a look at the weekly chart:

So, when we look at the weekly chart what can we tell? Well, we can see that so far, Steem is still moving within the long term upward channel (the green straight lines). Also, if it continues to follow this trend channel, Steem will hit the next price target which is around 0.00123 BTC. Potentially, this could be reached during the next week.

Happy trading!