Steem(STEEM/USD) Update 19/01/2018: Gaining Traction, Is Correction Over???

Our favorite Digital Currency Steem is gaining traction on up side after recent sell off. That sell off or correction is necessary in respect of shaking up weaker hands. One can assume now that stronger hands are in play as steem is gaining on upside for last three days.

Currently, Steem is trading at $4.88 up +17.5% after registering high of today's session at $5.27. (see chart below)

Uptrend is intact

It is clear by looking at chart above that recent sell of was just correction in ongoing uptrend which is still intact. One can notice on chart above that Steem is trading above Rising Trendline(Yellow colored diagonal line) which indicates the Steem is still in uptrend. But if steem closes below this trendline, uptrend gonna violated.

But, when this uptrend resume?

While writing this analysis Steem breach the prior support level of $5.029 and currently trading at $5.16. If Steem manage to close above today and tomorrow, uptrend gonna resume. Additionally, if steem close above descending trendline (see chart below) uptrend will get confirmed.

Summary

At last, I must reiterate that their is definite attempt to negate the recent fall or correction. If, Steem manage to cross and close above Descending trendline and Prior support level, uptrend will get resume. 

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