For the Bulls

Buyers have pushed STEEM up ~13% at the time of posting. Those looking to make exits on the BTC/STEEM pair are encouraged to do so at ~8300 satoshis . Those looking to enter a trade, should hold off until prices pull back from their near 30-day highs. Support lines for STEEM are strong and located between the 6500-7000 satoshi price range, thus those looking to enter a trade, should do so at those prices.

Beyond 8300, STEEM will face heavy resistance at 10000, and at 15000. If the bulls lose the argument, and selling pressure overpowers the buyers, price will fall to the next support line found ~5600.

A (Short-term) Bearish Argument

The STEEM chart has been developing a descending triangle, often a bearish signal in a down-trending chart.

Also a possibility, STEEM is in the middle of a trend reversal, and strong volume with push prices to 10000, and then to 15000 (next resistance levels). If the bears push the price below 6500, the next (very strong support level) will be at 5500.

Disclosure: I am long STEEM, and may initiate or exit long positions over the next 24-48 hours.

Happy Trading!
PS