STEEM/USD; Still Looking For Upside; Potential Inverse H&S Developing

The weekly chart of Steem shows quite clearly, a break of the downtrend that began after topping out in April of this year. Also of note is the morning star candle formation that formed at significant support, suggesting a pivot low is in place.

Zooming in to the daily, we can see more clearly this failed breakdown as price remained below support for a number of trading sessions but failed to act in the way it 'should' by breaking lower. These failed breakdowns are important signals in and of themselves. Bullish RSI divergence can also be seen at the lows giving us another reason to believe a cyclical low is in.

Whilst we never know exactly what price will do and can morph in to a completely different pattern, it's clear that we should be watching to see i price confirms an inverse head and shoulders that may be developing. If the neckline is broken, target price from the pattern protection is ~1.39, with significant resistance not seen on the chart until ~1.65.

Any move below the developing right shoulder and subsequently below the September lows would be a bearish event.