STEEM/BTC - Have we hit bottom?

Of course theres no where to know for sure until we see more price action but this is a GREAT start:

After the breakdown out of the descending triangle and bounced beautifully off the measured target, Steem has exploded to the upside. Volume on this spike up hasn't been this high since late April. Almost 2 million Steem was bought up. We also broke upwards out of the bear flag with amazing volume which makes me more confident this move is legit. We also broke long term respected trend line (blue dotted line) and closed a few candles above it in the process. It's interesting to see the wick on the huge spike up got completely rejected at previous support and resistance areas (horizontal blue line). This will give us a good idea going forward the areas we need to break in the future.

We are now retracing a bit, as expected with such a run up, but nothing unusual. We are currently flirting with the .618 level, which is a common area to retest, and rather nicely I might add. The only thing I want to see additionally is to get back above the bear flag channel and close above it and stay there. If we don't, and still continue to make the bear flag more valid while staying inside it, the more I feel we've unfortunately been slapped with a false breakout.

We currently don't see much selling volume so I'm optimistic right now. From this point on, we must stay above the .618 fib level and the heart line of the bear flag channel which lies around the same area. This area sits around 1200-1215 SATS. Must stay above this area for me to continue to be bullish.

Steem HF20 is coming up and is scheduled to release on Sept 25th so maybe some investors are liking what there seeing.

Details about the Steem hard fork is linked down below:

https://steemit.com/steem/@steemitblog/steem-velocity-hardfork-hardfork-20

Hope this helps!
Good luck!