Steem Price Rallies to First Resistance Level Before Running out of Steam
We saw a nice pump in steem the past 48 hours, taking price up as high as 23 cents before seeing profit taking set in.
Testing the Range Top
For some time the price of steem has been stuck in this range between 10 and 20 cents. With the moonshot of yesterday's candle price tested that topside and then some, but ultimately succumb to the level.
While it stinks we didn't see price close above 20 cents we did see some constructive price action.
The volume that can in was huge! As you can see the green volume bar pushes so high you can't even see the price candle other than the upper wick.
Now the question is will we see any follow through on volume, today's candle is showing above average volume despite price being a little lower.
Either way, price needs to close above that 20 cent level so it can level up essentially and turn that price into a support. This would give us upside to 30 and then 40 cents in my opinion.
Otherwise, we technically remain range bound and the downside risk is still 10 cents.
I'm watching the Satoshi price of 1900. If we can stay above that, I can see another step up at some point.
Until then, as you said we'll continue to bounce around in the accumulation zone. I think if we can hold above this support (we've done for 3 or 4 days previously). If we can hold it the rest of this week, I think Steem will be starting it's next bull cycle.
I like that analysis.