During the past couple of months, steemdollars has been in experiencing a period of consolidation( i.e range bound movement). On the 2nd of December last year, Steem's moving averages crossed to the upside making the price to create news highs in the market, and the news highs were created at 18 dollars per steemdollars on the 8th of December 2017.
Since then, price has been trading above the moving averages for over 13 days.On the 12th day, market attempted to breach the previous highs created on the 8th of December last year but couldn't breach. On the 14th day, the market created a huge bearish momentum causing price to break below the moving averages
and for 10 good days, market has been trading below the moving averages, did a little fakeout above the moving averages and went back to trading below the moving averages until price finally got to the 200 Exponential moving average which served as a support zone for the steem dollars. Price rejected there for about three days and pushed upward. We have a resistant zone at where the steem dollars is currently trading. If we see a break of that zone and also a break of the potential counter trendline which is in confluence with the resistance zone, we could see the steem dollars reach 18 dollars per steem and even possibly create new highs at 27 dollars per steem!
Weekly price action sees market price trading above and retesting the moving averages.
At the moment,steem is trading at 7 dollars per steem.
Our steem dollars got some nice potentials for a good uptrend movement. Lets all be on the lookout!
