Everyone know about the price jump in steem coinciding with the announcement of SMT. However, that initial pump doesn't mean much if we do not get some confirmation and follow through.
To the charts!!!
Bigger Picture
The chart above is a 1 year view of the daily price action of steem. I wanted to show this so you can see how much price actions (support/resistance) there as been in the 33k-35k satoshi.
After finally blasting through that resistance line again, steem then pulled back to it and now today, we are trading right at that 33k-35k.
A Closer Look
On this chart I have zoomed in so we can see the past few months better. You still see the line around 35k (which looks less clean here) but I have also added a resistance line around 40K satoshi; if you look at previous highs from August and the lows set in May this is a pivot point for sure.
Conclusion
Even though the 35k line is a bit messy in the near-term it has been a pivot point so much in the past that it still holds weight.
I'd really like to see Steem close above 35K and set its sights on that 40k resistance level. After that there is some room to run.
We shall see how it plays out!
And with that, we hope steem is singing this song!
Best Regards,
