STEEM did it in textbook style today, pinning through very important horizontal support and successfully backtesting the former downtrend line, giving it a touch and then rallying more than 30% up into the top half of the day’s range to regain and close above the rising 55 DMA!
Job well done!
And the trend-momentum technical indicators stayed on-balance positive amidst the fray, with the Stoch RSI reaching oversold while the MACD and RSI continued to hold on to still bullish readings (the first still above the zero line, and the second above 40).
And we may well have a longer term rising trendline in place as well.
I wouldn't rule out another test of lows, but I think this is very positive price action longer term. It makes me happy anyway. 😌
BTW, BitShares also performed quite well; however, it closed just a tad under my critical level of 31.5¢ that I mentioned in the comments of my last post, but is still keeping the bodies of its candlesticks well above 30¢. All in all, not bad either - with its 40% rip higher off its spike low, we can’t complain too much, now, can we?
