I was wondering what today would bring as we near the one week mark of Hard Fork 19. The price of steem has been seeing some selling pressure the past week but still managed to hold strong the newly established range.
Crypto Beat Down
The sell off in all the cryptos today could have certainly had a bearing on steem pull back. However, Steem did something that only a couple other coins did today!
A Free Ride
The price of steem snapped back after testing the .00065 area, which was the area of our closing high on the prior range. This now acts as support. A quick breach of it to give everyone a little scare and then the candle snapped back to close in the .00070 range
The real question is what will this next daily candle bring?
We just got what is called an "hammer" candle, which is considered a reversal candle. If we see some green today and tomorrow that would confirm that. However there still seems to be some selling pressure out there.
Here is why I am not even sweating the pullback!
After finally gaining positive price action back in May we have successfully climbed higher and formed an uptrend on the daily chart.
Do you see where the intraday price of steem touched before bouncing? Yup right near the trendline.
Conclusion
We would need to break that trendline and have a candle close below .00065 for the price action to have turned distinctly negative. In the meantime, let's watch to see if we can gain some positive price action or if the neutral back and forth battle between bulls and bears continues.
After steem gave us a quick free ride to support and back, here's the new theme song:
Regards,
