I think the chart is pretty clear, there is a major downtrend line (blue) that needs to be broken in order to reverse the long term trend to the upside. In simple terms, it just needs to put higher highs.
The July 11 sell-off (shown in the green circle) caused some damage that even still now has been trying to recuperate. Fortunately SteemUSD found a solid bottom at 36.25K satoshi. The area around this level can be subject for further retests. The top of the trading range is the recent swing high at 63.99K satoshi (shown in the magenta circle), and the second major resistance above.
Currently Steem price is sitting at 45.7K satoshi, but I do not expect it to stay around here for too long. Prices rarely stay around LVN areas (Low Value Node - cyan bubble), and the base before mention seems pretty solid so far. It is hard to correctly predict price movement, and often I try not to, but one hypothesis I have right now is that it is potentially readying up for a major move up once it tests the downtrend line above and restests the base line below. Currently the area to watch is 50.0K satoshi, break above & hold would be a good start. I will provide more updates on Steem when it reaches this inflexion point.
Finally, I wanted to provide a disclosure on my investment portfolio (aka 'non-trading' account). The only coins that I have invested for the long term are Steem & Antshares/Neo. I do this kind of analysis for myself anyway to see when are good times to buy, and hopefully can help others as well. There are many people on Youtube that pump what they buy. Only invest in what you believe in, with the knowledge that all can be lost if things go wrong. Needless to say I believe in this community, but also invest with the knowledge of where are the critical points are on the chart :)
Feel free to comment and provide your opinion. Until my next post, live well.