Consolidations are becoming a part of Steem nowadays. For last six or seven days Steem is consolidating with swift moves on either side. At the time of scripting this article Steem is trading at 83k Satoshi.If one notices in chart below that Steem is either hitting resistance shown in Green Horizontal line but failing to breach it or support line marked as Support Line 1 failing to break that too.
If I again draw your attention on chart below I want you take note of that RED wavy line which is in fact a 10 days EMA (exponential moving average) is providing very good support at 75K Satoshi level and this EMA has other significance also i.e. when a particular script moves far away from this EMA either on upside or downside, it often seen as runaway move and retest of this EMA either as support or resistance becomes vital. And generally after retesting of this EMA either on uptrend or on downtrend proves to be good for resumption of trend.
So, in that sense I am happy to announce that may be a corrective face of STEEM is going to be over sooner than later and I will not be surprised if we see resumption of uptrend in this script. One thing more on which I like to draw your attention is REGRESSION CHANNEL which is marked in BLUE and RED shade diagonal rectangle. One can clearly notice that STEEM is continue to trade in BLUE zone of said channel which is a bullish sign of any script.
So, I conclude my analysis here with a prediction of upmove and breakout of resistance which is currently at 91k Satoshi .
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