Alright fellow Steemians, Steem Dollar is trying to get back up again. It is currently trading at 4,10 but will get a lot of near term resistance pretty soon. Here is the daily chart:
Comment: If you look at the descending trendline you can see that the resistance is coming in at around 5,25. The good news here is that we might form a Stochastic Divergence for Steem Dollar. That means that we make a lower low on the price while the stochastics simultaneously make a higher low. This setup is one of the most reliable bottom formations.
We are not there yet, but hopefully tomorrow, we can see if this will come true. I will get back to that.
Finally I want to take a look at the area line chart:
Comment: I have already mentioned the first obstactle, but the second one is as I have named it non negotiable, we must have a daily close above 8,70 in order to break out from this short term bear market and change the trend.
Happy Steeming!