Steem rose a little bit yesterday and we are at an important cross road at the moment. Lets have a look at the daily chart:
Comment: We are right at the descending trendline and hopefully we can get some bullish momentum and penetrate it. We need a daily close above 3.20 and we are currently at the 50% fibonacci retracement level where we have some major resistance.
According to the Gann Box, we should get some major action beginning tomorrow when I look at this chart, it does look more bullish than bearish.
However, today we are down about 3 percent and we dont want to close the day much lower than where we are right not, around 3 USD.
Finally, lets have a look at the weekly chart for Steem:
Comment: Here we can see that Steem has formed a bull flag formation and that last week ended with a bullish doji sign. These are 2 bullish factors that strengthen the bullish case.
Happy Steeming!