The bulls sent a very strong message yesterday that STEEM will not be dumped

For most of the day yesterday there was strong selling pressure and the market absorbed it all and then bounced back.

At the peak of the selling pressure hundreds of Bitcoin/STEEM was traded, but the bulls stubbornly stuck to their guns and would not let the price be dumped much below 0.0001750.

The trades, circled in red below, represent hundreds of thousands of dollars of trade in two short hours. The grey peaks, representing volume traded, crossed the 30 BTC in 5 minutes mark 4 times with 20 BTC in five minutes even more common.

The STEEM bears were taking on the STEEM bulls in a major way and based on the bounce back the bulls won.

It's not too surprising that the STEEM bulls won, since this level has been tested many times in the last two weeks. Always with the same outcome.

This was however the largest and longest sustained attack on that level.

The fact that the level was not breached and the price is now bouncing back indicates very positive and bullish sentiment for STEEM.

We have a very strong floor formed at around the 0.000175 level.

This also occurred at a time when Bitcoin is on the rise and that typically does not bode well for alts as traders move out of alts to catch the bitcoin rise.

This implies that traders waiting for the STEEM price to fall lower in the hopes of buying up cheap STEEM are in for a disappointment.

Looks like the price of STEEM is not likely to go lower any time soon... and the next major move will be up.