STEEM is above the 50 Day Moving Average for the first time since July 7

STEEM Daily Chart

The daily chart gives a two bullish signals. STEEM is being traded again above the 50 Day Moving Average (MA) for the first time since July 7. We have also broken the downwards trendline (blue line). Keep an eye on the RSI though if we keep on rising in the coming days.

---

STEEM 4 Hour Chart

Zooming in on the 4 hour chart...

We made a low on September 4 and then a lower high on September 7. The bears kept control in the weeks thereafter, but didn't manage to press the price to a new low.
The bulls then took control on @ned's announcement of the Smart Media Tokens yesterday. The bulls broke the downward trendline to make a new high at 0.000385 BTC an hour ago. I expect some retracement in the coming hours. The RSI shows an overbought level on the 4 hour chart.

---

STEEM 15 Minute Chart

The moment @ned announced SMTs, Steem was being traded at 0.00030721 BTC. There seems to be some insider trading right before the announcement as the price was already rising a few hours before the announcement.

Today's high stands at 0.000385 BTC. Let's see if we can break it in the coming hours. A pullback would give a nice buy opportunity. I'm buying the dips on this bullish sentiment :-)

Disclaimer: I hope this technical analysis was helpful. Trade at your own risk...

---

_{¯\___(ツ)____/¯ Don't miss out on my next post! Follow me @penguinpablo}