Steem Market analysis - Breaking the accumulation zone for last 150 days

Hello everyone,
In today's blog we will do the market analysis for steem token of our steem blockchain.

I have taken the 4 hour time frame to perform this analysis and I hope after going through it you will understand the price movement of steem for upcoming days and weeks.

let us look at the chart below,

There is a resistance and a support line drawn by me in the chart and this is what I call the accumulation zone for steem token over the period of last 152 days.

Let us zoom the chart and have a closer look to it and understand why this is the accumulation zone for the steem token.

In the screenshot below there were two instances when the resistance line was broken and these two were the fake outs seen during the last 152 days.

Also we saw the support getting broken once but if we look at the date of it we realize the actual reason for it.

I will share the date and it is 5th of August, have a look at the screenshot below.

5th of August was the day when entire market crashed and that is why we saw the effect in steem as well where we saw it break the support line.

Apart from these three instances the resistance and support line were followed and it means the accumulation zone is between them.

Now as you can see in the second and first screenshot that the accumulation area has broken we can expect the token to pump for good numbers in upcoming weeks.

What are your thoughts about this analysis? Feel free to share them with me.

Thank You