Do You Remember That .40 Level in the Price of Steem Mentioned Last Week ?
Hey all, some follow up analysis on the steem price action review form last week.
Meet the New Boss, Same as the Old Boss
In the last analysis we saw a new range create support at the .00040 level. This occurred with the last bull flag that formed as seen in the chart below.
This chart was the daily on 5/29/2017
Let's see where we are now....
Watching Like a Hawk
The past couple days I especially paid attention to see if we would get follow through and truly establish this range.
As you can see you can see above, it happened. After getting the large hammer candle and reversing the price immediately tested the .00040 level again before pushing higher on Friday, June 2nd.
We got a doji candle the next two days as we waited to see whether buyers would take us higher or the sellers would take us back to the support level.
So far it looks like buyers are in control today as we are now flirting with the top end of the new range.
The Outlook
Ideal situation would be to close above the .0065 level and try and make a push into higher territory, but if we stall out at the resistance at least we know that this range is fully established and has some weight to it.
Remember, we were at a third of these prices just two months ago - some consolidation in this range is plenty fine and still bodes as positive price action in the longer term outlook.
Regards, 
UPDATE: Seems Steem wasting now time bouncing off the resistance line as we have made a hard pullback down on todays candle thus far. Not unexpected at all, but would have been nice to push to higher ground.
2nd Update: Steem reversed intrday and is now pushing for a higher close than previous top
Right now, I also think the uptrend is being helped psychologically by the fact that the "kink in the works" that slowed new account approvals to a crawl for a week has been unclogged... people in the markets feel better when Steemit is "working properly."
Agreed, so glad that got worked out.
Steem just flying in a couple last days :) Thats great, like it, i guess people would agree with that.
Yes indeed!
That support may very well hold up as we're seeing more momentum of growth and awareness of steemit out there.
Yes, seems like we have hit a tipping point with growth.
Definitely ok with a little consolidation here. In no rush at all, the momentum we're feeling should carry this higher, even if it takes a little while.
Agreed, if we slowly consolidate then grind higher, consolidate then grind higher I will be alot more comfortable with the volume not being all that great.
Spikes on low volume would be not what we want to see.
Completely agree. Lets have growth on strength.
I just wish this latest move was on higher volume.
Yeah I hear you on that man!
I see you still have my follow button . brings tears to my eyes
Hey, if it ain't broke! Wait..actually it is broke. I used to have it so when it was clicked on it took you to my steemit blog page. Had setup up that way when using img.safe.
Now just loading it right into the steemit post I can't seem to get it to work, argh!
< a href= " yourprofilelinkgoeshere " > < img src=" yourpicturelinkgoeshere "> < /a >
Thanks, I will see if I can get that to work :-)
it will work
Upped ! Great post ! I love seeing steem go up !! Its awesome !!👍👍👍👌
It's nice to see Steem heading back up again. :) Do you anticipate the value to spike down any time soon?
thanks for sharing. following now to see updates. keep sending them!
Cool, sounds good!