STEEM analysis
Hi guys! Wow what a crazy week it has been! Bitcoin corrected nearly $400 during the pull back, giving us a real good scare as it threatened to break the long term uptrend!
Luckily for us, Bitcoin held on and bounced off. We are ok for now, but Bitcoin needs to recapture the $2744 resistance before it can head back to $3000. It should.
Amazingly, Steem performed exceedingly well during this correction. The sell off in cryto currencies resulted in only a slow flag-like consolidation for Steem, way above the previous support area. Comparatively, Steem has outperformed the other crypto currencies! This could be because of the more illiquid nature of Steem compared to the rest. I think the design worked in favor for us here. The current consolidation is quite bullish, as we clearly see very low sell volumes on the red candles and good buying volumes when the price sank close to the flag support line (green line).
Target remains at 116k Satoshi, roughly $3 at current BTC prices.
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