Are you in on STEEM??

On my one day chart, STEEM has been holding above a long-term support line below the .382 on my fib extension. Remaining in the green channel of my pitchfork for the better part of the last 2 months this coin looks set to see a possible 10-20 percent rise within the next month with potential to rise significantly beyond that if it breaks resistance.

Zooming into the four-hour chart the MACD seems about to cross over the centerline reacting well with my pitch fan. Looking at the RSI in the same time frame it seems to be about to bounce from resistance keeping it out of overbought territory. For the last few weeks, the RSI has remained above 25, another indicator that STEEM remains in bullish territory for now.

Comment:

There have been some grand claims in recent days from the Steem It platform with them tweeting a news article citing their claim to be the “new financial internet...aim(ing) to disrupt Facebook...with (the) blockchain”. This statement follows the release of the Steem It stage, a new test site for updates and integrations where users use the platform as they normally would while providing feedback.

Their biggest focus at the moment? AppBase, which when released from beta will, "create distinct “modules” that will dramatically improve Steem’s ability to scale."

How is the community responding to this news? Does sentiment follow Steem’s grand ideas for the future?

Wicking through three support lines where they cross over on the 1 day and 4-hour chart, price action could bounce from where it currently is. If this is the case I could see the market continuing a sideways trading pattern for some time before busting through the .618 hitting resistance soon after. I’ve indicated this possible move with a blue arrow on my chart...however, I am not convinced this is the most likely path Steem will take in the coming days.

Indicated by the purple arrow, Steem could continue to fall for a few days, or weeks yet. My hopes are if it does it will bounce at the .786 however I would not be surprised to find it falling below, this potential indicated by the turquoise horizontal line I’ve drawn. This area of support is one price action has seen and bounced from a number of times before.

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