I've been having a hard time looking at the STEEM chart lately for fear STEEM would fall below the critical 0.00012 BTC level of support which it dropped below briefly a couple of times recently but quickly recovered. This morning I was happy to see things look a bit different!

BTC - STEEM DAILY CHART

Here's what I've noted

• Bullish engulfing candle formed today--hopefully it can maintain current level or even close the day a bit higher
• Today's candle is right at / trying to break above the middle bollinger band (it hasn't been above it since late Sept.)
• Looks like a pretty decisive break above that red descending resistance line / out of the descending channel

What does it all mean?

This does not mean we're out of the woods by any means but it is promising to see that nice tall candle on the chart today. If this move continues, the next order of business will be testing and hopefully breaking above that resistance line I drew in at about 0.00016 BTC. I'd like to see it close the day near that level with little or no upper wick on today's candle.

I'll be curious to see what some of the chartists on Steemit post in regards to this development and how they analyze this move.

Have nice day all!

-Chart courtesy of Bittrex: https://www.bittrex.com/Market/Index?MarketName=BTC-STEEM

This is not investment advice and is for entertainment purposes only. Always do your own due diligence before buying any asset and for the love of God don't do anything with your money based on anything I've posted here!