Steem has now given back the entire move against BTC

Looking at a weekly chart, we can see how steem has now retraced all the way from which it came:

(postimage is not working currently, so will have to re-paste the chart later, the above chart is just a generic chart picture)

The entire big move of the spring against BTC has been completely wiped away.

Is this a possible support area for steem? A place where the price might hold up a bit?

Normally I would say yes, but the volume hasn't really given me much of a reason to believe the price will hold up at these levels.

I'd like to see volume start increasing here to show that the buyers would like to stop the price here. Haven't seen that yet.

What do you guys think, where will the price of steem go in the near term?