We have just had a weekly and a monthly close for Steem and I thought that it was about time to do a new analysis. So, lets begin with the daily:
Comment: As you can see, we have had 3 down days in a row and it looks like we might form a hammer for today, even though there are many hours left. Also, we pulled back to the supporting trendline and it looks like that one will hold going forward. The other thing that I want to point out is that during this week, we took out the nearest top which is another positive thing for Steem.
Now, lets have a look at the weekly chart:
Comment: Ok, first of all, Steem did rise during the week and we made a higher high and a higher low, those are 2 good things. But, the best thing during this week is the volume, we actually had the second best volume week ever for Steem and that is very significant and I would contribute this to the Smart Media Tokens (SMT). It is nice to have such a volume going into this week, it should be a rocket booster.
One other good factor is the Stochastics, it looks like it is turning north again after 2 months of hell. If we can get above 20 things could escalate quickly. The only bad thing for the week is that we had ended the week with a pullback, obviously, I would have preferred a close near the weekly high. But other than that it was a great week for Steem.
Now, lets look at the monthly chart:
Comment: It looks to me that we have formed a bottom on a montly basis for Steem. We do have some legs here as support and in addition to that, we have also broken out from the negative monthly trendline. Finally, we have also an increasing trend when it comes to the volume, the volume has been increasing for 3 months now and it would not surprise me if we would get a fourth consecutive rise in volume.
There you have it. Overall I think it is looking great. In addition to that we do have the positive momentum for Bitcoin as well, that is encouraging. If I would put this into a number, I would say that I am 70% bullish.
Happy trading!