The price action of steem has pushed the word indecisive to critical mass. Basically, the walls are closing in and a move needs to spark, at least on a technical analysis perspective.
Since my last update the price of steem has managed stay stay within a wedge. Bumping its head on the descending channel line will riding the 32k satoshi support.
Take a look at the chart below - No Place Left to Go
Some Analysis
Looking at the daily steem chart against BTC:
At this point steem will either continue to ride that down trend line and fall under the support line or move higher off the support and break through the down trend line.
There is option #3 - continue to do nothing floating sideways, which in turn would push it passed the downtrend line and just ride along the support.
Option #3 is not terrible, but at this point I want some kind of price move to see that there are actual players in the field of steem.
I have learned though, nothing HAS to happen. Just because something should happen does not mean it will. It's a good nugget of wisdom to hold onto as a trader or investor.
Either the Bulls or the Bears - Please Stand Up!
Hence the new steem theme song:
Best Regards,
Disclaimer: Info in this post is my opinion and for info purposes.