I feel Steem is greatly undervalued and this year I am expecting a big increase from where it is currently trading at 0.00036568 Btc. If we zoom out on the Daily chart, we can instantly see price is currently resting on a major support/resistance area, where price as historically reacted in this zone.
Zooming in on the Daily timeframe, we can see price did break & close above the key resistance zone but was unable to hold the highs and the next candle immediately dropped and closed below the low of the previous days candle body. There is almost no upper wick on the strong bearish candle and this was a strong sign that price was going to fall lower.
Last week, we had a retest of this historically strong support/resistance zone and price successfully broke out and closed above the resistance zone. Price has since fallen back to this historical zone and has tested it, now as support. The support level has held and what we are now seeing is price forming a higher low on todays daily candle.
Zooming into the 4-Hour timeframe, we can see a price consolidation right on top of the key support level with multiple inside-bar formations. I am expecting a bullish breakout from here, targetting 0.00045 and 0.00055 in extension. My longer term outlook for Steam is bullish and I will post another analysis in the near future for this pair.
I hope this analysis has been helpful. Please drop your comments below and let me know if there are any other pairs you would like me to analyse.