On the eve of Hard Fork Day 2016, we are seeing some interesting price action, but I still remain cautious.
The anticipation has been killing a lot of people around Steemit over the last few days. What’s going to happen? Will power downs accelerate? Will the price fall to new lows? Is STEEM going moon? Will anything big happen at all? We just don’t know, but be careful about trading in this uncertain market. We won’t really have an idea of future price action until the hard fork is actually implemented.
So on that note, let’s take a look at the price action and keep things in context.
On the 7-day chart, we are seeing a fairly stable breakout. It’s really not a parabolic rise and the volume is still relatively low, but it is ticking upward. Notice the little jump at the right edge of the chart.
If we back out to the 1-month chart, the breakout is more evident. But we can also see that there is a small level of resistance approaching.
In the $0.24 - $0.25 range, there is a bit of resistance that extends back to early November and further back to October. A bit of good news is that old resistance becomes new support once the price breaks through it. We can see here that $0.20 was just tested within the last 24 hours and it held.
Here is the 2-month view of the breakout and the next line of resistance. Notice the low volume levels during the current move. This should not be disregarded, especially considering the hard fork tomorrow.
On the poloniex depth charts we can see our buy/sell orders shifting upwards. It’s not as noticeable on this chart, but there is a small sell wall around 0.000345 BTC, or approximately $0.26. At that level, there’s about $37,000+ of selling volume.
We’ll see if the STEEM price can continue through the $0.24 range. If it does, the next target would be $0.27 - $0.30, where there is a little more resistance based on previous prices, but not much. Beyond that range, the price can quickly move to new 2-month highs. But as stated several times this week, pay close attention to the volume and consider the changes that are coming tomorrow, December 6th.
Long-term investors: buy-in when you’re comfortable and don’t get too excited or too panicked by whatever happens. You’re in this for the long-haul, so don’t fret over the daily changes.
Mid-term traders: Be careful if you’re planning on trading before tomorrow. If this uptrend is confirmed after the hard fork, there is plenty of room to the upside, so don’t get greedy.
Day traders: Have fun and good luck!
Please see 
@mynameisbrian's post for some free images celebrating Hard Fork 2016!
https://steemit.com/steem/@mynameisbrian/moon-time-steem-hard-fork-16
Disclaimer: I am not a professional advice giver and this info should not be used for trading. I would be flattered that you think so highly of my fairly basic analysis, but it would not be prudent to use this for trading with real money.
*Charts are from coinmarketcap.com and poloniex and the STEEM internal exchange. Data is current as of 12:50pm EST, December 5th, 2016.
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