After breaking below 2.50, Steem has landed at a support of 2.21, and has developed support there for about a week now.
We have since then had a triple bottom from 2.21, and for me to be bullish for the next week of price action, we need to bounce off this area. Ideally I would like the price to break 2.50 resistance.
If this does happen, we should see some resistance at the 100 EMA, at 3.00. A confirmation of a bullish uptrend for Steem is if it stays above 3.00.
Otherwise, if 2.21 support breaks, I am looking for the next support level at 1.00. I don't have fib levels indicated on the chart, but 1.00 would be similar to the %1 or %0 fib level (depends on how you place the indicator). The majority of corrections to this level end up in a bounce/impulse off the level. Of course, this situation largely depends on the price action of Bitcoin, we need Bitcoin to stay above 8000.
Plus, the RSI should be extremely oversold at the 1.00 level, other sign that there could be a high possibility of a bounce around that area.
Disclaimer: (I am not a financial advisor, do your own due diligence when investing in cryptocurrencies. This is just my speculative opinion.)
