SUMMARY
The previous 3 days have seen prices become bullish for Steem, with price bouncing off the $1.35 support level after price was rejected four days ago. Could this bullish movement continue to push prices up to the resistance zone of $1.75?
If we look at the 4hr timeframe we can see that price action has been fairly messy over the past week or so. Although there has been clear moves within the channel of $1.30 - $1.75, there has been numerous attempts to break out of this channel but they have all failed to continue to push.
The current 4hr candle appears very bullish even after the markets closed last week appearing very bearish, heading towards what was likely a test of the $1.30 support level. This bullish movement early this week is a reflection of the major price manipulation Bitcoin has experienced over the previous week. Bitcoin is coming up to a major resistance level which it rejected at late last week so we could see it either reject again or burst straight through. The current conditions within the market make it difficult to speculate which way price will head until Bitcoin responds to the resistance level.
Trade safely! The markets are very volatile right now and could go either way!