STEEM/USD holding above major support. Upside in the cards

Steem continues to hold above major support formed off the 2018 lows and more recently, off last months low. The weekly chart shows that price also formed a morning star candle pattern, one of the more reliable ones out there, adding to the evidence that a significant low is in, as selling pressure becomes exhausted. Also of major importance is the fact that price is now back above the downtrend formed off the May high. Another sign that trend is complete.

Zooming in to the daily shows more clearly that price attempted to penetrate key support but failed. These failed breakdowns have the potential to react aggressively in the opposite direction.

For confirmation to be buying, I'm looking for a move out of the upper end of the zone of resistance and above the short-term declining blue trend line, which has the potential to be the neckline of an inverse head and shoulders formation.

A move above these levels and resistance is not encountered until ~1.65. A close below the September low would be a bearish event.