Steem spikes to above 0.55 overnight and is presently finding trouble at the declining 200 day MA. This is the first large level of resistance after the grind and spike and is very important. Assets do not trend higher if the 200 day MA is declining. That is simple logic.
If Steem can get over this line in the sand we will be testing the MAJOR BREAKDOWN ZONE OF 0.80ish. This is where the fun starts. If Steem and many other crypto’s can get above the major capitulation zones then we have a new bull market commencing.
Very constructive action the past few weeks that needs to be follower with some fierce rippage to the upside to make the Bears start hurting!