Steem (STEEM) Technical Analysis: Consolidating Inside 550+ Day Pattern Ahead of Hardfork Next Week

Bulls have started to rally behind Steem today ahead of its Velocity hardfork next week, after suddenly surging 12% off the bottom against BTC earlier this morning with trading volumes increasing 5x from $2 billion to $10 billion.

What is particularly interesting about this price development right now is that Steem is currently tracking inside a bullish falling wedge pattern, which in turn is consolidating inside of a much larger bearish descending triangle pattern that’s been forming over the last 18 months.

So will the hardfork next week entice more bullish support into this rally or will the 550+ day bearish pattern prove too big to overcome? Let’s check it out.

Diving straight into the current price action over 4hr candles we can see a real battle going on between STEEM buyers and sellers (see below). The last 4hr candle closed below the opening price despite nearly testing the main pattern resistance; highlighting a strong surge in bearish opposition during this time period. The current 4hr candle however, has a long wick beneath the candle indicating that bears continued to push the asset down but bulls were able to step in and have since fought it back towards the opening price again.

Looking at the indicators over a closer 30min range we can see a number of interesting signals that suggest the bulls could potentially win here.

Steem (STEEM) Price Targets

All price targets are set from the 12,657 Sats mark where the asset is currently valued (at the time of writing) The asset could break either way, so we have a bearish and bullish region detailed below.

Bull Target: The bull target sits between the 18,811 and the 15,755 Sats mark (24.48%, 48.62% ROI respectively.)

Bear Target: This region sits below at 8,724 and 5,546 Sats mark (-31.07%, -56.18% respectively.)