![Screen Shot 2018-06-15 at 6.20.45 PM.png](https://cdn.steemitimages.com/DQmbr6sL1CCknNr63LcQhWD4G9CE1R6p5iKrebioH73BGUj/Screen%20Shot%202018-06-15%20at%206.20.45%20PM.png)

### STEEM has been unable to decisively break above a descending resistance line that’s been in place since late April. In the past price broke above by just a wick on the daily chart, before being quickly rejected. Price is now testing the resistance line again. If the daily candle can close above the resistance, that’d be a big win for the bulls and a sign of market strengthening. 
![Screen Shot 2018-07-16 at 10.41.57 AM.png](https://cdn.steemitimages.com/DQmRnhAyiUL6FS2z3TfJcZmgMeq6gifhPiujBAsT3NXgADm/Screen%20Shot%202018-07-16%20at%2010.41.57%20AM.png)
### Price is also consolidating within a wedge. As it moves closer to the apex, a breakout becomes more likely. 
![Screen Shot 2018-07-16 at 10.40.44 AM.png](https://cdn.steemitimages.com/DQmZjaEM4Ugbty1ZZAmwpt2kv6t1RH832FBjMGUAAkixopt/Screen%20Shot%202018-07-16%20at%2010.40.44%20AM.png)
### Looking at the 4 hour RSI, we can see clear bullish divergence. 
![Screen Shot 2018-07-16 at 9.01.00 AM.png](https://cdn.steemitimages.com/DQmfCyrw41XeokZC4Pdk1ptfUvNwdVeznCQexjcZKmuT19n/Screen%20Shot%202018-07-16%20at%209.01.00%20AM.png)
### We know STEEM is somewhat tied to bitcoin. Given that we’re seeing bitcoin show some strength, as well as the bullish divergence on the 4 hour RSI, my bias is that price will break up and out of the wedge. If that happens, I’d expect it to test the 22.9-23.9K satoshi resistance. From there, 1 or 2 things may happen. Price will either be strongly rejected (bull trap), OR it may have a small bounce, only to come back up and retest the resistance. Here’s how these 2 scenarios might play out:
![Screen Shot 2018-07-16 at 12.09.20 PM.png](https://cdn.steemitimages.com/DQmRQMWvLpihg9imwHrh7UoEr1JEi9yQynz4m48Zar2LoGk/Screen%20Shot%202018-07-16%20at%2012.09.20%20PM.png)
### Remember, just because my bias is towards a break up, doesn’t mean that will happen. If price does break down, it’ll likely drop to the bottom of the 20.2K-19.5K satoshi support. If that breaks, it’ll likely drop to the 18.7K support zone. 
### Looking at the 4 hour RSI, we can see it’s established an ascending support line. If this support breaks, STEEM will likely drop to the 18.7K support. 
![Screen Shot 2018-07-16 at 9.01.54 AM.png](https://cdn.steemitimages.com/DQmcSKh5JDxxmpnojCqpV7NGupVuANPDqMryfPq1T8ZKobi/Screen%20Shot%202018-07-16%20at%209.01.54%20AM.png)
### Looking at the 4 hour chart, we see price has broken above the 8 and 21 day EMA. This is a bullish sign of strength. If we can get price to break above the 55 day EMA, it would indicate the bulls are starting to take control of the market...at least temporarily. 
![Screen Shot 2018-07-16 at 10.37.43 AM.png](https://cdn.steemitimages.com/DQmaGrfUHewgkMF5Zi86t4n62wN7pePBAaWiCMYwr4nwTjp/Screen%20Shot%202018-07-16%20at%2010.37.43%20AM.png)
### Watch my video analysis for MUCH more detail not found above. 
**CORRECTION: I misspoke in the video at 8 mins and 20-40 seconds. I said " 238".  Should have said the "0.382" fib. That's what you get on 3 hours sleep. Sorry guys.**
## Video Analysis:
https://youtu.be/qKB8uW0Cinc

**BIAS:**
**Short Term: Slightly Bullish**
**Longterm: Bullish**

**I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!**
### *Workin*

## **If you found this post informative, please:**
![upvote.gif](https://steemitimages.com/DQmRhDtjokAZnGKi4QwheqksKTFo6m4fsjMYsNNrsitC1xk/upvote.gif)

**If you don’t have an account on Binance, I STRONGLY recommend getting one. They’re usually the first to get reputable coins, have excellent security and second to none customer service. Sign up here free of charge: https://www.binance.com/?ref=16878853** 

**Brave is one of the safest, ad free browsers ever created. It helps support the crypto ecosystem by awarding content providers with BAT tokens. Join the revolution and download the latest version here,  free of charge: https://brave.com/wor485**

**Follow me on Twitter (handle is @Workin2005) and Facebook to receive the latest updates. https://www.facebook.com/Workin2005**

---
**Published on**
<a href="https://mentormarket.io/"><img src="https://cdn.steemitimages.com/DQmXuk9bWMiPgXdowVfh4JBSGUXMqQkLa1u7ANwzTssgp25/250%20blue%20Overlay%206.png" alt="mentormarket.io" /></a>
by [Workin2005](https://mentormarket.io/profile/@Workin2005)
---
<center><a href="https://mentormarket.io/legal/termsandconditions"><img src="https://cdn.steemitimages.com/DQmY5feG75MDWS57aX2rSUUa8bhzcZEyb5XKZCHY7FUzmXn/Disclaimer.png" alt="https://mentormarket.io/legal/termsandconditions" /></a></center>