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.

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