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...
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