So, finally we have a price action in steem to talk about. I wrote recently that a rally is need to keep people interested. Of course we have one.
It is good to look at the hourly chart first as it is clearly more exciting. Steem broke out on the 26th from its range. The rally intensified on high volume on the 27th. That took prices to 3500 satoshi in a big push.
What is interesting now is the follow up correction. It forms a pattern called a pennant. This is typically a bullish chart pattern, but it fails a lot too. So I will be curious if the patterns breaks to the upside.
Daily chart looks good too. Prices nicely above the 50 EMA. It is important to see if the rally holds. If it does it is good for the project and for everyone.
Someone commented earlier that it could be hard to find new investors to buy steem as there is no reason to do so. The way I see this; that statement is not important. In financial market we can always find investors and speculators. Current price rally is a clear indication of that. Important is the hold the gains and add to this gains.