Update on 12-Jan-18@10.30am: The price of STEEM is now approaching the down trendline (please see chart below). If it can go above this line and stay above it, it would form a double-bottom pattern which should propel the price to about $6 after which it should continue this uptrend with some normal corrections on the way.
Update on 13-Jan-18@4am: Price has broken above the downtrend line and appears to have formed an uptrend (see updated 1-hour chart below). Although not guaranteed, it could follow the path within the channel shown in pink. If it breaks out of the channel, this analysis would become invalid.
@vincentb @jerrybanfield @good-karma @marketreport
Update on 13-Jan-18@2pm: So far, the price seems to be following my predicted path (see updated chart below). Now at around $6, will it bounce back up from the lower channel ? We'll have to wait and see !
@vincentb @jerrybanfield @good-karma @marketreport