### The STEEM price failed to reach and break through $0.27 and is now being tested at the uptrend line.

As stated in yesterday’s post, there is resistance in the $0.26 - $0.27 range on the charts.  The STEEM price climbed to ~$0.265 before being stopped and has slid back to $0.23 at the time of this post.  This is where the uptrend line from December 2nd and the short-term support line converge.  If the price does not hold here, the uptrend line will break and the next stop to the downside will likely be support at $0.20.  There is a small amount of support at $0.22 that may catch it, based on current buy orders. 

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![12-10_steem_poloniex_2week_convergee287a.jpg](http://www.steemimg.com/images/2016/12/10/12-10_steem_poloniex_2week_convergee287a.jpg)

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From the other perspective, we can see the downward movement from the recent blow-off top is also still in play.  So, that $0.22 - $0.23 line is going to be a good test for the STEEM price.  

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![12-10_steem_poloniex_4d_converge60717.jpg](http://www.steemimg.com/images/2016/12/10/12-10_steem_poloniex_4d_converge60717.jpg)

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Volume over the last 24 hours has continued to fall, now in the $150,000 range – down about $100,000 from yesterday.  Buy/Sell orders are showing the familiar pattern on the depth charts, but there were a few large buy orders that were noticeable as I write this.  One order was for 30,000+ STEEM and another for over 14,100 – both between 0.000284 and 0.000286 BTC, or roughly $0.22.

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![12-10_steem_poloniex_depth8cf31.jpg](http://www.steemimg.com/images/2016/12/10/12-10_steem_poloniex_depth8cf31.jpg)

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Looking at this current uptrend, if we disregard the price and volume spikes on December 6th, it’s a positive sign that the rise has been fairly steady on increasing volume.  Volume is dropping currently, but still sits well above where it was for most of the past month.

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![12-10_steem_10d34707.jpg](http://www.steemimg.com/images/2016/12/10/12-10_steem_10d34707.jpg)

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A new metric that we have this week comes from @jesta and the [steemdb.com](https://steemdb.com/labs/powerdown) site that he operates.  This information will tell us how much liquid STEEM will become available from accounts that are powering down on a daily basis.  Having this data will allow us to better track the behavior of these accounts and get a better understanding of what to expect from week to week as they power down and potentially sell STEEM on the exchanges. 

I will try to regularly incorporate this data into my analysis.  As of right now, there will be an additional 2.8 million+ STEEM becoming available over the next week. Here is the first graphic:

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![12-10_steem_powerdowna0dac.jpg](http://www.steemimg.com/images/2016/12/10/12-10_steem_powerdowna0dac.jpg)

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It’ll be interesting to watch how this scenario plays out over the weekend.  Honestly, the STEEM price has a good chance of moving in either direction, or continuing to trade sideways.  It’s essentially stuck in the same range between $0.20 and $0.27 that I had mentioned yesterday and there appears to be enough support and resistance to keep it there for now.  Next Tuesday may be a catalyst for a break in either direction.  We’ll just keep watching.  

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### Disclaimer: I am not a professional advisor and this info should not be used for trading.  I would be flattered that you think so highly of my fairly basic analysis, but it would not be prudent to use this for transacting with real money. 

*Charts are from [coinmarketcap.com](https://coinmarketcap.com/currencies/steem/) and [poloniex](https://poloniex.com/exchange#btc_steem).  Analysis is current as of approximately 1:00am EST, December 10th, 2016. 

**Follow me: @ats-david**