Steem has tested the bottom on the 30th of June, where price hit 16.7k satoshis low. After that price went up sharply breaking above the downtrend trendline and reaching the high at 22.4k satoshis.
The upside move resulted in a 34% Gain against the Bitcoin, and it seemed that STEEM/BTC is about to break even higher. However, price has rejected the 200 moving average and corrected down to the 78.6% Fibonacci support at 17.9k satoshis.
Currently STEEM is stuck between the Moving Average and the 17.9k satoshis support. At this stage consolidation could continue as STEEM does not have any directional pattern at this moment. But at the same time break above the 22.4k satoshis could be the first sign of a potential trend reversal or a strong corrective move up.
On the other hand, if the Fibonacci support is broken, STEEM is likely to re-test the 16.7k low and perhaps go even lower. Although buying opportunity is very tempting, perhaps safer trading would suggest to wait for the resistance breakout.