Steem has been corrected down since it reached $8.57 high. Price went down as low as $2.2 where it found the support, confirmed the 227.2% Fibonacci retracement level applied to the corrective wave up after the uptrend trendline breakout.
After rejecting the support price went up and broke above the downtrend trendline, went back and rejected it. At the moment it looks like the price is likely to continue rising although it remains unclear whether it is a long or a short time trend.
The first resistance is sen at $7.7, confirmed by two Fibonacci retracement levels, 88.6$ and 261.8% applied to the corrective wave after breaking the downtrend trendline.