### Volume is still low and I would still be concerned about a false breakout at the current price level.
Yesterday I expressed some doubt about whether or not we were witnessing a breakout. The 7-day and 1-month charts appeared to be split on whether it was actually occurring. Today, the price climbed further, but the volume is still relatively low for the spike that we have seen. Let’s go to the charts.
On the 7-day chart, we see that STEEM is essentially trading sideways, even with the price rise over the last 24 hours. Over the last several hours, the price has fallen back to around $0.19. Notice the low volume compared to the last move into the $0.19 – $0.20 range. The volume difference between this “breakout” and the previous high is ~$160,000 vs. ~$430,000 – or just over 1/3 from the previous high.
If we back out to the