Knock on wood because it looks like STEEM has hit a double bottom!

Bull Market

In the midst of many whales powering down, STEEM is holding strong. This final curve upwards signals 2 positive signals as an investor:

1. Double Bottom
2. Upside Down Head & Shoulders.

It seems like many crypto whales may be wailing for some cheap STEEM, and they're getting plenty of it.  Any successful crypto currency needs the financial backing of a large group of investors to take it into new heights of valuation. STEEM is the next exciting new currency to hit the market with immense success. What's fascinating as a trader, is to see how quickly STEEM saw exponential growth. 

Within 3 months of Coin Market Cap listing, and 2 weeks of offering initial content creators their first payouts, STEEM went exponential. It was an exciting time for the brand new currency structuring their model around a "pay for likes" economy. Too exciting, as over 90% of the currency was still locked up in the initial founding accounts. As the initial excitement simmered, there's been an 

Accelerating Demand

@ned alone is transferring to @Poloniex & @Bittrex with multiple orders as high as 10,000 STEEM. However, even with that supply pushed into the market, STEEM is still seeing heavy buy resistance. This is an 'accumulation phase' savvy investors should be taking note of. Remember, STEEM has an enormous inflation rate, but 90% of the new influx of STEEM is locked away into the accounts of STEEM Power holders.

As savvy investors, we should be focused on 2 things:

1. Market Cap
   1. It's fallen 90% since it's peak.
   2. It still falls within the Top 10 currency valuations.
   3. It's apparent a long term bowl is forming.
2. New Users
   1. STEEM has seen over 100,000 new users sign up within the first 6 months
   2. The sign up rate has been exponential

Conclusion

As this new blockchain backed crypto currency pays users for "likes", the $1,000,000 question is: can STEEM gain worldwide recognition for their "pay for likes" model by the end of 2017?