📈STEEM Investor Report 20 December 2017 (STEEM Overbought, Forming Short Term Top)

Trading Recommendation:

SELL, STEEM has exceed the Bollinger Bands on the daily chart and is Overbought on Stoch RSI

Investment Recommendation:

HOLD, expecting to be much higher in 6 months due to the release of communities, SMTs, and partner applications

Analyst Commentary:

The STEEM price is up 6.61% verse the USD over the past 24 hours on lower but still elevated volume ($15,438,800) as Bitcoin continues to correct down to $18,000 over the past 24 hours and Bitcoin Gold, IOTA, and DASH take off. STEEM has maintained high volatility but gained little ground verse Bitcoin in the past 24 hours. The SBD pump is continuing with the overinflated value of SBD helping to drive STEEM higher. The chart below shows where STEEM is wavering and forming a top with 2 indicators showing a correction is likely (exceeded Bollinger Bands and Stoch RSI overbought level). New account creation is very strong with 4,600 new accounts created in the past 24 hours. The % vested indicator is up at 75.00% on a moderate power down day as the inflated SBD value continues to drive investment. Pending power downs remain at very low levels and continue to decline in future projections. Daily active accounts reached a new all time high at 41,022 accounts active in the past 24 hours. SBD is at $13.44 on Bittrex which is still very elevated over the peg, receive you rewards in 50% SBD and then use the SBDs to buy STEEM on the exchange. SBD conversions are a waste of money again!

For traders, I believe STEEM is fairly valued around the $2 level and can not continue higher without the actual launch of new features or a audience expanding partner project. On the investor side, I believe we will be significantly higher after communities are released and the account creation problem is solved (the timeline for this is currently unknown). I would power up your rewards and buy at after STEEM corrects below the $2 level.

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Data Credit:

Coinmarketcap.com
@penguinpablo Daily Report
Steemd.com
Steemdb.com
Coindesk.com

Disclosure:

The report published above is based on my assessment of the cryptocurrency market. Investors should consider this report as only a single factor in making their investment decision. All investments involve market risk, including possible loss of principal invested. The author is a cryptocurrency investor and while he seeks to provide honest assessments to the best of his ability may have a conflict of interest that could affect the objectivity of this report.

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