Steem Daily Forecast 09-07-2017

in #steemit7 years ago

09-07-2017.png

Steemit Daily Stats (Sunday, June 9th, 2017)

Price

Posts

Daily Payouts (USD)

Macro Events

Reward Pool continues to recalibrate and find it's equilibrium. Funds added per day must balance with claimed funds to reach equilibrium.

https://steemdb.com/api/funds
https://steemdb.com/api/rewards

Stats show the balancing is nearly complete.

Rewards should soon correlate better with the price.

Technicals

Price of STEEM has now tested and broken the horizontal support that has held on two previous bounces.

A rally after touching ~55,000 sats on the downside was nullified just under the monthly pivot of ~69,000 sats.

A failure to break and close above the pivot leaves us in a continuation of the short term bear trend.

The strong exit of the orderblock highlighted yellow shows strong resistance at around 76,000 sats.

I expect the price to continue to bleed towards the previous low of ~55,000 sats and likely visit the previous monthly pivot at ~45,000 sats.

Higher time frame shows a possible head and shoulders pattern forming with the neckline at a round figure of ~40,000.

A complacency rally to trap more short term day trader bulls will complete the right shoulder at around the ~63,000 sats level.

Diagram below shows the potential channel we are entering as well as the potential head and shoulders pattern.

As always be mindful of the Bitcoin price. STEEM/USD is a synthetic pair with no active markets. This is why all of my analysis is conducted with respect to STEEM/BTC. A sharp fall in BTC price will mean a sharper fall in STEEM price in terms of USD.

Steem daily forecast is updated daily. Format is yet to be set in stone. Please upvote follow and resteem

~Bateman

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Ive been waiting for a good entry point, Ive noticed patterns with other good quality small cap coins. They tend to hold approx 50% of there gains after a huge growth, then slowly stabilize and eventually flatline before entering there next phase. Have you noticed this trend before.

This actually happens in less illiquid markets. The likely scenario for STEEM is that it requires a much steeper decline to reach capitulation.

So much detail. How much time do you spend analysing all this and working them out. Nice and informative work btw.

You're welcome, if you find it useful then i'm happy to oblige. I'm used to analysing charts, I do it for a living. Collecting other data takes a little longer.

Hi @bateman

When funds need to be put back into the rewards pool, who is putting it in?

And when you say they are taking it out, is that just people transferring steem into bitcoins to get the cash?

And what does 'sat' mean?

Other parts that I do understand are awesome. I will check out every one of these.

upvoted

Thanks

The system is trustless such that by design, the reward pool is funded each day by a calculation of the price.

People who claim or cash in their rewards are simply claiming from the reward pool. They do not necessarily have to sell for bitcoin or whatever. Just thee allocation of the daily funds to authors and curators.

"Sat" is 0.00000001 Bitcoin. It is the smallest unit of Bitcoin.

Thank you, I understand now

Like the information you provide with the charts!

Sure thing. Keep following for daily updates.

I cant imagine how much time and effort you put in this analysis. Thank you for the information!

No problem. It's for the good of the community. I hope everyone appreciates it.

the steem is stable in price or i think so

I do my analysis based on price action. I try to be unbiased and open to the possibility of STEEM entering a bear market. The price of BTC continued to fall for 1.5 years or so from previous ATH despite wider adoption and maturing industry. Th same could happen with STEEM.

great post. upvoted and resteemed..

Great article! Upvoted and followed

Nice is the word every time I see some graphics, whenever it has to do with criptomonedas, thanks for your valuable contribution my friend,

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