📉 STEEM Investor Report 11 March 2017
Trading Recommendation:
Look for minor bull trends on 15 minute/1 hour time scales, I think the overall trend is strongly down, short if you have that derivative option
Investment Recommendation:
Hold current STEEM and slowly begin accumulation below the $0.08 level (dollar cost average), I purchased 1,000 STEEM at $0.0975, 250 STEEM at $0.0918, 1,000 STEEM at $0.085, 1,500 STEEM at $0.0825, 1,000 STEEM at $0.081. I'm currently looking at placing my next order at $0.070 but I'm holding off to see if STEEM will drift lower.
Analyst Commentary:
The STEEM price fell 7.32% verse the USD over the past 24 hours on strong volume as Friday saw a power down of 1.2 million STEEM (Can someone explain to me why Fridays seem to power down more than is shown on Steemdb pending?). The BTC ETF denial caused some chaos in the altcoin markets but is probably not the primary factor in the STEEM price drop. The volume of trading over the last 24 hours is consistent with the amount of STEEM powered down which indicates that the STEEM oversupply is the primary cause for the price drop.
I advise traders to watch for short term price rallies with tight stops due to the current strong downtrend. Given that over 3 million STEEM is powering down between today and Tuesday, I'm advising investors to hold off on buying more STEEM because the price is likely to move lower over the next 96 hours. The % vested indicator appears to be beginning to drop off again in the face of heavy power downs.
Data Credit:
Steemchart.com
Coinmarketcap.com
Steemdb.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.
On Poloniex. All green alts except for STEEM. there is something wrong with the leaders of this place if they can't make gains during an alt feeding frenzy. imo.
It's still an oversupply issue, too much STEEM powering down and going straight onto the market.
And how did that issue arise? It's management job to see that such problems don't happen. Or at least not cause them. imo of course.
It depends on your view, I think in the long term it will work out better. We are allowing the people who don't want to be here cash out and making investment in STEEM less intimidating (2 year lock up period is pretty heavy). The low current price is a great opportunity of small investors to join. The best time to invest in Facebook stock wasn't at the IPO price but after the price sank before people believed it could monetize.
I'm happy for the shake-out. It will allow the true strength of the core community to grow.
Agreed.
Absolutely.
Any new users will be stoked to break $1 on a post. Anyone leaving now likely has their expectations set WAY too high after the insane payouts last summer ($10,000+ payouts for writing a blog post? Gosh, why would ANYONE think Steemit was a scam back then?)
A few bucks, paid in a block chain based cryptocurrency seems far more realistic.
I love your posts, keep 'em coming - I'll be buying Steem when this great flight out slows (never try to catch a falling knife)... ;)
How do you purchase them? I am newbie, please advice.
You can purchase STEEM by sending Bitcoin to your Steemit wallet. Head over to your wallet on Steemit.com and you will see the option to buy.
I use Poloniex as my trading platform.
@leongkhan But then you tips to stand still at the moment and not to sell steemit?
I think if you sell here you may miss the opportunity to buy back in before the price raises again. If I thought we had a long way to go down I would recommend selling. % vested is starting to fall again but it may be breaking its long term downtrend, so I think we may be near the bottom.
Ok, thank you ... I think I will stop to watch what happens ...