📉STEEM Investor Report 13 March 2018 (Bitcoin Down, Recommendation Upgrade)

leongkhan (64)in #trading • 6 years ago

Trading Recommendation:

BUY, broader market appears to be oversold and will likely rebound, significant risk of STEEM falling if SBD returns to $1

Investment Recommendation:

BUY, expecting to be much higher after the release of communities, SMTs, and partner applications

Analyst Commentary:

The STEEM price is down 5.33% verse the USD over the past 24 hours on lower volume ($4,525,070) as Bitcoin falls $9.1k and the broader market market is down in response. The broader market continues to be beaten down by the flood of Mt Gox Bitcoin. Korean trading still leads the volume but has decreased slightly to 54% of trading activity. In the below chart of STEEM/BTC, STEEM is returning to December levels where we spiked to $8 and is also showing oversold on the RSI indicator. Once the Mt Gox punishment ends, we appear to be primed for a rally to well above the $4 level and I have therefore upgraded my recommendation to BUY for traders and investors. New account creation is at an incredible 21,000 over the past 24 hours. The % vested indicator is up at 70.82% as the elevated SBD price continues to drive investment. Daily active accounts is at 62,985 active users over the past 24 hours. SBD is at $2.59 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 $3 level, but we will remain elevated until SBD returns to the $1 peg. 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 after STEEM corrects to the $3 level.

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Investment Report 20180313.png

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.