📉STEEM Investor Report 16 January 2018 (Bitcoins Falls 14%, Pulling Down Whole Market)

Trading Recommendation:

SELL, as the pump ends and SBD returns to the $1 peg, I expect to see STEEM to return to the $3 level

Investment Recommendation:

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

Analyst Commentary:

The STEEM price is down 25.01% verse the USD over the past 24 hours on higher volume ($28,502,800) as Bitcoin falls to $12k and the broader market looks like a sea of red as it follows downwards. CoinMarketCap.com reported on the Bitcoin price action this morning: Down 14 Percent: Bitcoin Charts Bearish Amid Asia Concerns. STEEM is losing ground versus Bitcoin as the SBD price is down 24%. The higher STEEM trading volume and price movement 10% further down than Bitcoin indicates that traders are leaving STEEM and SBD at a faster rate than they are selling Bitcoin. This may be the nail in the coffin of our STEEM and SBD pump. New account creation is strong at 1,000 new accounts created in the past 24 hours. The % vested indicator is down significantly at 73.87% as the @steemit account powered down 5.5 million STEEM 10 hours ago. Hopefully this will be transferred to other accounts and powered back up and not flooded onto the exchanges. SteemDB power down statistics are back online but it will take time for me to fix the power down graphs. Daily active accounts is up at 54,487 accounts active in the last 24 hours. SBD is at $4.68 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 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 after STEEM corrects to the $3 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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