📈 STEEM Investor Report 17 March 2017

Trading Recommendation:

Except high volatility, either up or down big from here, look for trades of larger trends on hourly/daily charts

Investment Recommendation:

Hold for conservative investors, buy for more aggressive investors, chart patterns and indicators show that we head back down from here or this could be the reversal of the downtrend

Analyst Commentary:

The STEEM price rose a dramatic 31.86% verse the USD over the past 24 hours on very heavy volume ($889,884) with the majority of the price movement coming in a 1 hour period starting a 2200 UTC. There was one additional bull run at 0615 UTC which mostly died out with the price level consolidating at current levels for the past 6 hours. The % vested indicator continues to drop showing that the price activity is based on trading activity and not investment in the blockchain. I read this as being an decisive point for the STEEM price, either we will follow the fundamentals (% vest and active accounts) back down (continuation of depressed prices) or the price action will lead the way with the fundamentals catching up later (start of bull trend). The news of a new lead developer seems to have been well received and there is emerging news of a possible rejection of Hardfork 17 which could cause price movement.

I think this a great trading opportunity on longer time scales (hourly/daily). Investors will have to use their risk tolerance level to figure out how to play this one. If you have money you can afford to lose or are confident in the long term value of Steem, get in here so you don't miss the value levels. Otherwise, wait to see if we get dragged down lower.

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.