STEEM Investor Report 19 Feb 2017

Trading Recommendation:

Speculative buy this level for minor bullish correction

Investment Recommendation:

Hold current STEEM and prepare to accumulate at lower levels

Analyst Commentary:

The STEEM price rose a slight 0.28% verse the USD over the past 24 hours on slightly lower volume as the STEEM price recovered and consolidated after yesterday's dramatic drop. There was a 15 minute rally at 0000 UTC of $0.0075 to the last 24 hour high of $0.1308367 but it only took an hour for the STEEM price to settle back to current levels. The long term charts (weekly) still indicate a bearish trend and there is no buy wall to be found in the Poloniex market depth. The price movement over the last 24 hours indicates that there is significant pent up demand to sell but most sellers are hunting for better prices to unload at (watch as price rallies quickly get hammered with market sell orders). There are continued opportunities for traders to make profits on short bullish price movements from this level however I advise tight stops (stop limit orders just below the start of the current trend) to prevent loss of capital. Investors should hold at current levels and prepare to accumulate STEEM as the price will likely drop again with the Monday and Tuesday surge of STEEM powering down.

For a detailed look at yesterday's dramatic price drop, see my post: Don't Panic|STEEM price movement over the last 12 hours

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.