📈STEEM Investor Report 2 January 2018 (STEEM Overextended, Sell Now to Buy at Lower Price)

Trading Recommendation:

SELL, STEEM may stabilize at the $3 level

Investment Recommendation:

HOLD, expecting to be much higher in 6 months due to the release of communities, SMTs, and partner applications

Analyst Commentary:

The STEEM price is up another 42.72% verse the USD over the past 24 hours on an incredible volume spike ($100,943,000) as Bitcoin increases slightly to $14k and the broader market rallies with several altcoins experiencing incredible pumps. STEEM is one of the altcoins pumping, doubling in price in the past 48 hours. I see no fundamental changes that would explain the move and STEEM looks very overextended in technical analysis verse Bitcoin. I sold what liquid STEEM I had this morning for Bitcoin and will repurchase after a STEEM correction. The SBD pump is continuing with the over inflated value of SBD helping to drive STEEM higher. New account creation is strong with 1,100 new accounts created in the past 24 hours. The % vested indicator is up at 75.34% as the inflated SBD value continues to drive investment. SteemDB power down statistics has been down for the past week and I no longer have enough data to track pending power downs. Daily active account is up at 45,547 as account activity floats around all time high levels. SBD is at $9.79 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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