📉STEEM Investor Report 22 February 2018 (Bitcoin Falls,Broader Market Down)

leongkhan (64)in #trading • 6 years ago

Trading Recommendation:

HOLD, broader market direction is uncertain, significant risk of STEEM falling if SBD returns to $1

Investment Recommendation:

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

Analyst Commentary:

The STEEM price is down 15.10% verse the USD over the past 24 hours on lower volume ($7,794,300) as Bitcoin falls to $10.2k and the broader market market is following down. STEEM is down verse Bitcoin as the Bitcoin's volatility continues to draw away traders with Korean trading still leading the volume as it accounts for 77% of market volume. The falling volume of STEEM shows that the move is mostly correlation with Bitcoin's decline and not a loss of strength in STEEM. New account creation is strong at 900 new accounts created in the past 24 hours. The % vested indicator is up at 70.26%. The big news on the power down front is that @Steemit stopped powering down 5.5 million STEEM per week. Daily active accounts is down at 62,343 accounts active over the past 24 hours. SBD is at $3.87 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 20180222.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.