📉 STEEM Investor Report 22 March 2017
Trading Recommendation:
Expect high volatility, short STEEM on hourly chart patterns
Investment Recommendation:
SELL or HOLD, fundamentals are not following the STEEM price movement, therefore a return to near previous levels is likely
Analyst Commentary:
The STEEM price fell 13.49% verse the USD over the past 24 hours on lower volume ($752,176) resumed its decline from the weekend price spike. The % vested indicator fell as 800,000 STEEM has been powered down in the last 24 hours. Another 350,000 STEEM is powering down over the next 24 hours but the price may get a break with only 112,000 STEEM being powered down on Thursday. My assessment continues to be that the fundamentals are not following the weekend price spike and therefore we will likely see a fall in the STEEM price over the next week. I am currently maintaining my post rewards in SBD until STEEM reaches value levels again at which time I'll convert them back to STEEM.
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.
Do you use Bittrex?
I use Poloniex.
gotcha I think I am going to give Bittrex a try, I have not traded yet. I will hopefully be getting my feet wet soon. Any words of wisdom for a newbie?
The most important aspect of trading is capital protection. You need to have stops on your trades so when you are wrong (which is often for even the best traders) you don't lose large percentages of your position. Remember if you lose 50% of your capital, you have to make a 100% return to get it back.
Thanks,that is good advice. Do you have any older posts with other tips I could check out?