STEEM Investor Report 25 Feb 2017
Trading Recommendation:
Speculative Short Duration Day Trades with Tight Stop Limits
Investment Recommendation:
Hold current STEEM and slowly begin accumulation around the $0.09 level (dollar cost average)
Analyst Commentary:
The STEEM price rose 6.43% verse the USD over the past 24 hours on lower than average volume. The upward price movement occurred in a 15 minute period from 0445 to 0500 UTC during which 118,000 STEEM changed hands (chart shown below). Price movement before and after that point was generally flat. The % vested has begun falling again indicating that there are not enough investors powering up to counter current power downs. I expect volatile price movement for the next 48 hours and then a resumption of the down trend as almost 2.5 million liquid STEEM enters the market on Monday and Tuesday's power downs. I recommend traders look for opportunities to buy STEEM for short bull runs when it becomes over extended on the 15 minute and 1 hour charts. Continue to use tight stops because the long term trend is still down. On the investor side, I still believe the best place to buy in is not for another week or two but those fearing that they may miss out should start placing small orders to accumulate STEEM from the $0.09 to $0.10 levels. Follow and stay tuned for updates!
Upcoming Improvements (This happening this afternoon so you should see it on tomorrow's charts):
- Changing all right side charts to weekly candlestick charts going back as far as I have data available. I eventually want to get each chart as far back as 6 months so there will be a 2 frame Multiple Time Frame analysis (I'll probably do a post on MTF later)
Price Movement over 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.
What is a Hardfork Countdown?
I'm keeping track of when we cross 13 weeks from Hardfork 16 which I believe is the end of the elevated powering down period we are in now.
So I really should stick around and watch the show.
Yeah, I think in 2 weeks we'll start seeing the STEEM oversupply start clearing out and a price recovery. It all depends on how the power down rate changes, I check on it for each daily report.