Steemit Daily Stats (Monday, June 10th, 2017)
Price
Posts
Daily Payouts (USD)
Macro Events
Price continues to pull back amidst a general return to mean in the crypto ecosystem.
As stated earlier, STEEM and most of the top 20 market cap coins are largely coupled to the price action of BTC. We are no longer seeing any coins functioning well as a hedge. This can only mean market makers taking profit after several months of front running the market on the way up.
Now it is time for them to front run the market on the way down.
How far down do we go? In terms of BTC Price, just a little further in the short run, but USD wise, considerably.
Since STEEM/USD is a synthetic pair, a compound of STEEM/BTC and BTC/USD, a decline in price of BTC means a more aggressive decline of STEEM/USD since STEEM/BTC is currently following the movements of BTC.
In accordance to the decline in price, rewards will become noticeably less.
Technicals
Price of STEEM has as predicted fallen to the previous low of 55,000 sats and has now broken below it currently testing our channel.
As mentioned yesterday, the decline should instigate a further drop to a minimum of 45,000 sats at the previous monthly pivot.
As shown by the two circles, we have some support around the 50,000 sats mark, which doubles up as psychological support, but ultimately weak support. Price will test this level, pause and then continue to hug the bottom of the channel all the way down to 45,000 sats.
The first real opportunity to buy for a short term trade is marked by the green box. Here we'll find strong support and this is where the price will likely turn back positive for a complacency pump, forming the right shoulder. Should the price break and close below 40,000 sats, then it will be off to the races to 25,000 sats and a full trend reversal into longer term bear trend.
As always be mindful of the Bitcoin price. STEEM/USD is a synthetic pair with no active markets. This is why all of my analysis is conducted with respect to STEEM/BTC. A sharp fall in BTC price will mean a sharper fall in STEEM price in terms of USD.
Steem daily forecast is updated daily. Format is yet to be set in stone. Please upvote follow and resteem
~Bateman