Steem is a cryptocurrency founded by Dan Larmier (previously at BitShares) that basically rewards users for community building by posting and up-voting content that others find to be of value. It was inspired from the success of Reddit and was aimed to enrich the shareholders. Services include: curated news, Q&A, job boards, etc. Furthermore their smart media tokens have done well to incentivize users to write content that people actually find useful. The platform boasts over 330k accounts, 230k monthly posts, and over 600k monthly comments - compared to reddits 500k accounts on r/cryptocurrency this is impressive to say the least. While bitcointalk has over 1.6m posts (total), steemit is on pace to catch up and potentially overtake both platforms as crypto shillers channel of choice.
Interesting thing about Steem is that Upbit (Korean exchange) accounts for almost 80% of the daily trading volume. Couple this with the reopening of the SK exchanges this week and I think this shitcoin is a potential mid term hold for when alt summer begins.
Looking at the daily we see a few things that make STEEM an interesting mid term hold. Price action was finally able to break out of the long term down trend on the first day of 2018. Furthermore this break out was coupled with a surge in volume which indicates that this was in fact a sustained move. A golden cross of the 50 & 200 EMA are strong signs of a new uptrend forming. The TK cross that happened shortly after the breakout was the first since May of 2017 which adds confluence to the fact that a trend reversal is confirmed. Chikou span has broken out of the cloud and is currently ranging through previous price action. Last but not least, price action has stayed true to the upper channel of the Bollinger Bands and is currently testing the median for signs of support (not picture).
Looking at the 6 hour we see a potential ascending triangle in the making. Price action seems to be consolidating although we did have an attempt for a volume sustained breakout yesterday early morning until BTC decided to shit the bed. Moreover we see a slight bullish divergence here which indicates underlying strength for the bulls who must love their Steemit. RSI still hasn't made up its mind which way it would like to go but in my opinion the indecision is further confluence with bearish weakness. Finally we see a potential TK cross in the making but we will need some more volume and momentum to bring us over for a breakout. My hunch is that price action will retest the flat Kumo bottom before trying to make the next leg up. This is all dependent on BTC so I would caution slow accumulation over the course of the weekend.
Optimal Entry: 35k
Likely Range: 37k - 45k
Optimal Profit: 142k+
Interim Targets: 63k, 72k, 79k, 85k, 92k, 102k, 111k,
Stop/Loss: 33k
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