Trading Recommendation:
Look for minor bull trends on 15 minute/1 hour time scales, I think the next few days will be volatile but the long term trend is still down
Investment Recommendation:
Hold current STEEM and slowly begin accumulation below the $0.10 level (dollar cost average), I purchased 1,000 STEEM at $0.0975, 250 STEEM at $0.0918, 1,000 STEEM at $0.085, 1,500 STEEM at $0.0825, 1,000 STEEM at $0.081. I'm currently looking at placing my next order at $0.075 but I have not entered it yet.
Analyst Commentary:
The STEEM price fell 5.63% verse the USD over the past 24 hours on higher volume than yesterday but still lower than the average volume over the past 14 days ($106,000). The trading volumes of both Bitcoin and Dash are sliding back to normal levels but trading activity has not yet picked up in STEEM. The low volume over the past few days continues to indicate that there is a significant amount of liquid STEEM that sellers want to unload which has resulted in current price slide as patience gives way. The % vest rose slightly over the past 24 hours as some investors are powering up and power downs are still low. Power downs are scheduled to pick up today through Tuesday which may be punishing for the STEEM price if there is no news that causes investment to pickup over the weekend. I will continue to watch to see if the % vested indicator can maintain its current level for the remainder of the week before Monday's big power down.
I advise traders to watch for short term price rallies with the ability to loosen up the stops in hopes of catching longer up trends (there was one significant price spike yesterday which would have been very profitable). On the investor side, the % vested figure has stabilized which is a positive indicator for the long term price. I hope to see it remain stable through the weekend which could indicate we are near the bottom.
I powered up another 2,500 STEEM at these value levels. I continue to dollar cost average my investment to pick up more STEEM as the price continues to slide. On the up side, I just invested my way to Dolphin Status! Full Steem Ahead!
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.