Trading Recommendation:
Take profit with enough of your position to cover your initial capital, "play with the house's money" as a correction may be pending, stop loss at $0.70
Investment Recommendation:
HOLD or BUY, fundamentals were improving but may turn negative with renewed efforts to cash out
Analyst Commentary:
The STEEM price fell 4.64% verse the USD over the past 24 hours on strong but lower volume ($5,573,770) as STEEM appears to be correcting from the significant spike over the past 5 days but maintaining the level between the $0.75 and $0.90 levels. Bitcoin also posted at new rally to its current level of $1,860 which is likely pulling traders out of altcoins. The % vested indicator rose showing a renewed interest in investing rather than trading and pending power downs for 16 and 17 May are not unusually high which tells me that we are not seeing a broader rush to sell out. Active accounts rose another ~1,100 to reach a new high since I started tracking the figure in early February. Today's report is a strong validation that the fundamental decay appears to be over and we may be able to see a long and sustainable increase in the STEEM price. For traders, I still advise taking profit with enough of your position to recover your initial capital but maintain the remainder of your position on the market. On the investor side, I am confident in a long term price increase but believe we have further to pull back. Buy in for the long term around the $0.70 to $0.75 level.
Payout Recommendation
Due to the SBD premium, I recommend taking your rewards in 50% SBD and using it to buy STEEM in the internal exchange.
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.
