Trading Recommendation:
Move to hourly/4 hour trends in hopes of catching larger price movements, open up your stops to capture bigger price movements
Investment Recommendation:
Hold current STEEM and slowly begin accumulation below the $0.08 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 moving from investment to trading, so no new orders at this time.
Analyst Commentary:
The STEEM price rose sharply 25.20% verse the USD over the past 24 hours on significant volume almost 3x greater than the average over the past 14 days ($118,000). The greatest price spike over the last 24 hours (which occurred 23 hours ago) appears to have renewed trader interesting in STEEM which has led to the higher volume. Unfortunately, the % vest figure fell slightly which tells me that most of the activity was trading or sale of already powered down STEEM instead of purchases to power up. The up side is that we have now proved that STEEM has the power to snap the downtrend. I remain concerned that the fundamentals (primarily: % vested, secondarily: active accounts) are not yet supporting a positive price trend but we may be able to sustain a level around $0.10 until they do. Active accounts is in fact rising along with daily post counts but this trend started over a week ago so it either has a strong lagging affect on pricing or its trend is not strong enough to have influence.
I advise traders to search for larger price trends on a hourly/4hour or daily basis with looser stops if you believe we are seeing a reversal to a bull trend. Another 1 million STEEM is powering down over the next 36 hours but investors who share by belief that STEEM could once again be worth more than $1 should start buying in and powering up in dollar cost average increments. If you are a value investor, you may want to hold on because this could be a flash price spike that could melt away over the next 48 hours.
I appreciate the rising number of followers joining the daily report. Welcome and hope you stick around! 👍
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.