Trading Recommendation:
Buy, possible big move up coming
Investment Recommendation:
Buy, expecting to be much higher in 6 months!
Analyst Commentary:
The STEEM price fell 0.21% verse the USD over the past 24 hours on low volume ($3,365,830) as the STEEM appears to be consolidating at the $2.05 level. The bollinger bands on the 4 hour chart are squeezing which suggests that we could see a big move coming up. Based on our recent user growth I would bet that the move is up! The rest of the crypto market is mixed today. New account creation is still strong with approximately 1,7000 new accounts created in the past 24 hours. I have not yet seen news of a solution to the signup process. The % vested indicator fell on a heavier power down day showing low investment levels probably due to uncertainty. I have switched my active accounts metric to daily active accounts which is the green line on the upper right chart. The SBD inflation is up slightly with 1 SBD worth about $1.731 at the time of this post. The inflation of our peg shows excitement in the Steem blockchain.
For traders, I advise buying into this consolidation with a tight stop loss at $1.90. On the investor side, I believe we will be significantly higher at the end of the year after communities and the flatter rewards curve are implemented. I would buy this recovery and hold on as we go higher!
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.
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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.
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