Trading Recommendation:
Sell, current price spike looks unsustainable, take profits and prepare to buy back in after 10% or greater correction
Investment Recommendation:
Hold, price has overrun fundamentals, wait to buy in on price pullback
Analyst Commentary:
The STEEM price rose 30.85% verse the USD over the past 24 hours on a incredible volume spike to ($55,450,400) as STEEM trader went full FOMO (for those who have seen Tropic Thunder ... you never go full FOMO). The broader crypto market appears to be pausing after breaking through the $100 billion market cap, possibly switching to a STEEM pump and dump (the huge volume spike is a good indication of a pump and dump). The % vested indicator fell as whales are seeking to cash out and investment is becoming more expensive. Active accounts has reached a new high since I began tracking it of 22,752. The SBD inflation is rising again with 1 SBD worth about $2.133 at the time of this post. The inflation of our peg shows excitement in the Steem blockchain.
The price action has overrun the fundamentals and appears to be an unsustainable pump and dump. The price chart below normal daily charts shows the price action for the last 36 hours on a hourly chart. Not the formation of a double top candlestick pattern which is a strong bearish signal. For traders, we have overrun a sustainable rally, I recommend selling here and buying back in at a lower level. 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 but I would hold what you have and buy in after a correction.
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.
Marketing Trust
Please support the @marketing-trust by following and upvoting the daily posts. The project was created to generate capital for a paid advertising campaign to promote Steem.
Hourly chart of the last 36 hours (Note: Double Top chart pattern)
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.
Discord Chat:
You can reach me on Discord on my private server or through private message to LeongKhan
