I have recently bought few stocks of Fitbit looking into its oversold condition. Also, a reversal doji formed after couple of days of selling. Fundamentally, Fitbit has $400M cash to burn on top of its $1.36 B, marketcap. Historically, it breaks out after earning report. An earning report is due in 1st May.
FIT had been sold off due to fear from traders that it is losing to Apple, Samsung, Xiami. However, Fitbit has its own market among value smart-tracker buyers.
Fundamentally, Fitbit can be acquisition target from Google, Facebook or Amazon who wants to enter smartwatch or more precisely wearable and IoT markets.
Historically, Fitbit is a volatile stock, its 52 weeks low is $4.26 and $7.79, median would be $6.05. Therefore, a price around $5 would be a good deal.
I bought it around $5.44 hoping a bounce in coming week. However, it goes down I have a plan to lower buying average.
On the other hand, Steem had recently overshoot 50 MA and 200MA. It marks its recent low against BTC at 0.000055. However, recent bull trend in BTC hurted Steem. It went below both of these averages and very much in oversold region.
It looks like trend is reversing. Therefore, buying Steem at this point would be a good opportunity for short term trading.
However, there is a small chance of big altcoin rally.
I personally stopped cryptocurrency trading due to high volatility. I can gain 100% from 100s of trades. But investing is a better strategy. For example, if someone bought Steem at 25 cents and sell it $5, he/she can earn upto 20000% in a year or two. The potential gain from long term investing outway the potential gain from short term trading.
Disclaimer: This opinion is not a financial advice, it my personal perspective and opinion. Please seek professionals for financial decisions.
Image sources: Most images are open sourced (e.g. Pixabay, Wikimedia etc.) with Creative common license. Some images are used with due courtesy to respected owners.
Thanks for reading.
@riseofth
Cryptominer since 2013, occasional trader and tech blogger
Since the beginning of the year, Freelancer and Social Network Demeter Content Writer and some hips were created among ordinary internet users. Steemit is basically a social media, known as the Sealed Social Media, as well as a large blogging platform. Steam is currently one of 10 million active users and the most visited websites in the world.
https://www.techjan.com/2018/12/how-does-steemit-work.html
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Fitbit should be looking at innovative things like @actifit and the potential that liesbin blockchain and crypto to form communities which are growing surrounding health and fitness.
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