Trading Recommendation:
Hold, chart pattern indicates possible short term correction
Investment Recommendation:
Hold or Buy, wait for possible pullback and then buy
Analyst Commentary:
The STEEM price fell 8.55% verse the USD over the past 24 hours lower but still strong volume ($9,528,480) as the STEEM price pulled back while the most of the crypto market rallied to $110 Billion with Ethereum, Dash, and Bitshares leading the way. A combination of 2 factors appear to be dragging on the STEEM price. The first is a breakdown in the account creation system which has seen new account generation drop to below 200 for the last 2 days. The second is a large number of whales who have found themselves rich and are starting to cash out. The % vested indicator fell as investment was low over the past 24 hours. Active account data was not available again today (if it is not available tomorrow I will need to switch to a new data source). The SBD inflation fell with 1 SBD worth about $1.931 at the time of this post. The inflation of our peg shows excitement in the Steem blockchain.
My recommendations for today remain unchanged and will likely remain that way until the account creation problem is fixed. The cashing out of early adopters can easily be overcome with sufficient growth (est. over 500 accounts per day). For traders, hold for a possible downward slide and then buy in. 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 wait for a pullback and then buy in.
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.
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
I am quite disapointed cause the slow procedure to open an account. I think this is an important issue to solve cause I have several friends who stopped the sing up process because of this...
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I agree that the account signup system should be a top priority fix.
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It is really important cause we live in a fast world. When people want something they need that at that precise moment. If they have to wait hours maybe they leave the process and forguet about Steemit...
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Agreed. Social media is part of the attention economy and the attention span of most people is pretty short. When I signed up it took me about 20 minutes, we need to get back to that point. You can still sponsor accounts through SteemConnect but you have to pay the account creation fee for the user or delegate them some Steem Power.
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Yeh it is an essential thing to get right. If you're trying to convince people to join and they aren't really that interested anyway or think the whole concept is too good to be true then a sign up process that doesnt work will mean they turn away and not come back.
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Im loading up on steem and bitshares while the price is going down as i really beleive in steem.
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I think the next 24 hours is probably a good time, it might go even lower but it is good to be in for the long term.
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Cashing out now will leave a lot of money on the table in the long term. IMO.
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For the whales, many of them may not ever need any more money than they have already amassed. Or maybe they want to go on vacation :). I agree that the Steem price will go up, but I recognize there are many reasons for taking money off the table now.
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Thanks, LK, for your daily trading analysis. I am in for the long haul. Keep up the good work!
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Very good info :) I like it :)
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Another good article, I agree with your assessment.
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