Steem Daily Forecast 09-07-2017
Steemit Daily Stats (Sunday, June 9th, 2017)
Price
Posts
Daily Payouts (USD)
Macro Events
Reward Pool continues to recalibrate and find it's equilibrium. Funds added per day must balance with claimed funds to reach equilibrium.
https://steemdb.com/api/funds
https://steemdb.com/api/rewards
Stats show the balancing is nearly complete.
Rewards should soon correlate better with the price.
Technicals
Price of STEEM has now tested and broken the horizontal support that has held on two previous bounces.
A rally after touching ~55,000 sats on the downside was nullified just under the monthly pivot of ~69,000 sats.
A failure to break and close above the pivot leaves us in a continuation of the short term bear trend.
The strong exit of the orderblock highlighted yellow shows strong resistance at around 76,000 sats.
I expect the price to continue to bleed towards the previous low of ~55,000 sats and likely visit the previous monthly pivot at ~45,000 sats.
Higher time frame shows a possible head and shoulders pattern forming with the neckline at a round figure of ~40,000.
A complacency rally to trap more short term day trader bulls will complete the right shoulder at around the ~63,000 sats level.
Diagram below shows the potential channel we are entering as well as the potential head and shoulders pattern.
As always be mindful of the Bitcoin price. STEEM/USD is a synthetic pair with no active markets. This is why all of my analysis is conducted with respect to STEEM/BTC. A sharp fall in BTC price will mean a sharper fall in STEEM price in terms of USD.
Steem daily forecast is updated daily. Format is yet to be set in stone. Please upvote follow and resteem
~Bateman
Good post @bateman.
Upvote and Follow!
Thanks.
Ive been waiting for a good entry point, Ive noticed patterns with other good quality small cap coins. They tend to hold approx 50% of there gains after a huge growth, then slowly stabilize and eventually flatline before entering there next phase. Have you noticed this trend before.
This actually happens in less illiquid markets. The likely scenario for STEEM is that it requires a much steeper decline to reach capitulation.
So much detail. How much time do you spend analysing all this and working them out. Nice and informative work btw.
You're welcome, if you find it useful then i'm happy to oblige. I'm used to analysing charts, I do it for a living. Collecting other data takes a little longer.
Congratulations @bateman!
Your post was mentioned in my hit parade in the following category:
Like the information you provide with the charts!
Sure thing. Keep following for daily updates.
I cant imagine how much time and effort you put in this analysis. Thank you for the information!
No problem. It's for the good of the community. I hope everyone appreciates it.
the steem is stable in price or i think so
I do my analysis based on price action. I try to be unbiased and open to the possibility of STEEM entering a bear market. The price of BTC continued to fall for 1.5 years or so from previous ATH despite wider adoption and maturing industry. Th same could happen with STEEM.
thanks for this bateman, I saw some other people making analysis of steem but they seemed to be very positive whilst yours is leaning on the negative. Are you saying that we'll be heading down?
I am maintaining neutral bias. Like I mentioned in the analysis, the short to mid-term outlook is bearish. Long term the price of STEEM remains bullish.
great post. upvoted and resteemed..
Cheers.
Nice is the word every time I see some graphics, whenever it has to do with criptomonedas, thanks for your valuable contribution my friend,