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RE: Investing in Steem Power? The current price of Steem is only one factor to consider
That's a great question. I think it depends on your goal, are you looking to buy and sell Steem to eventually power up into Steem Power? Or are you looking to make a quicker profit to convert it into bitcoin or cash?
Looking to make quick profit.
Steem is kind of tough for quick profits because it's so inflationary... I would try with Steem Dollars if I was going for a quick profit because if you buy when they're in the 85-90 cent range or lower, you're almost guaranteed to be able to turn a profit at some point because the range is somewhat predictable.
One thing you could try with Steem is using the SteemDown website to see when a bunch of whales are about to get they're payout of Steem, because then they may go dump on the exchanges. If you see the price drop hard on a day like that theres a good chance it will rebound soon after... at least for a day or two.
Thanks for your advice. You should start a group in here for trading cryptocurrencies. Comment?