Steem chart review, April 6th @ 19:30 PST
The weekly chart of Steem/USD has printed 10 red candlesticks indicating the downtrend.
The short blue line is the 100 week moving average. It is currently under 5 bars, so Steem is 105 weeks old. It appears that the 100 day moving average has provided some support around the $1.70 level.
Stochastics are under 20 which is still bearish.
On the daily chart, the 20 dma is going to cross over and under the 200 dma for a bearish signal.
If 'king' BTC cracks support, expect the entire crypto market to sink with it. (So keep an eye on BTC)
Steem Backed Dollars (SBD) and Steem are generally following each other at this time. (No divergences like late last year)
Steem is ranked 29th by crypto market cap at $446M and tends to fluctuate between 25 and 35. You can see the comparable coins/tokens by marketcap above and below.
Based on Alexa data, Steem has 339k unique users per day. With ~921.8k total accounts produced, that seems like a large amount of visitors.
The search for Steemit is similar to BTC at this time, on a downwards trend as the selloff continues. But the difference between BTC and Steem is that you can accumulate Steem with your posts while BTC does not even collect a dividend.
Venezuela has lead the searches for Steemit for the last several weeks.
How much does the value owe to the potential return on the steemit platform? I wonder because I bought steem so that I may increase my earnings. And they were near zero before that, no matter how much work I put into my posts. But that's what I love about this crypto currency. You can invest it and earn on a social media platform. But people get mad if you do anything to get an income with it, whether it's boosting your posts after spending time writing them or just investing by delegating Steem. It's no wonder so many don't bother with actually investing their time by writing quality posts. I love this as a writing outlet but I don't want to have my posts spammed by people who think you should earn just by posting and not actually investing currency in the platform.
I have invested my own money into Steem as well. I started off as a minnow getting .10 returns, so I eventually turned to the bots for an increased payout.
I do think/speculate that the price of Steem will increase over the coming year(s), that is why I am still on this platform. If they do dump the bot service, I'm probably going to leave as well as I do not have any whale/dolphins following/supporting me or my posts.
Reply to this comment if you want me to resteem your last blog post to my 32,500+ followers. Then whenever you make a new blog post that you want me to resteem go to my Comments and reply to any of my comments on other steemians blog posts. Please upvote my comment after I resteem your blog post. @a-0-0
You got a 2.53% upvote from @postpromoter courtesy of @glennolua!
Want to promote your posts too? Check out the Steem Bot Tracker website for more info. If you would like to support the development of @postpromoter and the bot tracker please vote for @yabapmatt for witness!
Well detailed post!