Strap in! Steemit is going to new heights this year, millionaires will continue to be made.
Should you find yourself scouring the markets for an underbought gem that has +100% days in full blown bull markets, STEEM is a glaring example of a serious mover that has a lot of distance to run in this altcoin cycle.
Above, this chart is looking back to early 2016, STEEM made its first big break with a lot of enthusiasm. In just a few short weeks, it grew from an average of a mere $.15 with a steep short climb to a ~$2.80 peak, nearly 20x; all it takes it a little excitement in this platform to generate massive returns for investors and traders alike.
As with all Anderson Reports, we will quickly overview both the tasty technicals, as well as a key fundamental that will make this Steemit push happen. This report will cover STEEM for short and long-term future projections of price action.
Let's jump right into it:
This bull run isn't nearly over yet, this is the first leg of an enormous move set to play out over the coming months.
Above is the weekly chart for STEEM. I've charted a projected movement for the next 90 days; The key to this move will be a weekly close as a doji on this week's candle. If Bitcoin can regain some ground over the coming days, this spinning top will be bought back up to hold the bears off. After a closed doji on the week, STEEM will fight to duplicate the magnitude of the move that we've been riding for the past week, roughly +80% to +100%.
STEEM will push hard to get over $10 over the next 7-10 days eventually clawing its way up to $11-12; It will then begin an extended consolidation as a bull pennant that forms over the next 90 days.
Here's where the key fundamental comes into play: Smart Media Tokens.
Steemit will not only be able to support a social media community, new tokens will be built on top of the platform starting this year. Market expectations will be that a buy-up will happen - new ICO's create tokens backed by STEEM. A good number of the STEEM tokens that are not tied up in Steem Power will be absorbed, limiting supply where before a large glut existed on Bittrex and other exchanges.
Looking at the on-balance volume (OBV) above, Bittrex is experiencing an incredible buy-up already. If we add at the data from @lukestokes about where STEEM is being moved below, it confirms that indeed STEEM is being sucked into Bittrex accumulator's wallets; 5.6 million STEEM were transferred to Bittrex this week alone.
Whether you're a trader who wants to make a quick 80-100% profit, or an investor sticking around for another 300%, there are profits to be made from STEEM.
Entry below $5 due to Bitcoin volatility is ideal, and buying uncomfortable deep dips will obviously result in the most profit.
Pyramiding after the playout of the bullish formation until April/May could be a way to temporarily reallocate funds more aggressively after taking some profits at $11. But however you may choose to be involved, hang in there, Steemit is going big places.
Do you have a STEEM target that you'd like to share for 2020?
Leave your answers in the comments below.
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This is Steemit Exclusive Content - All content is mine and written and edited by me. This article is not investment advice.
-The Beached Whale-
Jeffrey Anderson
Editor in Chief - The Anderson Report
