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