The above Chart shows that price action on the daily chart had recently attempted and rebounded off the .382 Fibonacci level as of the 15th of July with a medium sized candle wick. As a result the price action continued up towards the .500 fibonacci level and failed to break and close above that level. This would indicate that the market is exhausted from it’s bullish run and depending on whether the candle closes underneath the .500 fibonacci level, there is a chance that the market would continue south from this position.

 

Some factors

What influences this downward movement would be the following:

  • Currently the market is still bearish with over 20 candle closes in the bearish direction.
  • Price action is still under the 20 period Exponential Moving Average (EMA) ( blue line) which indicates further that it market is still bearish.
  • Today would be the first time the market has had 2 consecutive days of Bullish price movement, yet the candle is still yet to close for the day

Likely outcome

Because of the imposing August 1st User activated Soft Fork, this event appears to have traders and investors extremely cautious and willing to “wait out the storm” to find more profitable entry levels to see the bullish run continue. One likely spot would be at the .236 Fibonacci level which conincidentlly is near the last candle high on the 17th of April that being said if price action continues being bearish, resistance is presented in the upward trendline (shown in green.) This was the previous support level prior to the hyperbolic upward movement of May and June.

 

Future outlook

Steemit provides for a very interesting and very revolutionary social media platform using blockchain technology. It will reward users with “Steem dollars” every time they post upvote(like) or comment on other posts. Essentially it is a blog website that will pay you for content and also rewards you for participation and on-point community curation. You can follow your favorite profiles and others can follow you back and with a strong enough reputation your influence in the community is well-rewarded.

 

A step away from the user being the product. Your content, it’s got value, and Steemit rewards that

Power of Social media

Social media as a whole is an ever-growing space and blockchain based decentralized social media platforms are predicted to be a future trend.

A snapshot of how we use our time on the internet is depicted below. Social media usage takes up about one third of our ‘online time’.

 

The market is ripe for a major contender such as Steemit, with a very unique offering in the industry:

1. You own and control your data

2. You get paid for your data

 

How can people wanting this not be a trend in the future? It’s almost a no-brainer.

 

The website is still in its beta stages and is continually improving. The 300,000 current users have virtually only good things to say about Steemit.

As awareness grows so to will the value of Steem. Currently it is trading at under $1.50 US which can grow 10x over the coming months and years if adoption occurs

 

Tshire

 


Disclaimer: This is not investment or trading advice, always do your own independent research.

Written by Tshire Mokou @ Dapp. Tech | Published: 16th July, 2017.

 

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