Bearish on STEEM
Hi,
So my friend was considering investing in STEEM since he has heard a lot of chit chat of this going high. He asked me to chart it out and my opinion.
I did some FA analysis and I like the idea and competition still pretty low at the minute. I was really worried about how active on social media they were.
1. They have been around a couple of years or so their website says.
2. They have had a twitter account since them which hasn't yet had any tweets even though has around 400 followers. Seems strange or lazy to me.
3. They have a second twitter to advertise a social media platform build on the top of steam (Advertised as - THE FIRST APP ON STEEM).
4. This app looks like it is build by them and I find no evidence of other apps (third party) using steem.
5. Also this social media app seems to be their main piece of news. On top of this I cant see a social network competing with what already exist (FB etc).
6. I also imagine FB are also looking at their own decentralized social media so heavy competition - in-fact I am sure I heard this on a podcast recently.
So initial thoughts is it wouldn't be something I would invest in.
So the chart. It seems most people are bullish on this. Personally I am not. From the looks of things I think the triangles / flags etc look bearish to me. Its pretty close but I think the potential lows are far bigger than the highs and probably not worth the risk. There is also a bearish channel I can see which also suggests slight decrease in price. On top of this everyone is waiting for see what happens with BTC. I think any upward action with BTC could drive this lower.
Just my personal opinion which I hope I am wrong if people are already heavily invested in this. If you have some spare dolla i recommend investing in something else. I am quite bullish on XVG, XLM, ADA, TRON
So my friend was considering investing in STEEM since he has heard a lot of chit chat of this going high. He asked me to chart it out and my opinion.
I did some FA analysis and I like the idea and competition still pretty low at the minute. I was really worried about how active on social media they were.
1. They have been around a couple of years or so their website says.
2. They have had a twitter account since them which hasn't yet had any tweets even though has around 400 followers. Seems strange or lazy to me.
3. They have a second twitter to advertise a social media platform build on the top of steam (Advertised as - THE FIRST APP ON STEEM).
4. This app looks like it is build by them and I find no evidence of other apps (third party) using steem.
5. Also this social media app seems to be their main piece of news. On top of this I cant see a social network competing with what already exist (FB etc).
6. I also imagine FB are also looking at their own decentralized social media so heavy competition - in-fact I am sure I heard this on a podcast recently.
So initial thoughts is it wouldn't be something I would invest in.
So the chart. It seems most people are bullish on this. Personally I am not. From the looks of things I think the triangles / flags etc look bearish to me. Its pretty close but I think the potential lows are far bigger than the highs and probably not worth the risk. There is also a bearish channel I can see which also suggests slight decrease in price. On top of this everyone is waiting for see what happens with BTC. I think any upward action with BTC could drive this lower.
Just my personal opinion which I hope I am wrong if people are already heavily invested in this. If you have some spare dolla i recommend investing in something else. I am quite bullish on XVG, XLM, ADA, TRON
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