Looking at the 7 day logarithmic Steem chart, we spot the trend immediately:
Steem is being bought up steadily. The only variations from the line are due to big moves in the overall cryptocurrency market, which drag the Steem chart 'off course' temporarily.
This kind of chart behaviour is often indicative of a large investor (or several smaller investors) spreading a large investment out so as not to disturb the overall trend. I've also seen it before with large banks and hedge funds "painting the chart" with timed buys and sells, as part of a market manipulation scheme. (I don't think that is what's going on here.)
Regardless of the reason, the trend is your friend, until it isn't. Heavy volatility is likely to follow this neat line upward... but when? Steem could very well rise to $8 or higher before pulling back.
Steem priced in Bitcoin
This Steem price chart (since the start of the year) is priced in BTC:
I wrote about my Bitcoin to Steem trade here, and that has now become one of the best I've made. Not only did I pick the bottom, but I've put those Steem to work for me since then, earning 1% returns weekly.
If the trend holds, when Steem passes about $5 it could shoot quickly (within a few days) to 7-ish. As excitement builds and more people join Steem, it puts pressure on the supply, and prices rise. This creates investor incentive, and another wave of price rises come in.
What goes up?
Must come down, yeah. At some point, Steem will be overvalued again, and the price will deflate. Overall, the trend is bullish, because the Steemit community is healthy, the site is working well and improving all the time, and the blockchain grows in complexity. But there will be big bumps both up and down along the way.
My strategy is simple, for now - work to earn Steem, and power it up (invest it in Steemit).
NOTE: This isn't investment advice. Except to me. It's my investment advice to myself :)
i agree, steem is grow!
True, Steem IS grow!
I am happy I bought it just as it started to climb.
I love trading coins I seem to have bad luck more than good luck but I am breaking even for now.Go Steem Go To the moon!
Yes, full steem ahead captain! Aye aye! Launch starboard phasers. Fire! Fire!
I have 4 Steem and I'm working on my 5th, thanks to my amazing skill with commenting and curating. I don't post much, but when I do, it's hemptastic :)
Upvoted
Yeah I Purchased some steam at $1.90 and I am now regretting it one bit. I thought it was a great investment plus I’m holding it on here anyway when did you guys get in? STEEM to the moon! 🌝 🚀