Market Wrap: Bitcoin Bloodbath, Crypto Carnage
Ouch. Seriously ... Ouch. There is blood in the waters. Just charts today, no news as running behind schedule ... Plus it's school holidays and I've promised little broman we'll finish the Halo Masterchief Collection co-op campaign before he's got to back to school.
Here's the latest horrible happenings in ...
Crypto Markets
Bitcoin was hammered Monday, falling over 160 points and closing below wedge support. Not good, not good. Bearish breakout puts focus 2050, followed by 1980 and 1800. Could well remain weak until after August 1 event risk. Need a close back above 2500 to turn me bullish again:
Ethereum looks disgusting to put it bluntly. Testing next support after another break lower and 120 USD looks pretty damn likely, if not 80:
Steem is in real trouble. I said yesterday that .000555 had to hold and it didn't. Into the mid 40's now and move into the mid 30's looks very likely - let's hope the carnage stops there:
We are trading at 1.40 against the Aussie Dollar this evening and 1.04 against the buck. Steem Dollars are currently trading at $1.03, down from a high of $1.35 and up from a 24 hr low of .87 - congrats to anyone who managed to buy at a discount and sell at a premium!
That's me for the day folks, got an epic Halo bender waiting. Remember keep calm and HODLOR.
(base image from pixabay)
Team Aus footer by the amazing @bearone
I was initially interested in Ether if it dropped to $225, which it did, but the charts looked horrible so I held fire. Happy I did now as it's continued to slide and, as you say, doesn't show signs of stopping.
Keeping my powder dry and waiting to see when this carnage bottoms out, but peeps are running scared out there. Screaming women and children running through the streets as cities burn, it's just horrible.
Deep breaths and keep strong folks!
However, Chances to pick up Ether (and friends) pretty cheap over the next week perhaps?
Good to see a parent with their priorities straight, give the Covenant hell! :)
Yeah I was wicked bullish Ether April - June ... I mean look at my Steemit name. IMO the Ethereum Foundation needs to urgently address the network's capacity issues. Easier said than done though.
I'm not a parent, just a much older brother lol little dude's 12 and I'm 29 ... we're up to the last level on Combat Evolved.
Let's see if the panic will go on...
This isn't even outright panic yet lol
Yes true. I was talking about the panic in the news, not the one on the markets.
Ugly charts! Always a pleasure to read Mr. Bull. Look forward to a more cheerful post soon about the epic bounce (pure positive thinking going on here). Take care friend.
Thanks mate, that's the way. Yeah hopefully be doing a more positive post soon, little breather today from the bears, but nothing to get too excited about.
It's mighty hard to keep calm!
https://steemit.com/meme/@valderrama/when-will-the-hurting-stop
True, but the one thing worse than a market going against you is letting your emotions dictate when you sell and the market recover with you sidelined.
Informative bitcoin not good why ?
The fact that the USD is down and Bitcoin still isn't finding a bid says it is all to do with BTC itself ie August 1 Segwit fears.
Congratulations @bulleth! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPI missed this post yesterday and had to hunt it down - thanks for another great analysis.
I may be the only one happy in all this as I have no Bitcoin wallet stashed away anywhere - but at this rate I may be able to get one ..
Yeah was very late yesterday, I'm running around like a headless chook atm. Trying to get the next one up after I get through replies.
Yeah that's it, it's nice watching stuff like this from the sidelines!