Market Snapshot - February 24th 2018
Top 10 Cryptos
At the moment of writing all top 10 assets were predominantly red, with only 3 assets in green: Bitcoin, Litecoin and NEO.
After finding support, market seems to enter into a sideways trading pattern.
STEEM And SBD
At the moment of writing, STEEM was trading, on average, at $3.59 on Coinmarketcap, slightly down from yesterday.
On Bittrex, the 30 minutes chart shows sideways trading in the 35k-33k satoshis corridor.
The 1 hour chart shows a breakup attempt about 24 hours ago, followed by a gentle correction, with a small bullish outlook.
The 1 day chart shows 4 consecutive candles at the same value, indicating stabilization (or caution).
SBD was trading, at the moment of writing, at $4.22 on average, slightly down from yesterday. The 30 minutes chart on Bittrex shows a narrow corridor between 40k and 38k satoshis, in which the swings are quite erratic.
The 1 hour chart shows two consecutive corrections in the last 8 hours, but the overall outlook is still slightly bullish.
The 1 day chart shows that the bottom resistance line, at 40k satoshis, is still holding.
SBD to STEEM Ratio
At the moment of writing, according to steem.supply, you could buy 1.178 STEEM with 1 SBD, slightly up down from yesterday and there seems to be a trend reversal.
Overall opinion: Markets seems to stabilize, while STEEM and SBD are looking very slightly bullish. I wouldn't rule out another weekend upswing, but just as easily it could go south. SBD seems to gain a bit more compared to STEEM.
Disclaimer: I'm not a trader and this is not trading advice. I'm writing these articles for my own educational purposes and they are not meant as an investment foundation. Please make your own due diligences when investing and never invest more than you can afford to lose.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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The steady increase of Bitcoin dominance may also be worthy to keep an eye on. Many altcoins are starting to bleed out in the past few days as BTC reaches its highest dominance in 2018 at 39.32%. Do you think it is better to move out from less popular altcoins right now and move to BTC and others in the top 10?
I think each token has its own use cases. As a trader, you have to be very aware of that, and trade accordingly. Personally, I don't own Bitcoin and I only use it as proxy for some alts (if ever).
I see. I personally think that this year will be a year for altcoins and tokens as many of them have strong potential, as well as great teams behind the different technologies. Over the years, maybe many of those coins, especially the ones which are just created for personal interests, may lose value. If not BTC, which cryptocurrency do you happen to have in majority?
none in particular :)
Bitcoin just crashed by another 250 dollars. Looks like people have lost interest in buying cryto currencies now. When the buyers are less and sellers are high then the price of all cryptos are definitely going to fall. I am currently looking for some altcoins to buy with my bitcoin but unable to do so because of the falling bitcoin price. I hope the bitcoin rises back to 12000 dollar so that i can get some more altcoins in my basket.
As of this writing of my comment, Bitcoin and STEEM is red and is holding up. The Bitcoin price range is playing from 9700 to 10500 level. And yes it is going sideways. The STEEM price range is playing from 3 to 3.5 level and it is also going sideways.
Thank you for the update @dragosroua. I just hope the market regularises itself very soon.
The parity between steem and sbd is becoming narrower i.e the price of steem is catching up with sbd. General market stabilization is kind of cool though
Thank you for this market snapshot
I think there are a lot of buy opportunities in the market today about the top 10 in my eyes the raising point move up and prices will not get lower from what they are now
Everything back in the red zone time to buy some alts
really in pity, all have decreased it feels like vomiting
your post so informative...dear..thank you so.much for sharing.
Thanks for your update again @dragosroua. With steem and SBD going down we can only pray for a better market in the upcoming week