IS THE SBD PUMP AND DUMP OVER? HERE'S MY SBD TECHNICAL ANALYSIS
PUMP AND DUMP!
A couple of days ago I wrote an article trying to explain why SBD was going up while STEEM was going down. Feel free to check it out HERE if you haven't read it yet. Basically, as one of the Steemians commented, people buy SBD as a hedge and they don't have to take their Crypto off the exchange. It is pegged to $1 USD on the way down but nothing stops it from going up. If SBD ever drops below $1 USD, it will recover pretty quick.
SBD STILL MORE EXPENSIVE AT POLONIEX
As I am writing this, the price of SBD in the internal market here is about $1.10 USD, while STEEM is $1.57 USD. That means each STEEM costs about 1.42 SBD. As you may all know by now, @poloniex has still lots of unconfirmed SBD and STEEM deposits and their estimate time for re-enabling the SBD and STEEM deposits has failed three times by now. Last time I checked, they're no longer estimating the time of re-enabling the SBD and STEEM deposits and have instead replaced the message with the following:
SBD is currently under maintenance or experiencing wallet/network issues. Deposits and withdrawals will remain disabled until a solution is found, which may require an update from the SBD team. Any updates must be tested and audited before enabling.
TIME TO ARBITRAGE!
This is of course only one of the reasons that the price of SBD here in the internal market is undervalued, because at poloniex each SBD is worth about $1.35 as I am writing this. Who knows what would happen to the price of SBD once poloniex re-enables the deposits and withdrawals? The truth is that nobody knows but I personally think that SBD is a BUY here. If you too think that the cryptos still have room to correct, then you too should be buying SBD to hedge against the other cryptos.
BLOODY POLONIEX!
Not only that, if you think that poloniex is going to get things fixed in the near-term, then you might want to consider the correction of SBD in the internal market which is going to be pretty quick as traders will try to take advantage of the gap by arbitraging. That is by simply either buying SBD here and selling it at poloniex or buying STEEM at poloniex and selling it here for SBD and then selling the SBD at poloniex for a much more expensive price!
I'M GONNA KEEP MY SBD!
As you can see in my chart above, the price action of SBD/BTC seems to suggest that it's preparing itself for most likely another pump and dump. I am personally holding my SBD and will probably sell when the price reaches about $3.00 USD. I know that most people might think this is unreasonable and unlikely to happen but let's not forget that just the other day, SBD was trading at around $2.50 USD because almost everyone became bearish on bitcoin! I'm still bearish on bitcoin and I think bitcoin is going to drop below $2000 USD in the near-term. As a result, I'm going to hold on to my SBD for now! :]
Don't forget to UPVOTE, COMMENT, and/or RESTEEM!
FOLLOW ME ⇿ @msg768
UPVOTE, COMMENT, and/or RESTEEM!
FOLLOW ME ⇿ @msg768
In a few days we will be back on bull trend, worry not, steem and SBD will go up again soon.
Great post. I'm holding my SBD as well :D
Good thinking! ;]
"Technical analysis of speculation in the crypto market"
Upvoted this post for being highly undervalued. I am holding my SBD and any one would be mad to sell it at THIS price (sub 0.0006 at Poloniex while sub 0.0005 at Bittrex).
The max I've seen on Poloniex was 0.0011 and on Bittrex 0.00078. Both prices were almost double of the current value. The max $ vlaue I saw was $2.78.
There's no reason SBD won't bounce back. Till that point, I am not selling a single one. I wish I had some btc on Bittrex right now because SBD price is too low not to BUY some!
Good luck everyone!
Thanks mate! There is no doubt that SBD is cheap now and a good buy. But I think you have to also be bearish on the other cryptos. I'm personally bearish on both bitcoin and steem at the moment, but I could certainly be wrong so fingers crossed! :]
SBD to the moon!!!!!
i agree with you this is why i always prefer to bitterex than Poloniex anyway you did good job yes people should HODL SBD and Steem because i believe Green day is coming soon we should not sell in loss we should wait little more may be.
I completley agree. I am using bittrex , I have looked at polo first but I am happy I did not put any assets there. Upvoted.
Yes you did the right job polo is now bad reputation due to their bad service how ever bittrex is far better than polo.
I'm still waiting for them to credit me with 10 SBD on the exchange. I sent them 10 SBD more than 5 days ago! There are people waiting for more than 3 weeks now :[
OMG are you serious more than 3 weeks? thanks to God i didn't send even 1 cent there .
Lol wtf in 3 weeks anothing can happen 😣
yes 3 weeks are too much
Wow you write great content, I love seeing that thank you, SBD rise into the sunset
Thanks for the heads up!
Its always good and interesting reading from you as its always accurate and on point. Good learning from your write ups.
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