Market Wrap: False break on Bitcoin, Ether range-bound, Steem can't catch a break and BUILDTEAM cheap as chips
Hi guys, just been doing Bitcoin updates lately, but a bit more time today so I'm back with another market wrap. I took a big hit on that BTCUSD false break overnight, lost about 500 AUD. I'll repeat my warning from earlier in the week: only leverage money you can afford to lose!
Anyway here's the latest goings on in ...
Crypto Markets
BTCUSD set a new record high just shy of 4500 yesterday, but there was very little buying interest and bulls were rejected at the channel top. Pair has finished the day lower at 4270 and may consolidate further before any continuation. The short term trend remains up above 3800, with a break below there targeting 3400/500. Ascending channel resistance comes in around 4530 today, so beware false break potential on new record highs - we really need a decisive surge above the channel top to open up a speedier path to 4900/5000:
Haven't taken a look at ETHUSD in a few days, though not surprised to see it remains capped by 320. On the other hand, it seems to be holding up rather well - I'd like to see 265 hold fast - could be a decent trade here on a break higher:
I don't think I'm the only one here who feels like crying when I pull up the STEEMBTC chart. We just can't catch a break. 30 is history and we've come down to the key former resistance zone at 20-24. Below there and some folks will be getting their nooses out. On the bright side, as I've said numerous times in recent weeks, this recent weakness has been on the back of incredible Bitcoin strength and the usual exchange problems and per dollar value is holding up alright (see below). I'm still fundamentally bullish, though I'd really like to see some bullish price action to match:
STEEM is currently fetching $1.60 AUD, down a little over 3% over the past 24 hours. We are up against the US Dollar, fetching $1.19 from a 24 hour low of $1.07. Steem Dollars are trading at a very close to their intended value at 99 cents on the dollar, though it was a wild ride over night with a 24 hour high of $1.19 and 24 hour low of 91 cents. Could be one to watch going forward, it's not too long ago that an SBD was worth over $1.50 ...
That's me for the day folks, I'm going to be doing some research today and might have something a little different for you tomorrow. BUILDTEAM is currently really cheap, trading at around 13.5 BTS compared to a fair price at the last auction of 15 BTS ... really not sure what's going on there, did you guys miss the memo? This months pot is going to be even BIGGER!. Last auction price doubled from 7 to 15 in a couple of days, so I'd get in now while it's cheap and before the madness if you are thinking of having a short or see long term value.
Team Aus footer by the amazing @bearone
This post was brought to you by @msp-creativebot
I think Steem is just having a correction. When Steem was at $1, a lot of the big players were saying that they were putting large amounts of money into Steem. This probably made a lot more people buy therefore driving up the price. The price will come back up, we just have to hold and not panic.
Good content!
Most used terms in markets if you dont understand
https://steemit.com/cryptocurrency/@johnycrypto/all-the-trading-terms-you-need-to-know
steem value is getting down
Cool charts!
Thanks for the report. I really like to read them daily.
follow you
I still have lots of hope for Steem , and that's why I'm holding onto it .
Who would have thought that we would even be having these conversations just 10 years ago? It's astonishing. Don't you think?
This is awe-inspiring.
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by bulleth from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews/crimsonclad, and netuoso. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
This post has received a 0.63 % upvote from @drotto thanks to: @banjo.