Market Open Update on Steem/USD, SBD & Silver (SLV) 1/10/2018
Summary: Steem is touching the .618 retracement level where it needs to find support. The next time inflection zone is in 12 hours. We may see a lot of sloshing around in price but the chart is still bullish unless we break technically below this support level. Other than a high degree of volatility this is still a very good TA.
Summary: Price of SBD is also trailing lower, expect more volatility for the rest of the day. SBD is more volatile than Steem but it also has more oomph than the prime token. Be aware that SBD is more managed and will track Steem in a good way. I am also seeing on the boards a higher degree of swaps for Steem which is interesting because of the conversion aspects of SBD. If anyone can shed light on this please do.
Summary: Silver is still drifting and will likely hover around 16.09, but we may see a session #2 punch. The long-term bull case for silver will likely take hold in the next few months although there is still a high degree of manipulation taking place via the CME and LBMA markets. Be aware that based on the current trend, playing the long side of the trade is preferable to finding areas to short it.
In any event stick to your plan and your convictions, this is not a market for the faint of heart. Trade safely!
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STEEM Price : 5.976 $
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