Market Snapshot - Day Eight
This is my eighth day from the 30 days writing challenge I'm doing during January. Basically, I'm writing each day an article on a topic that I'm interested in, or something that I'm just learning. I tag these posts with #challenge30days, if you want to join, all you have to do is to use the same tag. Each day I will also pick 3 articles and give them a full upsteem. For all the details and the motivation, have a look at the introductory post.
Top 10 Cryptos
At the moment of writing, top 10 cryptos were slightly bearish, with 6 in red and 4 in green.
Bitcoin entered a downward channel and stopped around 16k. ETH continued to appreciate and regained its second spot as the most valuable currency in terms of market cap, sending Ripple back on the third position. Ripple, Stellar and Cardano are seeing losses, correcting from the abrupt spike of the last week. Litecoin is also seeing a correction, while TRON and IOTA are almost static, with a very small gain.
STEEM And SBD
At the moment of writing, STEEM was trading, on average at $6.25 on Coinmarketcap, almost stationary. On Bittrex, the 30 minutes chart is showing sideways trading on a narrow corridor.
The 1 hour chart confirms a consolidation around $39-40k satoshis.
The 1 day chart shows an abrupt triangle formation, indicating potential for a new trend, but with no clear indication so far about the direction (up or down).
SBD was trading, at the moment of writing, at $8.27 on average, up from yesterday. The 30 minutes chart on Bittrex shows a potential breakout around 52k satoshis.
The 1 hour chart confirms the potential breakout but also consistent resistance around the same level.
The 1 day chart suggests an upwards correction which may stop around 57k satoshis.
Overall opinion: STEEM is consolidating in the anticipation of a new swing, SBD is trying a difficult breakout over 57k satoshis.
Previous Posts In The Challenge
- Markets Snapshot - Day One
- Markets Snapshot - Day Two
- Markets Snapshot - Day Three
- Markets Snapshot - Day Four
- Markets Snapshot - Day Five
- Markets Snapshot - Day Six
- Market Snapshot - Day Seven
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.
https://steemit.com/~witnesses
If you're new to Steemit, you may find these articles relevant (that's also part of my witness activity to support new members of the platform):
Very happy to see Ethereum back at No.2 spot...
Haha. Ethereum enthusiast is spotted.
That's true...!
I rillly RILLY like these posts.
Please do NOT stop doing them.
I don't understand everything you say.
but I'm slooooowly learning (I hope)
Make it a permanent thing..
I'm glad to see Etherume's ranking improve.
All eyes on steem, if it ever retrace back to $4.80, i will buy as much as i can. I believe in success of SMT. So only the moon is anticipated.
Tanks for Your Post. Now I can Buy ETH with Confident.
I have Followed You For More helpful and Valuable Posts.
Thanks Again
Good news .
Ripple is on backtrack
i hate ripple.
This is just as I predicted for ethereum in your previous post about it. That breaking the 1k level is a stepping stone for ethereum. Thanks for the update
I pray SBD over-take bitcoin. I want to see SBD being the highest. Hey facebook user....please to buying bitcoin and join steemit for SBD.
@resteem
looks like bakers played their part with ripple falling badly