Market Snapshot - Day Eighteen
This is my eighteenth 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 all green, after two consecutive days of double digit losses.
Bitcoin rebounded over 11k, after hitting as low as $9,600 yesterday. Ethereum is trading over $,1000 again. The highest gains, double digit growth, are reported for Ripple, Cardano and Stellar. Overall, an upside correction after last days crash.
STEEM And SBD
At the moment of writing, STEEM was trading, on average at $4.09 on Coinmarketcap, up from yesterday. On Bittrex, the 30 minutes chart shows a steady recovery, after going under 30k satoshis.
The 1 hour chart shows an attempt to break over 38k satoshis, after going over 36k. Seems like 36k satoshis will be the new resistance.
The 1 day chart shows a significant recovery, transforming yesterday's potential red candle into a green one. Today looks still undecided.
SBD was trading, at the moment of writing, at $3.97 on average, up from yesterday. The 30 minutes chart on Bittrex shows the same steady recover we seen on STEEM and a test of the 36k satoshi level.
The 1 hour chart shows that although it recovered, partially, SBD still lost its value, the average level being lower with at least 2k satoshis (from 37.5k to 35.5k).
The 1 day chart shows two consecutive candles with very low body and wicks, suggesting indecision or caution.
Overall opinion: both currencies corrected after yesterday's losses, but not too much in terms of Bitcoin value (their appreciation is due to the fact that Bitcoin appreciated, not necessarily that they appreciated consistently against Bitcoin). It's nice to see a little green on the chart, but I'm still cautious.
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
- Market Snapshot - Day Eight
- Market Snapshot - Day Nine
- Market Snapshot - Day Ten
- Market Snapshot - Day Eleven
- Market Snapshot - Day Twelve
- Market Snapshot - Day Thirteen
- Market Snapshot - Day Fourteen
- Market Snapshot - Day Fifteen
- Market Snapshot - Day Sixteen
- Market Snapshot - Day Seventeen
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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I think a lot has to do with the futures market, as a lot of contracts expired yet. Just another hiccup in the path. A few days and everything should make a full recovery. Let’s hope steem does more than just recover and climbs up into the double digit zone
care to explain more about that?
the first futures contracts expired yesterday and people who may have taken short positions would've been on the hook if bitcoin kept going up. Sell their bitcoin for profits while simultaneously lowering the price to make money off their short positions. Just a theory, but one I have seen floated around
Thanks for the explanation. Still far fetched, as the volume on the futures contracts is insignificant, atm.
Agreed, just a bunch of FUD
Happy to see my favorite color back after few days...
I'm just hanging on and hoping things might settle down a little.
Yesterday was a "trifecta" really. BTC historically hits its annual low somewhere around January 12-18th. I'm not sure why, exactly, but it has happened since 2014, every year. Meanwhile-- all that excitement about the CBOE starting to trade BTC options, back in December? First set of contracts just came to maturity, and with the general downtrend, my guess is there was a lot of "short selling" to cover losses. Which exaggerated the downturn... BTC bounced HARD when it hit $9500, which might have been the "bailout point" for some institutional players.
Meanwhile the sharp downturn in BTC finally pushed BitConnect over the edge. I always thought it was a sketchy scheme, too dependent on BTC always going UP. With BTC instead DOWN 50% and legislators at the door, the bottom fell out. That dragged on the markets, too.
It's probably a good time to buy now, with a lot of stuff basically "on sale."
That's one of the best explanations of the BitConnect crash. Other than that, healthy and necessary correction.
Everything back in green ;)
Gas will jump to $109 (Prediction#28)
So many people are saying that it is the end of the cryptos. However, I don't believe it will end like this nor even end. What do you think about this? Do you think that there will be an end for the crypto world or do you think they will come back with even more power?
It will most likely transform, but it can't die. Many said, 25 years ago, that the internet is a bubble and it will die. Yet we're more immersed in the internet than ever before.
According to the analyst that predict the Bitcoin price for some years, he said that this year it can get in between 50k and 100k. I believe that it can be possible because after analyzing some graphs of the market trade, I can see like a pattern in the steps. For instance, each time that cryptos increase without dropping a significant percentage, a crash is ensure (which is the case now, it get higher to 20k and drops). I believe that after this crash they will come with more power. 💯🦄
Thanks for the helpful post @dragosroua, i hope it bounces up again.
steady recovery is what all we need
Have you ever thought about the idea that nobody wants to read what you write?
all the time, to be honest. Have you?
lol i just read that too haha
thanks for shairing
Good job