Market Snapshot - Day Eleven
This is my eleventh 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 in red, following news from South Korea crackdown on exchanges.
There is a sharp decrease in value on the entire spectrum, with half of the top 10 tokens seeing double digit losses, in a very short period.
STEEM And SBD
At the moment of writing, STEEM was trading, on average at $4.26 on Coinmarketcap, 20% down from yesterday. On Bittrex, the 30 minutes chart is showing a flat trading along the 36k satoshi resistance line, until the news broke out.
The 1 hour chart supports an abrupt downtrend, with a potential resistance line forming around 32k satoshis.
The 1 day chart suggests a continuation of the downtrend. If the 32k satoshis resistance line won't hold, the next stop is around 22k.
SBD was trading, at the moment of writing, at $5.26 on average, 26% down from yesterday. The 30 minutes chart on Bittrex shows the moment of the panic sell, with an interesting recovery pattern after the first hour.
The 1 hour chart confirms the downtrend but shows consistent support around 40k satoshis.
The 1 day chart supports the downtrend, with the resistance level around 40k satoshis.
Overall opinion: STEEM and SBD, already on a bearish trend, both took a hit along with the entire market. The interesting part is the strong support for SBD around the 40k satoshis level. If that line holds, we may see a fast rebound, as demand seems to be still strong. If not, the downtrend pressure will continue.
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
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):
It's scary how fast it falls, I hate corrections :(
Not really a correction, but an exaggeration triggered by FUD. That's different.
So informative, yes there is sea of reds! all we have to do is to hold and wait! thank you @dragosroua
I call it red wedding!
For some reason, this gave me a mini heart attack. I'm keeping my fingers crossed, hoping to see a fast rebound and not the other .
The market is always right, no need for a heart attack :)
I have three in the top ten as my long term investments. 😊🎉🙏🏼
Thanks so much for your market outlook. I actually expect Steem and SBD to rebound quickly. We're already off the lows for today.
It's trying times for steem and SBD
I was expecting to get there ( down ) steem.
wow or woah, cant decide if im happy or scared, awesome info as usual man!
The factor of expectation is under pressure at the moment as there are always bad news regarding crypto ban. This May lead to a short term dip...
BUT, we can rely on a increasing active user and that is crucial for an long term success.
Cheers
One hint: Don‘t write such long posts with an IPhone.... too many typos
if you could point some of the typos to me, I'd be grateful.
Lol
Not your typos - this was related to my post- always add this when writing with the iPhone lol :)
Was maybe a bit misleading
the typos weren't bothering me atall...