Market Snapshot - Day Seventeen
This is my seventeenth 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 red, posting double digit losses.
Bitcoin avoided to dip under $10k, but it hovered really close twice during the last 24 hours. Ethereum is trading under $,1000 again and Ripple is heading towards under $1 levels. It's been quite a damaging day all over the crypto spectrum.
STEEM And SBD
At the moment of writing, STEEM was trading, on average at $3.62 on Coinmarketcap, sharply down from yesterday. On Bittrex, the 30 minutes chart shows movement between 37k and 32k satoshis, with consistent downward pressure.
The 1 hour chart confirms the breaking of the former 37k satoshis resistance level with the next potential resistance level around 32k satoshis.
The 1 day chart shows a fourth consecutive correction day, but the engulfed 4th candle may suggest an upward correction tomorrow.
SBD was trading, at the moment of writing, at $3.48 on average, sharply down from yesterday. The 30 minutes chart on Bittrex shows significant volume around 32k satoshis, suggesting a potential resistance level around this value.
The 1 hour chart shows a more pronounced downwards trend, with yesterday's resistance level - 40k satoshis - broken..
The 1 day chart suggests that sideways trading is over, and the last candle may indicate a reversal.
Overall opinion: STEEM and SBD took the hit along with the entire market and are trading almost 50% lower than a week ago. Parity was reached and SBD continues the downward trend. The sell pressure seems to keep the momentum and, despite some minor correction today, we may see further depreciation during the next couple of days.
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
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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Hope to see market stabilizing soon..
Hi @dragosroua, it is quite disheartening to see these downward trends, but let's hope for the best... I still remember the point in time last year when steem was arond 0.8-0.9 USD... :-)
We are definitely higher than that,
Can you help me with one thing (or direct me to somwhere where I can read it): what is this satoshi? I can see it used very often but I cannot figure out what does it mean...
Many thanks in advance!!!
a satoshi is the eighth digit after the point for a Bitcoin. It's the smallest denomination unit for a Bitcoin.
oh i see, thanks for the clarification. I didn't know that...
Isn't it because Bitcoin Futures Contracts are expiring tomorrow that is causing all this dip?
If this expiration of contracts is the main reason of this dip, we see BTC price going up from tomorrow onward and that automatically means that altcoins price will also go up. What's your take on it @dragosroua?
Bitcoin futures contracts certainly have an impact, but I'd say it's minimal. I'd say it's more of a "natural" correction after December spike.
What's December spike?
The rise in price that happened in December.
Wow,,,,,,
Time to buy,,,,
Thnks so much mr
I guess it is a bit early to buy. China and South Korea are still declaring the war to cryptocurrencies so there will be more drops
thanks u @zapasx for information
I was wrong, sorry. Great to see market green again.
Double digit reds for all the top 10, not a good sign but this is only a correction and this is how the crypto markets are
Excellent technical analysis of both steem and SBD and it really help me to understand the current market, thanks for sharing such nice analysis with us.
Now somebody is sad and someone else is happy.
It's time to buy.
Well, thaț a bummer. I was hoping it would stick around 5. I hope it will bounce back to 5 in a month, if it drops any lower in the long run, it's going to be really sad.
Steem is currently trading higher than sbd on the coinmarketcap at $4.07 and at $4.03 respectively.
Steemit #challenge30days is in progress. Thanks for keeping us updated about the market. Would share it with my audience.