Market Snapshot - Day Ten
This is my tenth 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 significantly bearish, with only two tokens in green, and 8 in red (among those, half were seeing double digit losses).
Bitcoin is down with 6% to less than $14.5k. ETH, the only token seeing double digit growth is over $1400, an all time high for the coin. Ripple, Stellar, Nem and Cardano are continuing accelerating their downward trend with double digit loss. Although still in red, let's note the come back of DASH to top 10, a place vacated by TRON, which is now on the 12th position, with more than 20% loss.
STEEM And SBD
At the moment of writing, STEEM was trading, on average at $5.6 on Coinmarketcap, down from yesterday. On Bittrex, the 30 minutes chart is showing a sharp breakdown below 39k satoshis, on a consistent volume.
The 1 hour chart indicates that resistance level for this drop may be around 37.5k satoshi, the previous level of yesterday's panic dip.
The 1 day chart suggests the triangle formation will generate a downtrend, but it's still inconclusive.
SBD was trading, at the moment of writing, at $7.41 on average, down from yesterday. The 30 minutes chart on Bittrex shows a breakdown below 52k satoshis, wiping out yesterday's gains.
The 1 hour chart confirms the downtrend with a potential resistance line around 48k satoshis.
The 1 day chart shows a correcting red candle, after 4 consecutive green candles (but with very small gains).
Overall opinion: STEEM value in Bitcoin lost less than what it lost in fiat, so it may look cheaper, but only because Bitcoin got cheaper. Both STEEM and SBD look bearish for short term.
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
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):
That Steem and SBD ratio is slowly making its way towards 1 now it seems.
Also, isn't it around 7am for you? Good morning! As I'm about to go to sleep here in an hour or so lol.
Yes, it's 7:15AM, a bit late for me. Good night :)
Good Work! Do you believe that Steemit as a social media platform will ever be close to the giants like Facebook and twitter in terms of number of users?
Yeap, it will have a place at the table. I think it already has it.
I noticed this about 3 hours ago.
The cryptococoncy market is down now. The prices of all crypto coin have dropped except etherume.
sbd looks to be down but in satoshis looks strong
looks like increasing the supply is actually kind of working according to today's price of sbd
Every coin prices just dropping except ETH.
thanks for the news sir..waiting to hear the big news from you :)
glad that i moved away from ripple at the right time pheww
eth rocking
great analysis!
it's amazing, really so wonderful @hafez. thanks for sharing. i love your post.