Market Snapshot - February 13th 2018
Top 10 Cryptos
At the moment of writing, top 10 cryptos were all in red, slightly correcting after yesterday spike.
The week started on a more bullish tone than usual, so this correction seems just a "breathe out" of the market. No significant news or technical developments to sustain it. Also, just 3 more days until Asian New Year, so it's possible we're seeing some last minute cashouts.
STEEM And SBD
At the moment of writing, STEEM was trading, on average, at $4.16 on Coinmarketcap, almost identical with yesterday's value.
On Bittrex, the 30 minutes chart shows an upswing flattened into sideways trading really fast.
The 1 hour chart shows significant volume and a bit of nervousness in the last few 4-5 hours.
The 1 day chart is showing a very small green candle, closing in a triangle pattern built during the last 3 weeks, which usually signifies a reversal.
SBD was trading, at the moment of writing, at $4.98 on average, up from yesterday. The 30 minutes chart on Bittrex shows a significant upswing, followed by a moderate correction.
The 1 hour chart puts the upswing in perspective, indicating that the new resistance level is around 54k satoshis.
The 1 day chart confirms stabilization after last weekend pump.
SBD to STEEM Ratio
At the moment of writing, according to steem.supply, you could buy 1.197 STEEM with 1 SBD, slightly up from yesterday and the parity continues to be broken.
Overall opinion: STEEM and SBD are still stable with a slightly bullish tendency, fueled mostly by SBD upswings.
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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True, Steem seems to be stabilize around $4 .... Looks bullish from here on!
Slowly but safe the market is cover even then yesterday was red day we are on the righ track
I wasn't expecting a fast recovery, good sign, Steem seem stronger :)
The stability is really refreshing.
Awww, Steem is stably going up :) I'm glad I invested in this platform. Thank you for raising my hopes a lil bit for the future!
It's interesting to note that since the correction the crypto markets have been very calm. Moves have been quite small for the most part, generally less than 5%, especially for the top 10 coins. Makes me wonder why volatility seems to be dropping?
Nice analysis! Just how i like it, slow and healthy grow instead of pump and dump. Hopefully the nervousness is cleared soon, it may be related to bitcoin trying to breach 9k again, what do you think?
I will correct you slightly here ;-)
No, generally this kind of triangle consolidation mean bigger move will soon happen. You don't know which direction move will go, but you have good odds, soon bigger move will happen.
In this case, consolidation is happening above previous one and price is staying above previous demand level - see from which level price made stronger move up. As long as price stays above that level, bias is up for next stronger move... (no guarantees though) ;-)
that's exactly my point. When a triangle consolidates, price will swing harder, a bigger move is expected. But very hard to tell in which direction.
Thanks for informing
hope it will goes up
What is your analysis ???