Market Snapshots - Day Six
This is my sixth 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.
Today I'm posting 4 hours later than my usual time, partly because yesterday and this morning I've been debugging steem.supply.
Top 10 Cryptos
At the moment of writing, top 10 cryptos were slightly bearish, with 6 in red and 5 in green.
Bitcoin seems to consolidate around the $17k level, one of the layers at which the first bitcoin futures were initially traded, back in December. ETH also consolidates around the 1k level and stays around $99 billion market cap. The last few days hypes, Ripple, Stellar, Nem and Tron are all showing losses. It's worth noting the sharp appreciation of Litecoin in the last few hours, almost vertical.
STEEM And SBD
At the moment of writing, STEEM was trading, on average at $5.9 on Coinmarketcap, lower than yesterday. On Bittrex, the 30 minutes charts shows a small correction up, followed by a flat line, on a very low volume.
The 1 hour chart shows a sideways breakout, indicating STEEM stopped yesterday's correction.
The 1 day chart shows a first green candle with a long bottom wick, after two consecutive red candles. Correction seems to be over.
SBD was trading, at the moment of writing, at 7.58 on average, down from yesterday. The 30 minutes chart on Bittrex shows a flat line around 45k satoshis.
The 1 hour chart indicates that the downward channel may not be over, although for the last few hours it traded almost flat (which for SBD is a good thing).
The 1 day chart shows a similar position with the STEEM chart: a small green candle after two consecutive red, corrective days. Given the small size and low volume, this may signify indecision in the market and not necessarily the end of the bear trend.
Overall opinion: STEEM and SBD are following the general alts pattern of going down when Bitcoin appreciates. But we're ending the interval with a flat line, rather than a sharp down line, as in many other alts, which may signify a more stable and conservative pool of holders.
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
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):
Just when people thought ripple would take over, bitcoin takes a stance
all my coins are red today and the market seem quiet but on the bright side i see BTC and lite coin doing great, for steem maybe it will recover after the weekend knowing the weekends are always slow on trading and steemit too
The whole market is in a state of difficult analysis or understanding whales control
Thanks for these graphs
And the villages that I give it seem like I am there stability Steem and SBD either the pettiness is still going up
Is this a challenge to be committed to a subject?
Great analysis.........we are taking zest of crypto marketing.....thanks!
litecoin is finally back in the business :D