Markets Snapshot - Day Three
This is my third 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 green, with 6 of them showing double digits growth.
Bitcoin is recovering significantly, from around $13k to over $15k. It may be a sign of traders coming back from holidays and testing prices for the first maturation of futures contracts. The gap between Ripple and Ethereum widens, on a small bull trend for Ripple and stabilization for Ethereum. I expect Ethereum to continue its appreciation during the following days, when more news about the Casper PoS testnet will hit. Stellar took the 7th position, overcoming IOTA, Nem and Dash, on a sustained bull trend. The same strength can be seen in Cardano. All in all, top 10 cryptos seems to be powered by positive sentiment.
STEEM And SBD
At the moment of writing, STEEM was trading, on average at $7.26 on Coinmarketcap, continuing its sharp appreciation. On Bittrex, the 30 minutes charts shows two consecutive spikes with corrections down to the half of each bull run, indicating sustained growth.
The 1 hour chart shows a slightly different situation, with a failed tentative to go above yesterday's high, 48k satoshis, and a mandatory correction after that.
The 1 day chart indicates a slowing down of the uptrend, with the last candle showing a very small body and long wicks on both sides, up and down.
SBD was trading, at the moment of writing, at $10.16 on average, slightly down from yesterday. The 30 minutes chart on Bittrex correlates with the two upswings of STEEM, only for SBD this translates in sideways trading, not much force in any direction.
The 1 hour chart shows caution, with low amplitudes of both swings and a stabilization below the highest values touched a couple of week ago.
The 1 day chart supports the sideways movement, indicating that SBD may stabilize in the 68k - 75k satoshi corridor.
Overall opinion: value stored in the recent SBD pump continues to flow into STEEM, which reached an all time high. Trading volume, around the $100 mil / day mark, may indicate consistent interest from traders which are looking to secure significant positions, indicating even further appreciation for middle and long term.
Previous Posts In The Challenge
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):
Wonderful start to the new year...
You are very caculative.....that helps us to inform about cryto....... thanks @dragosroua
This is an amazing writing challenge and appreciations are there for this beautiful writing contest. Hurrah! i am happy that investors are happy after spending their holidays and i am really happy for the SBD and Steem ;)
thanks @dragosroua for updating us
Stay Blessed,Steem on!
I really appreciate the technical analysis on the Steem and SBD charts. It's actually quite helpful for taking a guess on potential movements in the price.
The appreciation so far has been quite impressive. If it continues like for a bit more, we might have a chance to go back into the top 10 from when Steem was there more than a year ago.
Well it is safe to say you have an interest in crypto lol. I understand the SBD pump, but posts like this make me really "get" it finally and how its paying off now. The SBD to Steem ratio is down to 1.4 almost at this point.
Yes, and the ratio may keep going down until it reverses.
Interesting read. I had noticed that SBD & STEEM had started to go crazy, pretty much immediately when 2018 began. I chalked it up to the same reason as why I came back home -- people are going back to work.
I'd like to say -- I just found you on here only a few moments ago, because of the steem.supply site. Very useful -- keep up the good work!
Thanks, appreciate the nice words :)
https://steemit.com/busy/@dlina-v-metrah/colorchallenge-wednesday-yellow-after-the-new-year
Here is my third day :)
Cool analysis, thanks for sharing this information with us. Do you bitcoin will break it's ATH this early period of the year @dragosroua
Great information, bitcoin picking up or rise shows that traders are resuming back after the festive period. Great though @dragosroua