Markets Snapshot - Day Two
This is my second day from the 30 days writing challenge I'm doing during January. Basically, I will write each day an article on a topic that I'm interested in, or something that I'm just learning. I will 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 mixed, with 7 of them in green and 3 in red.
Bitcoin is down on a slight volume decrease. Cardano is more or less on a sideways trading pattern and Bitcoin Cash follows BTC. The only top 10 crypto with a double digit growth is Ethereum, with a spectacular rebound to almost $900. I suppose this growth is related to recent announcement of the Casper PoS testnet launch. If the trend continues, ETH is poised to get back its second place as the world's second largest crypto by market cap. Ripple is entering a sideways trading channel and Stellar growth seems to slow down.
STEEM And SBD
At the moment of writing, STEEM was trading, on average at $6.36 on Coinmarketcap, almost 30% over its all time high, registered on July 19th, 2016 ($4.34). On Bittrex, the 30 minutes charts shows a very strong bull candle, followed by 4 smaller correction candles, none of them going back to half of the big one. This may indicate significant strong on the bull trend, which may at least mean holding the ground to these levels, if not going beyond.
The 1 hour chart supports a bull trend, with a very big green candle piercing through the 50k satoshi level with its wick (meaning not enough force to keep the ground at 50k satoshis) and with a small corrective red candle.
The 1 day chart puts everything in context and shows two consecutive green candles, on a very significant volume (almost $60 million) and sets the price of STEEM on a whole new level. It's the biggest growth in the history of STEEM so far.
SBD was trading, at the moment of writing, at $10.67 on average. The 30 minutes chart on Bittrex shows the same big green candle correlated with the STEEM growth, but the correction was bigger, with red candles going below half of the previous candle.
The 1 hour chart shows the green candle with a longer wick than the body, usually a sign of bull weakness (there was intense price testing in the wick part of the candle, with a bearish resolution).
The 1 day chart shows a very different picture than the 1 day STEEM chart. SBD is just hovering around the highest values, not reaching them yet, on a moderate to low volume.
Overall opinion: value stored in the recent SBD pump is getting translated into STEEM, so we may see STEEM at least stationary, if not growing, while SBD will start to get down.
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):
Great analysis @dragosroua, do you think steem will obey the law of gravity?
Everything obeys the law of the gravity, it depends on which planet. I heard on Mars it's lower. ;)
there's gravity in the cryptosphere?
who knew?
Hahahaha that's true, what price level do u see steem recorrecting itself to since its not a shit or hype coin?
What a coincidence, I just started a 30 day writing challenge yesterday without knowing about this challenge. I'll start tagging my posts #challenge30days!
Welcome aboard :)
Take advantage of the SBD/Steem ratio while you can.
It may not last much longer.
My challenge did started yesterday however I forgot to use the tag, today I start using it.
Incredible start to the year :)
The information you share @dragosroua are always top notch, Great work
Very Valuable information Keep it up and always provide quality content like this in future.
Top 10 are rocking steem will join the party soon
Steem top rise up, great analysis on steem
I like this post, thanks for good sharing
I'm loving the higher price on Steem. I just hope SBDs can still remain higher as well.