Steem Backed Dollars(SBD/BTC) Update 06/07/2017: Broken Important Supports, Now Became Sell On Rise......
Who have thought that SBD after giving stellar rally on 26/06/2017, find itself trading in weakest level. It has became sell on rise from buy on dips in span of few day. That is why, professional traders called markets a strange place, where nothing is certain , one have to take one step at a time, that too with back up which is Stop Loss in trading space. SBD is now trading at 50K satoshi level which is weakest and lowest level for SBD.
Lets take a quick look on chart below to find how it goes from sky to floor......
In chart above on can clearly see following:-
- After stellar rally on 26/06/2017, SBD settled below key resistance zone of 85k Satoshi,after multiple attempt to breach that zone, it attempted to test support level of 74K Satoshi. This support finally gave on third attempt and from there there was no stopping to downfall in SBD prices.
- Another point one can clearly see on chart above is trading below the 10 Days EMA(Yellow Wavy Line) , this clearly shows a downward momentum and weakness. As long as SBD continue to trade below this moving average, traders have greater chance to earn money selling SBD, rather playing contra trend bets.
- RSI indicator at bottom of chart is also indicating weakness along with SBD price. This indicator is currently at 37 level and still has room to go below upto 20 where one can say SBD is now oversold.
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Now the conclusion
In conclusion, I again repeat SBD is a sell on rise script. Any attempt to clear 10 Days EMA which is at 58k Satoshi level should be seen as selling opportunity. But if this scrpit gives two close above yellow wavy line and green dotted line , then only sentiment can get changed from weakness to neutral.
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Love it, I am on #Poloniex looking at their charts, to be honest I have lost many trades on SBD so many of You guys have my money in your pocket now :) Good I have learned a lot from this. Do you know a best route to go to buy SBD from Polo to fund the #sbd or #steem wallet directly without converting back to bitcoin ? thanks, Nic
Thanks for stopping by,, i am sorry for your loss, but happy that you have learnt something from it and have some idea of things after reading my ta. Charts are soul of trading, and one should learn this art before entering in trading setup. To be honest i do not know any route where sbd or steem can be exchanged without converting and i think there isn't any yet
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Yeah, SBD getting beat up lately.