STEEM/BTC TECHNICAL ANALYSIS: STEEM TANKS BUT SO DOES SBD!
STEEM ≈ 1.40 USD!
The other day I wrote about my thoughts on STEEM/BTC price action and I explained how the market will either turn bullish or bearish depending on whether the price breaks above the red line or below the green line I drew on my chart. You can check that post out if you want, by clicking HERE. Today I woke up to see STEEM down 24% to 1.40 USD. It's about 1.46 SBD at the moment which means SBD has also tanked and is now worth less than 1 USD which is honestly not something I expected to see!
HOW DID I MISS THIS!
I noticed something that I also noticed previously but for some strange reasons I decided to ignore it. As you can see in my second chart, it looks obvious that the price was going to tank. It had already broken the green line and was retesting it from the other side. It's always best if we draw the line like this and ignore the price action above and below the open and close quotes! What's even better is to look at both methods of drawing a trendline and compare them and see which one seems to be the one that the majority of traders are following.
MR. OPINIONATED!
Please be advised that trading cryptocurrencies comes with a high risk and any opinions, research or other information contained in my posts is provided as a general market commentary and opinion only, and does not in any shape or form constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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One of the reasons might be that people are swapping some of the steem for eos? I have now data to support that and I haven't looked closely. At a glance the drop in the price of steem coincides with the eos ico. That may just be a coincidence?
It could be the case but my surprise is mostly with SBD! I thought SBD was going to be used as a hedge or safe haven and would go up but it went down even more and is now less than 1 USD!
There isn't a single asset in the to 75 coins on coinmarketcap that's green right now. At this moment, not even tether.
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