Market Snapshot - August 1st 2018
Top 10 Cryptos
At the moment of writing, top 10 assets were significantly bearish, with Bitcoin posting a 7% loss
There's a sharp sell-off across the entire market spectrum, apparently drove by regulation news coming from South Korea.
STEEM And SBD
At the moment of writing, STEEM was trading, on average, at $1.28 on Coinmarketcap, sharply down from yesterday in fiat but too much in BTC.
On the 1 hour chart, STEEM went down a bit, and it's not trading at 16.5k satoshis, after being mostly at 17k satoshis yesterday
On the 1 day chart, the 17k satoshis resistance level is broken and we're seeing 16.5k satoshis being tested
SBD was trading, at the moment of writing, at $1.12, down in fiat from yesterday, but slightly up in BTC.
The 1 hour chart shows a small spike up to 16k satoshis, followed by a correction to the previous level, 14.5k satoshis
The 1 day chart seems relatively stable around 14k satoshis
SBD to STEEM Ratio
At the moment of writing, according to steem.supply you could get 0.857 STEEM for 1 SBD, up from yesterday, and under parity. SBD printing rate is 37%, down from yesterday.
Overall opinion: After an impressive week above $8,000 Bitcoin is taking a plunge, on news from South Korea perceived as negative (taxing crypto exchanges more). STEEM and SBD are holding their ground in BTC, but they are feeling the pain too.
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.
Wanna know when you're getting paid?
|
I know the feeling. That's why I created steem.supply, an easy to use and accurate tool for calculating your Steemit rewards |
Finally, the correction appeared. The Korean news probably helped but after the previous days' uptrend rally a retracement was a clear possibility.
Bitcoin lost more than $500, hit the $7500 where the longterm downtrend line and a previous resistance meet and could have bounced there this morning as seen in the 4hr chart. It is trading just below the 100 MA line with still nice volume and stochastic showing strong oversold. We will have to see if just this strong correction marks the begin of the uptrend resume.
EOS correction let the price enter the big descending triangle and then the price reacted bouncing after losing around one dollar as the price is trading at $7,2 right now. A strong oversold signal on stochastic also.
STEEM had also the strong correction due to correlation with bitcoin, it stopped on the previous lows at $1,2 levels. Volume still important so we might still see nice movements today.
We have finally seen a push in a particular direction today as price fell out of the consolidation range price created after rejecting the $8,600 region. After such a major market manipulation a pullback or sell off was inevitable. Price has since continue to trade below to support level of $7,800, looking to push lower towards the next support level of $7,200.
The 4hr chart shows that price was able to break and close below the previous support of $7,200. Price has also rejected the 200ema at this level which is another indication we could see price continue this push to the downside. If this bearish movement is to continue my short term target is to $7,200. This could be a positive in the long run by giving the market some time to breathe and also to potentially create a lower high.
Ripple is doing wonder this time all of sudden interesting
Oof, I was going to pay for my privex server with STEEM today. Should've done it yesterday while the price was a little higher!
Here comes the pain.......... we are ready as usual. But I must admit that last week was really awesome and the total market cap saw some major boost.
I am so worried to your update news . This is very painful . Btc price is coming down again . Really so sad news .
Thanks for sharing @dragosroua
After jumping the stream is now on the road. Btc is landing. Please give the way....
Now btc is coming at price where its stalble level. I think it would be difficulte to stay btc over $8000.
Btc is coming down after hreat jump. Hope it will go high again. And we are very hopefull for steem.
I am really worried.