Market Snapshot - August 5th 2018
Top 10 Cryptos
At the moment of writing, top 10 assets were strongly bearish, with all ten of them in red
Bitcoin is technically over $7,000 ($7,002) but I expect it to go below this level in the next hours.
STEEM And SBD
At the moment of writing, STEEM was trading, on average, at $1.17 on Coinmarketcap, down from yesterday in fiat but up in BTC.
On the 1 hour chart, STEEM shows a nice rebound from 15k satoshis, maintained solidly up to 16.5k satoshis
The 1 day chart is showing a few green candles breaking the descending trend line of the last 3 months, but the volume is way too low to indicate a breakout
SBD was trading, at the moment of writing, at $1.07, down in fiat from yesterday, but up in BTC.
The 1 hour chart shows a small upwards correction, to 15k satoshis
The 1 day chart seems to be entering a sideways trading pattern
SBD to STEEM Ratio
At the moment of writing, according to steem.supply you could get 0.910 STEEM for 1 SBD, up from yesterday, and under parity. SBD printing rate is 13.66%, down from yesterday.
Overall opinion: Markets are continuing the bearish trend started at the end of last week. As Bitcoin goes down, STEEM / SBD are going up in BTC, although in fiat they're losing value. This "slingshot" move makes me believe that, despite this strong correction, the market is healthy again, and we're going to see nice things happening. Sooner or later.
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.
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When everyone was expecting the markets to start recovering a new bear leg appeared.
Bitcoin has dropped to the $7000 level punching the previous strong resistance line at $6900 which acted as support.
It is now in the 64% Fibonacci retracement since the previous low when the market bounced up. We may still experience some downtrend.
EOS also lost the levels it had reached during the day and is now just above the $7 value trading below the 200 and 100 MA lines. If Bitcoin experiences a third downtrend leg it may reach the support at the triangle line again.
STEEM lost just about all the gains from the small uptrend it experienced yesterday but it is still trading above $1,15 trying to reach the 200 MA line. We will see how the end of the weekend evolves.
Today proved to be another challenging day within the Crypto markets as traders and investors saw the dreaded numbers in red once again. Since price closed below the $7,250 level of support, price has seen a sharp sell off which was expected after such a huge market manipulation that occurred last week.
The 4hr chart shows the huge sell off price has seen seen being rejected at $7,500 earlier in the week. This has proved to be a strong level in the past which could be a contributor to the nature of this sell off. The price could free fall down to the $6,800 region over the coming days as the charts show little to no previous noise between where we are currently trading and the $6,800 level.
as long btc is over $7k we are good
Btc is down to 7k from 8200$
I think this is the highest ill ever see for a while now.
I don't know, if you see this is as a longer term bearish market. Reminding that it can be longer than most people think.
steem to sbd or sbd to steem ratio is the only thing that improved in this wave.
At least Iota is looking good :-)
After full week of uptrend, this downward slope was expected. Right now I am hoping for higher lows before the next upwards trend
Hard time for Crypto lovers again :(
Time to buy some cheap STEEM and keep hodl through
Super bearish mode good for those who are still looking to buy but not great for holders