Top 10 Cryptos
At the moment of writing top 10 assets were sharply bearish, again, with all of them in red, and 2 assets posting double digit losses, EOS and TRON.
Bitcoin pierced through the $7,000 level resistance and it's trading for $6,800. Given the amplitude of the dip, it's expected to continue for a while, levels like $5,000 or $4,000 not being out of the card deck.
STEEM And SBD
At the moment of writing, STEEM was trading, on average, at $1.88 on Coinmarketcap, sharply down from yesterday both in fiat and in Bitcoin. It's the second time STEEM is going under $2 this year, the first time being in April, when it went as low as $1.49.
The 1 hour chart shows a very sudden drop in which STEEM lost 2k satoshis in just a couple of hours.
The 1 day chart shows a the price breaking the downtrend line drawn using April lowest low, on significant volume.
SBD was trading, at the moment of writing, at $1.49, , down from yesterday.
The 1 hour chart indicates a downtrend channel, but on a gentler slope than STEEM's.
The 1 day chart indicates a stabilization around 20k satoshis, but it's still very early to tell if the downtrend is over
SBD to STEEM Ratio
At the moment of writing, according to steem.supply you could get 0.728 STEEM for 1 SBD, down from yesterday, and under parity.
Overall opinion: As expected, the market swing is strong, gathering around a lot of undecided traders. So far, the direction is down and we may be in a bear market for some time. STEEM and SBD didn't lost too much value in BTC, which would be a good sign if they would show other signs of decoupling, which they don't. Seems like we're in for a hot, red summer.
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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