Market Snapshot - June 11th 2018
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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What a bearish weekend!
Markets have strongly corrected almost reaching previous lows. Global market cap went all the way below $300B again.
Bitcoin had a stronger price decrease during the day which let the price far below $7000. It did not reach support at $6500 and this morning is bouncing up on what could be a reversal. (4hr chart)
EOS Block Producers Candidates voting has started, at present time it has reached almost 2% and needs a 15% for the green light. Price reached support from previous low in mid May and now seems to be holding. The Mainnet launching may bring bullish forces in.
Finally Steem was not able to keep the $2 mark and is about to reach lows from mid April at $1.7. Volume has experienced a small increase on the last candles and RSI is on its low. Price may end up bouncing up in the following hours.
Hi @dragos
How are you ?
Thanks for your update information .
I hope SBD prices up very soon .
Thanks for your sharing @dragosroua
Upvote you ...
Well, this year has not been the best in the crypto world. Hope it gets better in the second half of the year
So it went under eventually!
Mehn i woke up this morning on a sad note when i check the market. We are experiencing a serious bloodbath and we dont know why. I just hope there would be a bullish run after this.
hopefully :)
Steem took a big hit there that was something i not expected but good time to invest some in steem and bitcoin is just out of this world right now
It is one of the saddest news since my time here, I hope both steem and sbd come back to life.
It is the down time of Crypro currency.but no need to worry it will rise again..as it has raised in past.
While it is bargain time, it is advised not to shoot all dry powder at once.
When shooting it all at once and the market keeps on dropping you will regret it. If the market starts to climb again, you still have a good deal!
Cheers,
Peter
The value of bitcoin is going lower. But this is the best time to buy bitcoin and for for while to get the best prize.