Market Snapshot - June 27th 2018
Top 10 Cryptos
At the moment of writing, top 10 assets were bearish, with all of them in red.
Bitcoin is holding its ground - for now - above $6,100, but the bear pressure seems consistent and there aren't many factors to point in the direction of a stabilization, let aside a reversal. The other assets are reacting to the market with various amplitudes, the highest loss is on BCH. To be noted that, along with the decrease of the total crypto market capitalization, Tether is making its way in top 10. As stated by the founders, Tether is backed 1 to 1 with real fiat and it's intended to be a replacement for dollars, a "stabecoin".
STEEM And SBD
At the moment of writing, STEEM was trading, on average, at $1.28 on Coinmarketcap, down from yesterday in fiat, and in BTC.
The 1 hour chart shows that yesterday's spike was corrected immediately and now STEEM is hovering around 21k satoshis again
The 1 day chart suggests stabilization around 21k satoshis, as the last few days didn't move too high or too low, but given the very low volume, the probability is not that big
SBD was trading, at the moment of writing, at $1.05, down from yesterday in fiat and in BTC.
The 1 hour chart shows the same correction as in STEEM, with SBD trading again slightly above 17k satoshis.
The 1 day chart is relatively stable and no consistent signs for ups or downs are displayed at the moment
SBD to STEEM Ratio
At the moment of writing, according to steem.supply you could get 0.823 STEEM for 1 SBD, almost identical with yesterday, and under parity.
Overall opinion: The bear movement continues and I will personally prepare mentally for a $5,000 Bitcoin. That will impact the other assets as well, which means we may see again STEEM under $1.
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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I am very confident about that steem will bounceback again. Hope that 1 steem will be equal to 5 usd. Hope we will see rising of steem again.
Hi dragosroua
How are you ?
Informative post , thanks for your information .
Keep good work every time .
Thanks for sharing @dragosroua
Upvote you .
this downtrend seems like thee most longest till now very bearish
Steem has a tendency to rise again so it doesn't bother if it drop less than 1.0 as it will bounce back. We love to see more value of SBD than steem. Thanks for sharing @dragosroua
The price of Steem will recover,i have confidence in Steem because of the Steemit DAPPS...The usability is increasing day in day as the Steemit team also works on improvements.
True... Bear market may go on for some more time...
Although we are still in a clear downtrend channel. More and more interesting good related crypto news are coming out which eventually will end up turning around the market.
The Facebook announcement on crypto ban release and Andreessen Horowitz 300M fund creation for crypto projects will for sure help institutional investors start to consider jumping in.
I have used 4hr charts today to show the downtrend channel in all three cryptos.
Bitcoin clearly shows the channel since the beginning of May, we have had a slight volume increase during the past two days but the graph does not show any trend reversal. The price is approaching the $6000 level again.
EOS is trading inside the downtrend channel at a price around $7,5 and could develop a double bottom.
Steem has the same pattern and could be also developing a double bottom or a decreasing triangle. We need to see what happens during the day. Price is around $1,3.
Coins mentioned in post:
in my opinion bitcoin will be stable for a long time
I think you may be correct about Bitcoin, and STEEM heading lower. Bellow $1 is a possibility, but will see the SBD/STEEM debt ratio head a fair bit above 5% if SBD manages to hold the peg. I suppose SBD conversion would need to be enabled again for this to happen? The bonus is of course seeing rewards being paid in a portion of liquid STEEM, and possibly no SBD soon. It will add utility value to STEEM and hopefully encourage users to transact in STEEM more, and eventually leave SBD behind as a secondary token on the platform, as it is meant to be.