Market Snapshot - May 24th 2018
Top 10 Cryptos
At the moment of writing top 10 assets were bearish, with smaller losses than yesterday, though.
Bitcoin seems to have found floor at $7,600 and all other top assets are following suit, showing a "dead cat bounce".
STEEM And SBD
At the moment of writing, STEEM was trading, on average, at $3.25 on Coinmarketcap, up from yesterday both in fiat and Bitcoin (more than 10% increase in BTC).
The 1 hour chart shows a very consistent upswing, from 39k to 47k satoshis, correcting now around 42k satoshis.
The 1 day chart shows a more consistent crossing of the 3 days average trend, with a very long candle (long wick, too, though, which means the trend is not yet forming, there's still some bear pressure). Crossing again above the 3 days average may signify the beginning of a sideways trading pattern for STEEM, or even reversal and the start of a bull trend.
SBD was trading, at the moment of writing, at $1.96 on average, down from yesterday, both in fiat and in Bitcoin.
The 1 hour chart shows a fragile stabilization around 24.5k satoshis
On the 1 day chart SBD seems to be correcting up, but on a very short green candle
SBD to STEEM Ratio
At the moment of writing, according to steem.supply, for 1 SBD you get 0.601 STEEM, significantly down from yesterday and below parity
Overall opinion: Markets coupled with Bitcoin are flooring now, while assets which are more decoupled, like STEEM, are gaining. SBD is trading below $2 for the first time in the last few weeks.
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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A blood war out here , but Steem is all in the green
Wow... Steem is bullish in this bearish market...really cool!
I think now it's the best time to buy
if bitcoin has found the floor, then we are going to see upswing soon.
I don't believe we have found the floor just yet.. Today price pushed straight through yet another support at $7,500 and is still continuing to fall. I believe we will be seeing price fall to the 6k region.
Its amazing how you sort of talked yesterday about Steem being slowly decoupled from BTC and now that btc and all other cryptos heavily dependent of btc price are going down but Steem managed to hold and even get some gains out of this.... But i have to admit i got slightly scared yesterday when the price went down to 2.75~
A huge volume has been added in the steem, hopefully, that's a good sign.
I took notice of this too! yesterday in the morning the volume was around 9m and right now its 20m+!
but the market is not pumping as it should be pumping with this huge volume.
Kids these days are not happy with a 10% pump! 2.95~ to 3.25 is a nice pump if you ask me! Especially since we are still slightly far away from hf20 which should be coming in the next few months.
hahaha :p what is hf20? can you please elaborate more?
Its the next update to the platform and the steem blockchain, you can read about it here!
Thank you :) i'm going to read it
Unfortunately, the morning flourishing just vanished and markets are strongly bearish again. Bitcoin has broken the $7500 support and keeps going down.
EOS is facing the $10 support giving still no signs of reaction expected as we approach the end of the month and Mainnet starts rolling.
Steem graph shows what looks to be a clear pump and dump from some whales as the price was extremely bullish for a few minutes and then started going strongly down again, now the value is below $3. I would focus on using the platform and forget about the markets until a consolidation phase starts moving prices up again.
I believe we will definitely be seeing price push alot lower then we already are trading at, potentially reaching $6,500 very shortly. The next real zone Bitcoin will find any support at will most likely be around the 7k region!
Great article sir.
I appreciate your work.
I hope steem will soon rises up more.☺
Nice content
Very well articulated
Excellent job.
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Thanks @dragosroua for sharing this post.
Thank you for share Market Snapshot - May 24th 2018