Market Snapshot - September 6th 2018

in steemit •  last month

Top 10 Cryptos

At the moment of writing, the top 10 crypto assets were sharply bearish, with 9 of them in red and one in green (Tether).


Screen Shot 2018-09-06 at 8.49.50 AM.png


After a nice and steady trend, the bleeding came in a few hours. All top 10 cryptos are posting double digit losses. This market plunge may be related to this dormant wallet suddenly becoming active after 4 years.

STEEM And SBD

At the moment of writing, STEEM was trading, on average, at $0.80 on Coinmarketcap, sharply down from yesterday.

On the hourly chart, STEEM saw a steep sell-off, driving the price below 13k satoshis, but it seems to stabilize now around 12.8k satoshis


Screen Shot 2018-09-06 at 8.50.43 AM.png


The daily chart is down for the first time in 2 weeks


Screen Shot 2018-09-06 at 8.50.50 AM.png


SBD was trading, at the moment of writing, at $0.95, down from yesterday in fiat, but up in BTC, and, technically, still at the peg.

The 1 hour chart is showing a sudden burst, responding to Bitcoin's dip


Screen Shot 2018-09-06 at 8.51.26 AM.png


The daily chart is looking a bit up, but not too much


Screen Shot 2018-09-06 at 8.51.31 AM.png


SBD to STEEM Ratio

At the moment of writing, according to steem.supply you could get 1.153 STEEM for 1 SBD, significantly up from yesterday, and above parity. Since SBD printing rate is 0%, rewards are paid now in STEEM / Steem Power.


Screen Shot 2018-09-06 at 8.52.12 AM.png


Overall opinion: Given the sudden move down of the Bitcoin, and the potential reasons for it, I think we may expect the downtrend to continue. STEEM is holding on relatively well and SBD is struggling to maintain the peg. My outlook short term is bearish, and medium term neutral.

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.


Dragos Roua


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What a huge sudden drop!. Eather due to Goldman crypto trading plans drop, the $1Billion worth of Bitcoin sold or as the final down leg expected by several traders, it is hard to see how all previous days gains suddenly vanished in a few hours.
Bitcoin tried to hold the initial first drop around $7000 but finally kept downtrending and now is just below $6500. Let's see if it can hold the drop in that level as stochastic shows clearly oversold and volume spiked.

Screen Shot 2018-09-06 at 08.40.37.png

EOS as all the rest of altcoins followed Bitcoin trend and lost between 15% and 25%. It is now trading around $5. Let's see if the price holds there.

Screen Shot 2018-09-06 at 08.40.52.png

STEEM reached the previous low from mid August and it is now trading at $0,8. I expect all assets to stop the bleeding trend and remain stable during the day.

Screen Shot 2018-09-06 at 08.41.06.png

This is how it is in the crypto market

It's typical that this happens just as I need to release funds to pay for Steemfest. I sometimes wonder if I cause the crashes :) I know it's just a nervous market reacting to every little bit of news.

·

I sometimes wonder if I cause the crashes

:))

I believe the market plunge is related to the wallet that has over 110,000 Bitcoin on it that becomes active and maybe the owner did a massive sell off of his Bitcoin that leads to the sharp drop in price of Bitcoin, the bearish mode will continue because investors are a bit scared to enter the market for now because they need to know the true direction of the market for now before investing

Soon ... but not yet ... will be better ... i do believe it needs to go as i've said ... near to 5000 $ ... and after that ... tight your seat-belts @dragosroua

But we'll still have some strong moments just for the strongest people in the cryptonian world :-)

We shall not forget to keep steeming cause'that's the main thing to do ... Regards to you all. Yesterday i've commented on the other post saying that somehow my Prophecy becomes true ...

12% decrease in change ohhh shitt man bad news for all of us bitcoin 😓😢😭 even steem and all the market goes down after bitcoin ...

your perspective in the short and medium term is quite discouraging, lately these coins like to bleed.

Just yesterday, or so, steem was at almost $1. Then $0.8 again. Why all this.

Even holding Tether is sometime beneficial too

Crypto markets so crazy. Where is the article about US deficit to top $1 trillion in 2019? US prints $1 trillion out of thin air. US$ drops 20%?

https://www.wsj.com/articles/deficit-projected-to-top-1-trillion-starting-next-year-1531950742

I hope you're wrong friend and that the market rise soon.

This low market is a bit disappointing, however we must continue to invest in the Steem.

This was very unexpected, but at least steem is holding up

Everything will go up soon

Seems like manipulative bloodshed...so may be it would be temporary.

Great information ... I am helpful for your news .
Thanks for sharing @dragosroua

Coins mentioned in post:

CoinPrice (USD)📉 24h📉 7d
BTCBitcoin6440.184$-8.32%-6.79%
SBDSteem Dollars0.963$-1.67%-2.7%
STEEMSteem0.831$-9.1%-9.23%
USDTTether0.999$-0.31%-0.12%

Everything is in red..again a bear market

Posted using Partiko Android

Steem price again down,this is very sad news,and bit coin price going down,Hopefully the steem price going up soon,thanks for your daily information,