Market Snapshot - September 7th 2018
Top 10 Cryptos
At the moment of writing, the top 10 crypto assets looked relatively bullish, with 9 of them in green and one in red, but in fact it looks just like a correction from yesterday's dip).
All this looks like a technical correction, and in the absence of more specific indicators, I would say the downtrend is not over yet.
STEEM And SBD
At the moment of writing, STEEM was trading, on average, at $0.84 on Coinmarketcap, slightly up from yesterday.
The hourly chart shows that approximately one third of yesterday's dip was recovered, STEEM trading at (or slightly below) 13k satoshis
The daily chart is showing a correction as well, but the trend is not yet clear
SBD was trading, at the moment of writing, at $0.95, identical with yesterday and, technically, still at the peg.
On the hourly chart, SBD is maintaining the new corridor, trading at 14.5k satoshis
The daily chart is stabilizing after yesterday's gains
SBD to STEEM Ratio
At the moment of writing, according to steem.supply you could get 1.12 STEEM for 1 SBD, slightly down from yesterday, and above parity. Since SBD printing rate is 0%, rewards are paid now in STEEM / Steem Power.
Overall opinion: Markets are cautious after yesterday's carnage and no definite trend is visible. STEEM is slowly recovering, while SBD is maintaining position. 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.
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It seems the strong downtrend has stopped.
Bitcoin is trading around $6400, around a previous support/resistance line and volume is declining as stochastic has reached oversold in the 4hr chart. We may see the market moving slowly up once volume comes in.
EOS is trading slightly above $5 with the same volume decline as Bitcoin but here stochastic has already started moving upwards although the last 4 hr candle has reversed the small bull trend. We need volume to get a clear direction.
STEEM started recovering yesterday after crossing the previous resistance. It is now at $0,83 on a small retracement waiting for volume to push the market up. Next hours should show a clearer trend.
Steem as an altcoin is still very stable (relatively) . Am a bit relaxed about the future
Sbd doing great bearing the market pressure but holding strongly
Man that dip kicked my butt. I was just getting optimistic. That will teach me. I try to just HODL and not watch day to day movements but when markets start up...
The fake news really did some damage...I wonder if it was planned.
The market correction as you said might be a temporary correction, but I believe investors are still weary a about the market direction. But I just hope the bullish trends will just continue into next week trading
Whenever Bitcoin takes huge falls and all other alt coins follow, it makes me think no altcoin can independently rise, e.g, steem wont significantly independently rise until bitcoin does. Is this entirely true?
As long as Bitcoin dominance is above 30%, it's obvious that all the other assets are "doomed" to depend on it.
and nowadays Bitcoin dominance is above 54 %.
Good information sir . Thanks for sharing your inform @dragosroua
You know what, I had the news last week that the market will go to 7400 and then it will dip, and the same happens, I don't know know how that person knows about it, I am shocked! What you have to say about it?
Some crypto expert can actually predict the market to almost 90% accuracy. I've heard about some of them.
Realy it great news thanks