Market Snapshot - September 9th 2018
Top 10 Cryptos
At the moment of writing, top 10 crypto assets looked bearish, with all of them in red.
Bitcoin had another sudden leg down and the entire market is bleeding hard. ETH lost more than 10%.
STEEM And SBD
At the moment of writing, STEEM was trading, on average, at $0.76 on Coinmarketcap, sharply down from yesterday and at the lowest level for this year.
The hourly chart shows that the initial attempt to recover back to 13k satoshis didn't get enough momentum, so the bears took control and the current price is just a little over 12k satoshis
The daily chart keeps the bearish trend and there's no immediate resistance to keep the price for getting even lower than that (for instance, on March 13 2017, STEEM was 5.9k satoshis and $0.07)
SBD was trading, at the moment of writing, at $0.95, almost identical with yesterday and still at the peg.
On the hourly chart, SBD is keeping the uptrend, trading now just a little over 15k satoshis
The daily chart is showing a small uptrend, correlated with Bitcoin depreciation, with relevant volume
SBD to STEEM Ratio
At the moment of writing, according to steem.supply you could get 1.251 STEEM for 1 SBD, up from yesterday, and above parity. Since SBD printing rate is 0%, rewards are paid now in STEEM / Steem Power.
Overall opinion: Bitcoin had another leg down, pushing resistance towards the key level of $6,200. If this level holds, we may see a very small bounce up, but there are more chances that price will go towards $5,800. STEEM is taking a hit, while SBD is maintaining its position (I find this quite remarkable, to be honest). My personal outlook is bearish, short term, and neutral medium term.
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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New down leg pushing the market to its lows.
Bitcoin was unable to cross the resistance line and dropped down an additional $300. It is now holding around $6200 with very low volume and the impression is the market if just waiting for a final third down leg.
EOS just followed bitcoin path and is getting closer and closer to the year low support for the third time. Volume very very low and stochastic reaching overbought in a clear sign of new down leg coming.
STEEM also followed bitcoin moving down the longterm low support for the first time. We may be finally reaching the bottom of the market in the days to come.
When BTC sneezes, others would.........
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Is sbd responding to the peg or what? Its really been remarkably stable at 0.9-$1 since this blood Bath and I wonder why.
yes, it's responding to the peg in a very good way. There are more people buying it, hence it's price in BTC goes up.
Well I never would have predicted this. Guess there will be no $10 Steem this year
you never know...
I'd be happy if it went back to 3.5$ :(
The continuous fall in price f Bitcoin is causing a lot of panick in the market as more investors are selling their coins which is now having a negative pact on the crypto market
If am right I think this is the lowest price I've ever seen Steem gets too, it's also amazing how sbd stays at that.
The good thing in all this is SBD holding close to peg....Like it's meant to be.
Great information .....
Thanks for sharing @dragosroua
Steem. Low. Lower and lowest.
What should be after that?
Hello darkness my old friend...