Top 10 Cryptos
At the moment of writing, top 10 assets were crashing hard, with only one asset in green and the rest in red
After a short respite yesterday morning, the market seems again in free fall. The only altcoins showing signs of rebounding are XRP and IOTA.
STEEM And SBD
At the moment of writing, STEEM was trading, on average, at $1.12 on Coinmarketcap, sharply down from yesterday in fiat and in BTC.
On the 1 hour chart, STEEM is showing consistent sell-off, on significant volume, driving the price down with almost 2k satoshis (from 17k to 15k)
The 1 day chart is still very bearish, with no support in sign (at least none until $1)
SBD was trading, at the moment of writing, at $1.04, slightly down in fiat from yesterday, and down in BTC.
The 1 hour chart shows stabilization around 14k satoshis
The 1 day chart is also flat around 14k satoshis
SBD to STEEM Ratio
At the moment of writing, according to steem.supply you could get 0.916 STEEM for 1 SBD, up from yesterday, and under parity. SBD printing rate is 22.33%, down from yesterday.
Overall opinion: Although Bitcoin is still almost 3 times higher than at the same time last year (which still means 300% profits) panic seems to have infiltrated the markets big time. The same pattern seems to manifest in the STEEM ecosystem as well, the only good news being that SBD is finally back at the peg.
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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Markets keep falling and a reaction needs to appear soon or we may see a big market drop again.
Bitcoin had a new strong fall last midnight crossing the long-term downtrend line (4hr chart). There was a divergence as Stochastic was moving up while the market was on a downtrend. Volume remains important and a little bull candle appeared this morning stopping the bear run. We will have to see if this is just a pause for a new price descent or a final reversal. Next support is at the 50 MA line around $7000.
EOS has been flirting with the triangle downtrend line. Price is approaching $7 as downtrend is still in place just as the rest of altcoins. Whether this is just a correction or the long-term downtrend resumption, time will tell as there is still not enough signs to have a clear picture.
STEEM is no different, the market is sending the price closer and closer to $1 although this morning bounce may stop the strong price drop from the past days. Stochastic has reversed and volume remains reasonable.
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Today proved to be another difficult day for investors and traders as price was unable to push higher to retest the resistance of $7,800. Instead we saw price reject the 200ema at the $7,700 level and fall lower towards the support at $7,200. The weekends often have low volumes and far less movement then the week days so i am expecting prices to stay around the $7,250 - $7,400 area.
If we go down to the 4hr timeframe we can see the clear rejection price saw as it tested the 200ema, forming a strong bearish engulfing candle as soon as price touch this area. Today also saw price find its feet at the $7,250 region, i expect we could see prices fall to around the $7,200 later today and really testing the strength of this support level.
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Sad to see the market like this
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Crashing hard indeed. 'Hard' being the operative word.
Except ripple, all my coins are hurting so bad that it is painful to look at my portfolio. But like most good investors I am planning to stick to my guns and ride this one out.
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Good call :)
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I am very curious where the bottom will be. Since the start of the year it is more downslope than upwards. I will be staying away from the purchase market until some good signs of recovery will be shown.
If SBD drops below the peg is there an atomism which will prevent it from going above the peg again? Or will the market decide?
Thanks,
Peter
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Nope, the market will decide.
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The market will always decide but i believe we will be seeing a higher low creating on the btc charts over the next week or two before we see some strength returning into the market.
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This is suspicious to me, the sentiment was bullish and positive until the last few hours of July before the monthly candle closed and everything came crashing down...
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Alts are crashing hard, especially Steem. The problem I see is that activity on steemit is strongly correlated with the price. This kinda leads to a spiral, lower payouts leads to less activity, which also leads to people powering down and selling their steem, which again leads to lower payouts and so on...
Posted using Partiko Android
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I think the flood of money is coming to crypto as the billionaires want them to bleed till there is no sign of going down from that point
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Damn, looks like it was a good thing that I sold off a lot of stuff yesterday. Oh well, maybe it'll get back up next month.
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Coins mentioned in post:
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Sad to see. I've taken a beating in the last several months. Hope they recover soon.
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Since a very long time, SBD is in $0.95 and $1.05 range.
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we are again in the bear market and that the saddest thing for me :(
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Market is badly collapsed!
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