Market Snapshot - July 20th 2018

dragosroua (74) in steemit • 7 years ago

Top 10 Cryptos

At the moment of writing, top 10 assets were predominantly bearish, with 8 of them in red and two in green (Bitcoin and Tether)

Screen Shot 2018-07-20 at 12.41.34 PM.png

Bitcoin is having a small increase, trading above $7,400 and probably the rest of the assets will follow. But for now, they're all in red, correcting consistently after last few days jump.

STEEM And SBD

At the moment of writing, STEEM was trading, on average, at $1.47 on Coinmarketcap, down from yesterday in fiat, and in BTC.

The 1 hour chart shows a rapid drop from 21k satoshis to 19k satoshis, followed by an upward correction up to 19.7k satoshis

Screen Shot 2018-07-20 at 12.41.51 PM.png

The 1 day chart is relatively bearish, with two consecutive red candles following very small gains

Screen Shot 2018-07-20 at 12.43.42 PM.png

SBD was trading, at the moment of writing, at $1.24, down in fiat from yesterday, and in BTC.

The 1 hour chart is showing a sharp correction which pierced through the 17k satoshis resistance level, SBD trading now at 16.7k satoshis

Screen Shot 2018-07-20 at 12.42.06 PM.png

The 1 day chart is also bearish, testing heavily the 17k satoshis resistance level

Screen Shot 2018-07-20 at 12.42.16 PM.png

SBD to STEEM Ratio

At the moment of writing, according to steem.supply you could get 0.850 STEEM for 1 SBD, down from yesterday, and under parity.

Screen Shot 2018-07-20 at 12.42.36 PM.png

Overall opinion: Looks like we're at an inflection point: Bitcoin seems to continue its advance, while alts are correcting down, which mimics the standard markets behavior (money flowing from alts to Bitcoin, when Bitcoin appreciates). STEEM and SBD are more bearish than I'd like them to be, but let's hope the weekend will bring some energy into these assets.

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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7 years ago by dragosroua (74)

$4.31

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santigs (51) · 7 years ago

We are experiencing a consolidation in Bitcoin and correction in the rest of alts, with few exemptions as Stellar.
Bitcoin keeps trying to cross the $7500 resistance but every time it punches it, it bounces down. 50 MA has been acting as support so far and we will probably have to wait for the weekend to see what the market finally decides to do. Volume has been declining and now the trading range is quite narrow.

Screen Shot 2018-07-20 at 10.38.59.png

EOS had a nice correction which seems to have reversed this morning. It never broke the downtrend channel. Price has recovered a little bit and is now trading on the $8,3 level just hitting the 100 MA acting now as resistance.

Screen Shot 2018-07-20 at 10.39.15.png

STEEM also had a strong correction which sent the price below $1,4 just hitting 200MA. This morning has bounced up and now trading around $1,45. We will have to STEEM and EOS react once Bitcoin breaks the trading range into whatever direction.

Screen Shot 2018-07-20 at 10.39.33.png

$0.19

3 votes

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xabi (71) · 7 years ago

Although we are seeming capital flow from alts to bitcoin...but a bullish bitcoin means a bullish market in the long run.

$0.07

2 votes

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techxegama (53) · 7 years ago

Yup its the part of market. A ll we hope that good prices is ahead.
I think after every pump there is always dump.

$0.00

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empress-eremmy (65) · 7 years ago

I heard there was a lot of profit taking on binance that may affect steem prices. What do you think @dragosroua?

$0.07

1 vote

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dragosroua (74) · 7 years ago

The current market outlook may support this. Hard to know for sure.

$0.00

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hashcash (63) · 7 years ago

Although Steem is looking a little bearish but frankly I am glad it is still above 1.45 mark. The markets have taken a con siderable beating for last couple of weeks but the last few days have been good. Hoping that this would last while Steem build support at higher levels.