Crypto Recap - Selling pressure continues, STEEM ecosystem in danger

It’s a jungle out there. Shorts are pulling on one side, whales are preparing the counter rally and us little folks are taking the brunt of the crossfire damage.

_{Image source}

---

Times like these remind me how difficult it is to time the bottom. Falling knives as they say. I tried to catch it way to many times by now. They say that at uncertain times such as these it’s good to short at the same time. That way if you are wrong on the one side you win on the other. No gain, no loss. However, you are positioned in BTC, makes sense for me, but requires a lot of micromanagement.

Last attempt of the bulls was one of the strongest we have seen recently. This 4 hour candle shows is pretty good. No follow through, but RSI is very oversold and shorts are sky high. Short squeeze might be something big buyers are looking forward to.

In other news, coinbase announced adding more than a dozen names on their trading platform. It surprises me thare is still such a strong reaction. I’d have thought that the more they add, the less impact it would have. Surprisingly no ADA, XLM or XRP. They added very small caps and if you know the reasoning do say in the comments.

https://twitter.com/coinbase/status/1071041856006287360

Can you see STEEM among the names? Sadly no. It is in its darkest hours. SBD lost the ‘peg’ if there ever was one, and now holders are panic selling. I’m not much of a hodler but I’m not selling SBD below a dollar. If it never recovers, feel free to thank me for taking one for the team, hehe. On the other hand, is it a good buying opportunity? All depends on Bitcoin action, nobody wants to risk with alts without a stablecoin pair.

Good luck and be careful. It’s scary out there.