Market Snapshot - July 11th 2018
Top 10 Cryptos
At the moment of writing, top 10 assets were bearish, with all of them in red
Looks like this recent dip may have had something in common with yesterday's Bancor hack](https://twitter.com/Bancor/status/1016420621666963457[). Although Bitcoin is still above $6,000 the trend direction changed and the markets look bearish again.
STEEM And SBD
At the moment of writing, STEEM was trading, on average, at $1.26 on Coinmarketcap, significantly down from yesterday in fiat, and in BTC.
The 1 hour chart shows a very abrupt downtrend, moving the needle below 19k satoshis, after a week in which STEEM traded consistently above 23k satoshis
The 1 day chart puts these losses in perspective: STEEM is now back where it was before the bull run at the beginning of July
SBD was trading, at the moment of writing, at $1.11, down from yesterday in fiat and in BTC.
The 1 hour chart shows a significant loss, taking SBD to around 17k satoshis
The 1 day chart is indicating SBD reached the level it had before last year December pump
SBD to STEEM Ratio
At the moment of writing, according to steem.supply you could get 0.863 STEEM for 1 SBD, up from yesterday, and under parity.
Overall opinion: Markets reacted sharply to negative news and it seems the lack of volume and the fact that we're in the holiday season made the price plunge. STEEM was quite vulnerable to this, while SBD is a bit more resilient.
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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I know the feeling. That's why I created steem.supply, an easy to use and accurate tool for calculating your Steemit rewards |
I sure the market will cover up very soon
Bad news with low volume always leads to price drops. Yesterday all crypto assets lost value breaking the nice uptrend from previous days. This is a clear example of how much it cost to send the price up and how little to send it down.
Bitcoin lost around $500, seemed to have a reversal at midnight but the price direction is still unclear as seen in the 1hr chart. RSI and Stochastic have reversed and volume increased which may be signs of the end of the drop.
EOS also had a reversal candle pattern at midnight but kept dropping afterward, now volume has increased quite a bit and RSI indicator seems to show the end of the drop too after price felt below $7.
STEEM price went all the way down to $1,25 and right now seems to have bounced up with a final nice bull candle developing and volume increase. All in all, we will have to see how the markets behave during the day and if the bulls can push prices up again.
Who's been buying? 🙋
So sad to see the market like this
Yeah! the chat is just too silent today,but all hope for a better steem in recent time as ever.
Can this happen???
Steem getting down way below 1$ and SBD sticking to it original value i.e. 1$...
May be it is not such a bad thing, it sure offers pretty good opportunity for us to buy some steem...
I could proclaim myself a crypto expert now! I predicted this route for steem when BitThumb started buying large volume of it :D
What do you have to say concerning airdrops? Am sure you've heard of them before.
Concerning the bearish and bullish market, I don't care anymore, am more informed to be troubled.
Yet in the paralel universe of coingecko, STEEM seems to be doing just fine a.t.m.
You know Cryptos and the media. One bad news and everybody is selling.