Market Snapshot - June 4th 2018
Top 10 Cryptos
At the moment of writing top 10 assets were predominantly bearish , 8 of them in red, and 2 of them in green
There seems to be a pattern in which weekends are rallying and during the weekdays the price is going down (price suppression?) which may mean institutional trading is still playing the bear market card.
STEEM And SBD
At the moment of writing, STEEM was trading, on average, at $2.39 on Coinmarketcap, down from yesterday bot in fiat and in Bitcoin.
The 1 hour chart shows a sudden dip, wiping out the weekend gains
On the 1 day chart shows a red correcting candle after 3 green candles in a row
SBD was trading, at the moment of writing, at $1.74 on average on Bittrex, slightly down from yesterday. On Coinmarketcap, the price was $3.31, higher than yesterday, and still skewed because on HitBTC there is still a pump going on, on a much lower volume.
The 1 hour chart shows the same dip as for STEEM, taking the price back below 23k satoshis
The 1 day chart shows a very small correction, but it's still basically flat around 23k satoshis
SBD to STEEM Ratio
At the moment of writing, according to Steemit internal market, for 1 STEEM you get 1.384 SBD, which means for 1 SBD you get 0.722 STEEM, slightly up from yesterday and below parity
I used internal market because steem.supply gets prices from Coinmarketcap, which, as you saw above, has the SBD price skewed.
Overall opinion: Markets are correcting down, suggesting institutional trading is still on the bear side. STEEM and SBD are following through and the pumping on HitBTC continues on very, very low volume (the order book has less than 1000 SBD for sale).
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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Hope market stabilize soon...
The daily timeframe appears to be developing a strong bearish engulfing candle if price closes roughly where its currently trading. A bearish engulfing candle can often signal a trader/investor that the trend is about to change and that the bears are beginning to take control of the market again. If this candle is to close as an engulfing candle will will need to see strong price action and a close below the $7,600 level before entering the market to ride what could be the last wave down.
Correction Monday today. Most of the crypto assets have started bearish after the weekend minor bull trend.
Bitcoin did not manage to remain above $7700 but now seems to have bounced after hitting the 100 MA (as seen in the 1hr chart). Now price remains in the channel between $7500 and $7850
EOS is still the incognita today, after the weekend token freeze, now mainnet is in the launch process and there is still lots of expectation. This morning price also retraced from the weekend 25% uptrend. $14 level seems to be holding
Steem could not hold the price levels it had during the weekend around $2,5 and now trades below $2,4 after crossing the three moving averages. We will have to wait to see if the 200-period one holds the price from going further down.
Bearish markets are dominant over most of the crypto currency. A lot is currently going on with this and I hope it will go up in the near future.
I really hope things will normalize soon. The up trend on the weekends does certainly imply something is going on...
For the market to start the week in a bearish mood is not a good sign , the SBD pumping in HitBTC exchange is really causing alot of confusion in the actual price of SBD I think something needs to be done about this price discrepancy
Market is doing very good, Thanks for the update
Excellent analysis yours. As always!
Thank you for your considerations. See you next time.
Bitcoin is going up and up.. but othera are also going up with constant ratio.
I believe that market stabilize very soon. Thank you for share for your update.