Market Snapshot - May 12th 2018
Top 10 Cryptos
At the moment of writing top 10 assets were extremely bearish, with 7 of them posting double digit losses.
Bitcoin fell like a knife through the $9,000 level and is still plunging. The biggest losses are recorded by EOS, which shaved 25% off of yesterday's value.
STEEM And SBD
At the moment of writing, STEEM was trading, on average, at $2.57 on Coinmarketcap, sharply down from yesterday.
On the 1 hour chart the downtrend channel was broken by a very sharp dip, in which STEEM lost about 4k satoshis in a couple of hours.
On the 1 day chart the downtrend accelerates, with the last 4 candles showing all increasing sizes.
SBD was trading, at the moment of writing, at $2.07 on average, sharply down from yesterday.
The 1 hour chart shows the same downtrend channel we saw for STEEM, only SBD lost about 5k satoshis
The 1 day chart indicates that SBD could soon hit the 20k satoshis resistance.
SBD to STEEM Ratio
At the moment of writing, according to steem.supply, for 1 SBD you get 0.805 STEEM, down from yesterday and below parity
Overall opinion: There's "blood on the streets", as traders say and it remains to be seen how this dip will be speculated following the Consensus event. It's gonna be an interesting weekend.
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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Why the market is going down like a pack of cards, any specific news? Is it just Mt. Gox Wallet Sell-Off Affects?
Most likely.
Good Bearish morning! What a day!
According to Fundstrat Global Advisors CEO Tom Lee, next week Consensus will be the start of a Bullish trend. Don't know if that has something to do with yesterday bear markets but I hope we see a nice turn around soon.
Bitcoin keeps its downtrend after crossing the 200MA and now is pointing towards the $7850 support line. If the price does not reverse there, next station is $6800, the low from last month.
EOS has had a strong drop, the $15 support line was not able to hold the price and not is trading around the 200MA. If the market remains bearish the price could reach the $10 levels.
Finally, STEEM/BTC bounced up after crossing the 32K satoshi support but now price seems to resume downtrend. We will have to see if the market bounces up again or leads towards the 26K satoshi area.
The sharp decline in prices is now worrisome. We used to have some kind of explanations for this kind before now, but how do we explain this one?
Like @steevc wrote, it's probably because more BTC from MtGox stash was dumped on the market.
I think we will see this direction in the next few days after yesterday
Thanks for the market update. I think the market goes through a rise and fall thing. If you have the money i will suggest you buy now and sell when it rises back
Wow even EOS took such a fall, where is my Hodl bag, let me hodl more, high time to invest and buy more
Another test for long term investors. We just have to hold on and keep believing in the revolutionary potential of crypto. Am certain a recovery is possible in a few weeks
This dip has really thrown a wrench in a few plans.
I really didn't expect this "red". In my mind May was the month to start the next bull run for cryptos.
Hope to do that by the end of the month. Maybe Consensus will change the views about blockchain and cryptocurrencies to some of the "weak hands".
By the way, what is this Consensus?
https://www.coindesk.com/events/consensus-2018/
Here you can read about it.
Thanks!
Thanks for these authentic analysis about steem & sbd & I am waiting for day-twelve challenge @dragosroua