Hello Steemians! Last night for me was interesting. I am sure many of you will say the same thing. Crypto was generally weak for days now, but right around 1am CST bottom started to drop off. Although there are some intermediate buying, but we continue to trade deeply in the red all across the board. Let's have a look at BTC first:
Percentage wise BTC's drop is perhaps one the smallest, as it should be. But still it is a significant down-day of note. Price sliced through the 50 EMA just like hot knife through butter. That is bearish of course, even if we are heading into Consensus 2018 week starting next week in NYC. Trouble is there are not of professional traders in this space now. This is an ideal set up to fade a move and then fade the downward move again. Basically catch all the newbies and take all their money. No best you can do is stay away from it if you don't know what you are doing. I expect we will be range bound between 7800 and 10K for a while.
Steem:
Drop is much bigger here of course, as it is much easier to move something like steem with limited volume. I don't like to discuss news much, but I am sure you will be able to find some news out of South Korea as a trigger event, as is the case in most days. None of that matters to me much as I just trade price and price is down currently. We will see if that 2.4 green line that draw on the chart holds or not. But until then I am willing to sit out or trade red bars :)
Disclaimer: This is NOT professional advice, this is all just my own opinion and experience. I am NOT a Certified Financial Adviser. Consult professionals for any financial, accounting or legal related questions you have.
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