This is my eleventh day from the 30 days writing challenge I'm doing during January. Basically, I'm writing each day an article on a topic that I'm interested in, or something that I'm just learning. I tag these posts with #challenge30days, if you want to join, all you have to do is to use the same tag. Each day I will also pick 3 articles and give them a full upsteem. For all the details and the motivation, have a look at the introductory post.
Top 10 Cryptos
At the moment of writing, top 10 cryptos were all in red, following news from South Korea crackdown on exchanges.
There is a sharp decrease in value on the entire spectrum, with half of the top 10 tokens seeing double digit losses, in a very short period.
STEEM And SBD
At the moment of writing, STEEM was trading, on average at $4.26 on Coinmarketcap, 20% down from yesterday. On Bittrex, the 30 minutes chart is showing a flat trading along the 36k satoshi resistance line, until the news broke out.
The 1 hour chart supports an abrupt downtrend, with a potential resistance line forming around 32k satoshis.
The 1 day chart suggests a continuation of the downtrend. If the 32k satoshis resistance line won't hold, the next stop is around 22k.
SBD was trading, at the moment of writing, at $5.26 on average, 26% down from yesterday. The 30 minutes chart on Bittrex shows the moment of the panic sell, with an interesting recovery pattern after the first hour.
The 1 hour chart confirms the downtrend but shows consistent support around 40k satoshis.
The 1 day chart supports the downtrend, with the resistance level around 40k satoshis.
Overall opinion: STEEM and SBD, already on a bearish trend, both took a hit along with the entire market. The interesting part is the strong support for SBD around the 40k satoshis level. If that line holds, we may see a fast rebound, as demand seems to be still strong. If not, the downtrend pressure will continue.
Previous Posts In The Challenge
- Markets Snapshot - Day One
- Markets Snapshot - Day Two
- Markets Snapshot - Day Three
- Markets Snapshot - Day Four
- Markets Snapshot - Day Five
- Markets Snapshot - Day Six
- Market Snapshot - Day Seven
- Market Snapshot - Day Eight
- Market Snapshot - Day Nine
- Market Snapshot - Day Ten
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 
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