Market Snapshot - Day Twenty Three

This is my twenty third 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 sharply bearish, with 9 out of 10 assets posting double digit losses.

Screen Shot 2018-01-23 at 10.16.04 AM.png

The dive might be caused by the recent announcement about taxing crypto-currency exchanges in South Korea because all tokens are posting a similar decrease. Looks almost like some big players are liquidating their positions at once.

STEEM And SBD

At the moment of writing, STEEM was trading, on average at $4.15 on Coinmarketcap, significantly down from yesterday. On Bittrex, the 30 minutes chart shows a sideways corridor formed between 38k satoshis and 41k satoshis.

Screen Shot 2018-01-23 at 10.16.36 AM.png

The 1 hour chart shows a smooth downwards trend slowing down slightly.

Screen Shot 2018-01-23 at 10.16.47 AM.png

The 1 day chart shows a very small correcting candle. Given its entire size is smaller than yesterday's candle wick, we can assume a potential stabilization around the corridor mentioned above.

Screen Shot 2018-01-23 at 10.16.54 AM.png

SBD was trading, at the moment of writing, at $6.45 on average,sharply down from yesterday. The 30 minutes chart on Bittrex shows two consecutive sharp corrections followed by a cautious slowdown.

Screen Shot 2018-01-23 at 10.17.39 AM.png

The 1 hour chart displays cautious trading after two major corrections.

Screen Shot 2018-01-23 at 10.18.01 AM.png

The 1 day chart is very similar with the STEEM 1 day chart, in that the correcting candle is smaller than yesterday's candle wick.

Screen Shot 2018-01-23 at 10.18.11 AM.png

Overall opinion: although hit by the news just like the rest of the tokens, SBD and STEEM seem resilient. The cautious retracement may leave room for further improvement, but unless overall crypto sentiment improves significantly, I expect mainly sideways movements.

Previous Posts In The Challenge

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.