By now, everyone has seen the insane pump that SBD is having, since it was listed on UpBit, a Korean exchange. And we're all slapping ourselves for not holding any SBD, at least I speak for myself. So what to do in this exceptional event? The big question is: how long will the pump last? Is it time to sell SBD?
Let's take a look at my chart analysis of the SBD-USD pair on Bittrex. We can see the pump started mildly at the beginning of December. We thought SBD doubling in value was the end of it, but no, that wasn't. The second pump happened on 5 December, then a third pump the next day, and the fourth pump on 7 December, where it peaked at $18! However, we can see a MACD cross-over followed by a downtrend. This is corroborated with a slightly downtrend on the RSI. This indicates, in theory, a trend reversal, and a slow decrease in SBD price of the coming days. BUT, another pump is always possible, depends how long the Koreans are willing to maintain it. From what I've observed with PnD's, they often pump up to 5x-10x a coin's value, before dumping back to the initial price.
SBD Chart Analysis
(click to enlarge)
Meanwhile, STEEM is also on the rise, although with smaller pumps, it went from $1 to a peak at $2.40. However, STEEM's MACD and RSI aren't showing a downtrend, so perhaps this is an indication that the price will not decrease anytime soon.
STEEM Chart Analysis
(click to enlarge)
What's the Strategy?
In my view, STEEM is the one to be looking out for in the upcoming days and week(s). This is the time to sell SBD and take profits while it lasts. Or, go on the internal market and buy STEEM with it, and hodl STEEM, just in case the Koreans decide to dump SBD (which they would sooner or later) and pump STEEM afterwards.
How about you? What is your strategy? Your thoughts are welcome, please share them in the comments.
P.S. And one last thing, when you post on Steemit, set your rewards to 50%/50%, to get the precious SBD, which you can sell/exchange for a LOT of STEEM, instead of setting the reward to 100% Power Up.
DISCLAIMER: I'm not a financial nor a professional adviser. I formulate my opinion based on my own learning and interpretation of chart analysis. If you're not a professional, please educate yourself before doing any market trading and don't risk more than you can afford to lose.
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