Market Wrap: Bitcoin survives chain split, Ether on the mend and Steem seems solid above 33/30
Well August 1's been and gone and we're all still here XD
Just sold my Bitcoin Cash for a nice little profit - could go up from here, but I don't want to support the coin from a moral standpoint and see more potential in a new and improved Bitcoin. Anyway here's the latest goings on in ...
Crypto Markets
Bitcoin finished the day lower, printing a bearish engulfing candle on the daily. These tend to be quite reliable reversal candles, but I'm not convinced yet. If pair does reverse lower from here, I see a period of prolonged wedge consolidation, rather than a shift in trend. Still anticipating a bullish breakout:
Ether was looking very dismal against the US dollar when I last wrote, but seems to have recovered, having carved a higher low above 170. Pair is bullish above there, but needs to clear last week's highs before anyone gets too excited:
Poloniex seems to have sorted out whatever troubles they were having and their STEEMBTC chart is looking a little better. Pair remains bid above 33 and I remain bullish:
I like the look of the Bittrex chart a lot better so will include that again. Solid support zone with 30 lower bound and bullish engulfing out of there yesterday. Looking for a break above trend-line resistance at 55 and falling:
Currently fetching $1.61 AUD, up 5% in the last 24 hours. Up substantially against the USD, fetching $1.30 from a 24 hour low of $1.07. Steem Dollars are trading at a slight discount, currently 98 cents on the dollar, though up from a low of 83c. Wish I'd caught that! Anyone nab some?
That's me for the day folks. No hip hop today ... My grandfather is on his way out, but it's a beautiful day in Sydney, so this classic Australian ballad from Wendy Matthews seems rather apt:
Team Aus footer by the amazing @bearone
My confidence is still in Steem which has so much potential.
Crazy day if you followed the BCH price. Started the day at ~$330 but peaked at just over $800, before going through the floor. Managed to get out reasonably high with some nice profit too, hooray! The best kind of money is free money ;)
I can't see it coming back from here to be honest. The fork was treated like an ICO and we saw the market jump on the bandwagon initially, but is there long-term support? I'm dubious myself, but just an opinion and I'm sure there are many of those out there.
Does this now signal folks flocking back to BTC, although judging by the rather stable price not that many actually left at any point?
STEEM looks good indeed! Currently, there is about 10BTC standing in the way of a breakout... once that disappears, we could see a very nice spike back up near the all time highs. Thanks
Another good Update. Thank your very much for your insights and personal note. Really appreciate it.
Actually BTC is the coin that should not be supported on moral grounds. They are driving the coin away from Satoshi's vision and straight into the hands of corporate, mostly centralised compute...along with patents, controls etc. My thoughts anyway, but like all matters where there is lots of money involved thete is a LOT of conflicting information out there.
thanks for the analysis and news...really helpful!
igual pienso que steem va a subir mucho este año, gracias por tu post
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