Steem Backed Dollar(SBD/USD) Update 19/12/2017: Going Ballistic,Yeppi!!!!!
SBD has really gone ballistic as it is trading at $15.29 up more than 13% today. Few months back it was one of most weakest digital currency much lower than Steem but now it has four times in value of Steem.
I myself has accidently looked at it price and I have got pleasing shock when I see its price and its been months since I had done tecnical analysis on this digital currency but after looking at its price today, I forced to write TA on it.
Before going any further, first look at chart of this script below.......
First and foremost I want to draw your attention on Blue Arrow on chart above. Before any big moves, 'Big Boys' have tendency to fill their kitty first and Blue arrow on chart above is actually pointing towards volumes bar which was really spiked and suggesting or indicating major moves and that big move happened not on that day but few days later after doing some churning.
Yellow Arrow is pointing towards Big surge which was outcome of major position or volumes happened days before and this given day SBD had surged more than $10 in single day which is why their is huge candle appeared on charts.
If one can notice at moving averages that how those gone from dead momentum to super bullish momentum which is still intact. In fact 10 days EMA is now acting as support to SBD which is sign on solid platform.
After that single day big move, this script has gone sideways, volumes are also below average but bullish momentum is still intact and $18 level is now a resistance area as SBD has retreat two times after touching it, so that level need to be cleared for further gains.
At last, I must say i am amazed to see this much of gain but nevertheless we as Steemian wish that to happen again and again.
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Great analysis. However when i joined, 1 sbd was suppose to be the equivalent of 1 usd. And i thought steem should rise since we hold it to power up. So does that mean sbd will come back down maybe 10$ in 1 day. What level do you see strong support now? Would you suvgest to buy sbd instead of steem? I use to give away 15 to 20 sbd a day in contest. I really ahouldve kept some lol. Ill be following and resteeming.
$11-$12 is a supporting level to watch for and as people are backing away from Bitcoin due to its value and wall street hands on it, I think alt digital currency like sbd will gain further. I can't say which one of two(steem or sbd) will gain more in future as markets has a tendency to surprise as everybody was running before steem and market raises sbd value and now everybody is cursing themselves, but that a beauty of market to keep everyone guessing.
I think the sbd will go up more and faster than steem because it is rare and only created by the content through the blockchain. What do you think of that idea?
hopefully useful for writers and readers, very good motivation, I like to make me nambah spirit in my next life @jimmyrai28
Thanks for appreciation!!!!
Thanks for the Analysis, I was also a bit shocked (positively) when I checked the price of sbd lately. I wasn't really aware of it's current price.
You are not alone in shock, I was also one of them
I have a question that may be really dumb. So SBD is valued at roughly 18$ right now so if I have for example 1$ SBD is it valued at 18$ in comparison to bitcoin?
Ur 1 sbd is worth 13.08 usd at the current time on bittrex or 0.00076 btc/ 76000 satoshis
okay okay thank makes sense! Thank you :D
Not in Bitcoin or Btc but in comparison to usd
Yes exactly but 1SBD is still worth 13 USD which is 0.00076 BTC correct?
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