XMR - Monero
XMR is up 100% today. I haven't seen so much FOMO since the days of the STEEM pump. I think this rally is baseless, and should correct violently to the downside.
Position: SHORT (red arrows on the chart)
SBD - Steem Dollars
Steem dollar is increasing its discount again, currently trading at $0.88 USD implied. I am picking some up, with more orders on the books awaiting lower prices.
SBD is a good asset (technically debt token) to hold, due to its 10% APR interest and discount against a convertibility guarantee (backed by STEEM). It also helps me reduce my BTC exposure.
Position: LONG (green arros on the chart)
STEEM
This is a tricky one. Looking at the market structure alone, we are in a no-man zone. If we break below historic highs (vertical blue lines on the chart), we could find ourselves in a very long consolidation period. Currently STEEM is being printed at a rate of ~100,000 STEEM per day, and the whales seem to be powering down and cashing out.
This is why I am only buying small amounts on the dips, and cautiously waiting for a reversal (that needs to be backed by fundamentals, such as real userbase growth and positive investor cashflow).
We might see a small bounce in the short term, if the blue line retest holds. Tight SL recommended.
Position: Neutral
I am not your financial advisor and this post is not an investment or trading advice. The above post merely represents my opinions, which could be factually wrong. Please conduct your own due diligence before investing.
Thank you for following me on Steemit :)