Good morning CryptoPubbers and welcome to the virtual blockchain bar where we sip the drink and watch the charts. It has been a crazy week as it seems my words a few days ago "Big double digit growth or correction would make it more interesting but last time I called for that, the next day was a blood bath so I wont do that" made history repeat itself. A couple days of Double Digit correction has us looking to the charts and trying to guess the bottom so we can buy the dip. Lets see where we are....
The ticker this morning looks much better than the last few days as Bitcoin is back up 1% to $9,600 under suspiciously low trade volume. Ethereum Classic is bouncing hard back up and showing much more growth on the day than younger big brother Ethereum which is flat. Privacy coins ZEC and Monero are still down on the day. The Poodle Race is showing 0x Protocol (ZRX) out in the lead up over 3% while FunFair is not having much fun down almost 9% from this time yesterday.
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I am trying to play Pick the Bottom on the daily Bitcoin Chart as we are right near the bottom of the STOCH and hoping for a bounce back up. The last downward cross of the MACD (Moving Average Convergence Divergence) inspired a couple support lines to be broken and the price to flash below the lower Bollinger deviation line. If we respect the Bollinger indicator which Bitcoin price has been doing since the late June surge, we should expect a bounce back up to the median line (purple) which is just over 10k for a bearish correction. I have my short term wishful limit order set at $9,084 which is a nice level support line started in June and tested twice since. That will be the popcorn zone as riding the lower Bollinger can get wild.
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The daily Ethereum chart is a strange one that speaks of big Eth discounts. This latest trip to the bottom of the STOCH has pushed us below the support line I started at the beginning of the year. If this is a momentum-caused bear trap, traders LOVE to catch a buy below support. What is really making me pause is the potential of a death cross which is where the 50-day moving average crosses down over the 200-day....this is a traditional bad omen. So is the discount now? Or are we in for severely discounted Ethereum when the cross happens? I am just munching popcorn and holding my exchange Fiat in a conservative/opportunistic approach.
Source/News: Decred going Private - https://cointelegraph.com/news/crypto-project-decred-adds-privacy-features-to-its-coin
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STEEMLeo - Upvotes/Delegations would be fantastic!
I can always count on you to help munch the popcorn.
Sure is a lot of Seinfeld and popcorn in here!
HAve a good day and remember it is spelled LaboUr Day!