Good afternoon CryptoPub! You are all firmly settled into the work week and probably watching the volatility as closely as the rest of the pubgoers here. I have tried to pick a spot where there is a little stability so that my TA is not blown by the time I hit post so here goes.....
The ticker today is a bit of a red slide as Bitcoin leads the way dropping 3.3% to $9,500 under fairly low trade volume. Litecoin and EOS are taking it a little harder and are down well over 10% on the day. Zec and ZRX are fairing a little better, only down less than 4% while most other alts are over 6. In the Poodle Race of interesting alts, The aforementioned 0x Protocol is in the lead while Lumens and Tron battle it out for last place, approaching 9% down from this point yesterday.
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I am loving the daily chart when it comes to the support line I have been watching since mid-June and the resistance line from the peak in late June. Each have been validated/strengthened a few times but one of them has to give as we reach the intersection. When support/resistance this strong breaks, and the action travels this far past the 2/3rds point, it breaks big! The MACD has crossed down during this drop and the next up could be big. The STOCH is at the bottom which is a good growth point and Resistance levels are not far from here. The caution is that we are dreadfully close to breaking this key support level, and the largest movements down often happen at the bottom of the STOCH. POPCORN TIME!
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It is times like these that I settle back onto the slower weekly chart to see the longer trends and the candles represent a week's worth of price action. Starting at the bottom, the STOCH is in the oversold/undervalued section and will either correct back up, or linger low to match the previous lingerings. The MACD has crossed down as of Late August and is trending lower looking for reversal but not found yet. The Pennant forms on the big section of the chart and the Bollingers are squeezing in as they did before the big movement in April. Price has broken below the median Bollinger line which it would have held close to in order to remain bullish. If support holds and we head back up, the upper Bollinger would be a good target well above 11k. Otherwise, we could be headed right to $8500 with greater volume, or the lower bollinger/weaker support a 9k ifthings remain slow.
Source/News: Go France Go! https://cointelegraph.com/news/france-25-000-major-retail-stores-to-accept-bitcoin-in-2020
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