Good afternoon Crypto-Pubbers and welcome back after what I hope was an excellent weekend. Things are starting to heat up here and the Weekend Warriors are carrying over with a sip and peak at the charts!
Our ticker today shows a good amount of sideways action as Bitcoin is up a touch to just under $9,600 under relatively low but increasing trade volume. Ethereum is up a full point from yesterday while DASH is correcting from a good couple days, down over 4% to just under $106. In the Poodle Race of our entertaining alts (Lumens, 0X Protocol, Tron, aELF and FunFair) we have ELF way out ahead (up almost 8%) while TRON is in last place, down almost 2% to $.0221.
T&A today is brought to you by @cryptopassion who has his magic support number a bit above mine https://steemit.com/bitcoin/@cryptopassion/btc-consolidating-on-the-support-line-at-9400usd
I can't keep my eyes off the daily bitcoin chart because I am sitting on FIAT cashed out from a couple alts I wanna catch the bottom of Bitcoin for a swing trade. We can see on the Stochastic Relative Support Index that the nice parabolic pump to end off June has corrected itself seriously with a solid month in or just above oversold/undervalued. The encouraging signs are the strengthening of the support just below $9,100 which has been distinctly touched 3 times now. With a little room to touch the bottom of the STOCH one more time, and the inevitable cross up on the MACD. I may pick some BTC up at $9,100 soon if it dips there again as price has had a good recharging period. I HAVE to put the popcorn here so that bot replies with the cute Jimmy Fallon popcorn ;)
Bonus T&A brought to you by our resident music composer @sequentialvibe as he considers BTC a store of value a la digital gold https://steemit.com/dlike/@sequentialvibe/is-bitcoin-a-store-of-value-experts-on-btc-as-digital-gold
The weekly chart is giving me fits as the bull in me battles with the bear. Having ground the top of the stoch for 3 straight months, You have to expect a strong period at the bottom of the STOCH to balance it out. Given that many of the biggest moves down happen at the bottom of the STOCH and the MACD appears to be about to cross down, my spider sense is screaming at me to hedge out of everything in small profit. On the bullish sign, we are about 66% of our way through a descending triangle which generally breaks upward in a strong way, and this support may cause the STOCH to correct before dipping into oversold......which would be a fantastic sign. When in doubt, have a drink and make some more fiat if a little crypto winter hits in the middle of summer time.
Source/News: The difference between coins, tokens and digital currency - https://cointelegraph.com/explained/differences-between-tokens-coins-and-virtual-currencies-explained
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STEEMLeo - Delegations would be fantastic!
I can't believe the STOCH on the weekly got down to where it is while maintaining a price close to 10k. Wonder if we will bounce off oversold line and make a big run with the gas built up on the daily.
CHEERS!