Good afternoon Crypto enthusiasts and social drinkers! Welcome back to the pub as we enjoy a drink and look to the charts to see where price action and trade volume will take us as we start out the week.
Bitcoin is leading a little correction down this morning under moderate trade volume as price is just around $7,700, almost 3% lower than this point yesterday. Other substantial alts I watch including Ethereum, Ripple, Litecoin, Eth Classic and Bitcoin Gold are down 5% across the board while Dash is the lone green spot on my ticker up 5%. In the Poodle race of entertaining newer alts, we have Lumens in last place, down almost 6%, ZRX right behind, ELF at even, and FUN in the lead up 4%.
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As trade awakens a little to mark the beginning of the week, I like to take a little close look at which chart has the price following the indicators most closely. The 6-hour Bitcoin chart has been fairly indicative as the MACD crosses have been pronounced, and the STOCH RSI has moved distinctively from overbought to oversold with the volume return. After hedging out and trying to stay in FIAT near this local top, I am planning my hedge re-buys lower for some short term profit taking. Where from here? Looks like we are on the way back down on the STOCH so I look for some intersecting lines. A bounce at the (purple) Bollinger median would mean some bears showing some support at this $7,700 level bear the 50-day average. A more reasonable correction would be a bearish return to the lower Bollinger line which is also the local low. Should we break the 2-month support line, we could see a dip below the Bollinger Bands and a possible return to the 6k level. Rather bold but we are crypto traders after all.
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For a slower and more patient look from the swing traders stance, the daily chart is showing mixed signs. The good is we are oversold and undervalued again slightly with the caution that the largest drops often occur at the bottom of the STOCH. The MACD appears to be approaching a cross downward with the possibility of another bounce back up if the buy support matches the sell pressure again. So, a drop to 7k might be reasonable and we again see support, the 50-day average and perhaps a closing in of the bottom Bollinger line converging at the 6k level. This will be a very interesting week!
Source/News: Ding-Dong the winter's dead according to Tom Lee - https://www.ccn.com/crypto-winter-is-over-25k-bitcoin-price-coming-perma-bull
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