Good afternoon CryptoPubbers! The weather is nice, patio is jammed and everyone seems to be having more lively crypto conversations this last little bit. Lets have a drink and check the charts.
All is REALLY green on my ticker this morning as Bitcoin is up almost 11% from this time yesterday under bigger volume to just over $8,800. ALTs are following the lead with Z-cash lagging a bit (up 6%) and EOS & Litecoin are ahead of the pack, up around 15% on the day! In the Poodle race of entertaining alt coins 0x, Lumens, Tron, aElf and FunFair, we have ELF in the lead up 15.5% while 0X is in last place, only up 6.7% on the day
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The daily Bitcoin chart is looking alright indeed as the recent run has simply brought us up out of the oversold/undervalued zone on the Stochastic Relative Support Index. Since the Golden Cross (green 50-day moving average crossed the red 200-day moving average,) we have trended steadily up as conservative traders are coming back to the game. The latest surge had price go right up through year old resistance (~$8,600) as price seems to be following the 60-day resistance line which is much more aggressive. With room to continue growing on the STOCH, all I will be watching for is resistance near the 50 level and a repeat of the correction a week ago.
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I will take the rose-colored glasses off and look at the more sobering weekly Bitcoin chart. Half-way through February, we crossed the 80 mark on the STOCH to enter the Overbought/Overvalued zone. While many of the biggest moves up happen above this line (which has happened again,) we have been pegged on the 100-line for almost 3 straight months. Often, the longer overvalued, the harder the fall and the longer the correction. Another warning sign is all the time the price has stayed above the upper Bollinger deviation line. Price should live above that line only 5% of the time so we are long overdue for a correction at least back to the median, which is at about 7k right now. I don't want to be the bear in the pub but I encourage caution for the next while and am personally looking to get more to fiat on exchanges as the daily chart indicates.
Source/News: Stores of value and institutional notice - https://cryptobriefing.com/institutional-crypto-point-no-return/
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