Good afternoon Cryptopubbers and welcome back to the pub on this inspired Monday. We are sipping some drinks and contemplating how high this will go before correcting. Maybe the charts will tell us if we will continue to rise?
Volume is popping off compared to Mondays gone past with Bitcoin leading the charge, up over 11% on the day to around $7800 USD. Dash had a little head start earlier but is still outpacing alts up over 10% while the others are up between 5% and 7% following Bitcoin's lead. In the Poodle race of entertaining alts (Tron, 0X Protocol, aELF, FunFair and Stellar Lumens) we have ELF leading the race today up almost 8% while FUN is trailing the pack, actually down almost a percent today.
T&A today is brought to you by the Original Gangsta from the West/West celebrating Mother's day with some planting https://steemit.com/mom/@broncnutz/mom-spring-flowers-what-could-be-better-dr9jj7uy
I am looking again to the daily Bitcoin price chart where each candle represents a day of price action. Looking back to the Golden Cross (Apr 24 when the 50 day MA crossed the 200-day MA,) you can see the uptick in trade volume and rise and stall in the Overbought section of the Stochastic relative support index. There is also a slight cross on the MACD which kept things in overvalued with a puff of buy support. I am hitting hedge sells all over the place and considering where to put the next ones. The 10-month resistance point is right around $8,600 which is aggressive given the overbought/overvalued state we are in now on both the daily AND weekly chart. I will set them there and hope for a little more FOMO to pump it up there. I feel there is going to be a big correction out of overbought down into the median or lower level of the Bollinger bands. Too much time oversold and above the upper Bollinger bands scares me a little and this may be a great time to consider taking some chips off the table.
Source/News: Whole Foods accepting Bitcoin? - https://www.ccn.com/amazon-whole-foods-accepting-bitcoin
When things heat up, we will return to the airdrop initiative for #cryptoPub followers. In the meantime, you can support the CryptoPub Airdrop Initiative through a donation to one of the following addresses. We also accept alt coin donations that will be given away in the Airdrop!
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