Good afternoon pubgoers and crypto enthusiasts! Let me draw you a draft, serve some crypto fritters and lets take a look at where our stake will go this week.
If you haven't been watching the double-digit correction 4 of the last 5 days, you might be pleased to see Bitcoin up 4% to just about 11k under good trade volume. Eos and Litecoin are matching the growth on the day up over 3% but other older skool coins Eth, NEO, OMG and ZEC are still in the red for the day so far. In the Poodle Race of entertaining alts, 0x Protocol (ZRX is way out in front up almost 7% while ELF lingers in last place, down almost 8% from this time yesterday.
T&A today brought to you by 
https://steemit.com/tasteem/@slobberchops/tasteem-19fcd4
I am looking to the Bitcoin daily chart for signs of the local bottom and signs of bouncing back up. The last drop was spurred by the bulls sitting on their fiat (myself included) which caused the MACD to bounce and price to drop. I figured the parabolic growth of Mid-June would be mirrored by a correction which would cause the Stochastic Relative Support Index to linger as long (or longer) in the oversold/undervalued zone. This is a nice pump for the morning but the line is not lifting off the bottom of the STOCH which is a bit of cause for concern. I took a flyer and picked some BTC on the 50-day moving average line as I am notoriously bad at waiting out corrections but will be hedging back out at the purple Bollinger Median Line (around $11,400) for a tidy 10% profit swing trade to stay conservative. If it returns to bullish, the 13K mark is the top Bollinger line and is definitely in consideration.
Bonus T&A brought to you by a neat guy from Korea I discovered whose name aptly matches this sentiment https://steemit.com/@abitcoinskeptic
What is fuelling my bearish sentiment is the weekly Bitcoin chart. Seeing the STOCH railed at 100% for 3 full months is something I have never seen before. When that has happened on other charts, there is generally the big correction to balance that out. The good news is we are still over 10k while the STOCH has corrected down out of overbought/overvalued but I am treading lightly in any buying. I do hope for a nice bounce from where we are on the daily but will be taking profit with a clearer conscience as the fomo-spray is right here in the weekly chart.
Source/News: Fruity McGee is at it again - https://cointelegraph.com/news/john-mcafee-doubles-down-on-1m-2020-price-prediction-for-bitcoin
Thanks to @slobberchops for picking up the airdrop initiative ! You can support the triumphant return of 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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STEEMLeo - Delegations would be fantastic!