Happy Tuesday pub goers and welcome to the only place where you can watch Bitcoin Gold, and sip on some golden brew with friends while doing it. Lets enjoy some gold lager and see where this last run leaves us.
A relatively sideways day with attention on Bitcoin under moderate volume sitting at just over $6,200, up ~2.5% from this point yesterday. DASH and Bitcoin gold join OMG in the green today while Ethereum leads the rest of my watched alts correcting down a couple points today. In the entertaining alt coin comparison I call the Poodle Race, ELF is in the lead up 2% while rest are in the read, trailed by FUN which is down over 4% on the day.
T&A today is brought to you by @cryptopassion who watches the charts form a comfy stool right over there. http://steemit.com/bitcoin/@cryptopassion/btc-break-out-in-2-times-breat-trap-followed-by-the-real-up
To Shake things up a little, I am looking at the weekly chart (each candle represents a week of price action) from about the point I started watching crypto 'til today. With this recent short-term bull run, we are now is JUST back to 0 on the MACD (Moving Average Convergence/Divergence) which is neutral. Volume is low compared to the madness late 2017/early 2018 and we are back in overbought/overvalued on the Stochastic Relative Support Index for the first time since $20k. This spells a correction of sorts and I am wondering whether my bullish or bearish instincts are correct. When things are on the rise, I generally start to see Cup and Handle in many of the patterns which is a long slow dip and recovery, followed by a quicker dip then a moonshot. Will there be enough sentiment to stop a greater correction? Is this a Cup & handle that will bring us to 12k by the end of summer? Will trade volume stay low and just have us consolidate here a while? Time to HODL and make some FIAT in case the big correction is coming after so long in Overvalued.
Bonus T&A brought to you today by @steevc throwing his hat into the ring with
@techslut who is delegating 1000 sp FORTHE BEST steem promoter https://steemit.com/steem/@techslut/let-s-promote-steem-1k-sp-delegation-contest
Back to the daily chart for the swing traders signals.The month of April is slightly bullish on the MACD and we are banging into 90-day resistance. If price manages to break that strongly, I will be breaking out the popcorn for the $6,600 zone which will see my Cup & Handle come into play with a correction from there. Fomo-killing spiderverse sense is reminding me that we are oversold and above the upper Bollinger deviation line which is screaming for a correction back down. Gambling time and we have plenty of week to watch it play out.
Source/News: Fidelity to initiate the bigger institutional charge into Crypto? https://www.ccn.com/fidelity-crypto-trading-creates-best-news-scenario-for-surging-bitcoin-price
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