Good afternoon CryptoPub and welcome to a nice healthy green Monday as we return to the work week and trading! I speculated on Saturday morning that we may see a pump to this level but was not overly confident of this return of early week buying. Lets see where we are at.
A nice little crypto-wide pump this morning as Bitcoin volume has awakened dramatically and price is up over 8% at this point to just under 4k. EOS and Bitcoin Gold are the alts of the day though and are each up over 20% on the day from where they were yesterday. The Poodle Race of entertaining alts is lagging a little today as 0x Protocol (ZRX) is in the lead up over 8% while ELF is in last place up only 4% on the day.
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With the typical look at the daily chart to calculate and speculate where we are and where we should go in the next week or so, we can see another nice green buying spike to start the week. There was a nice strong break of the 2019 resistance level, a bounce on the MACD and a reversal at the top of the Stochastic Relative Support index. The MACD is back to 0 on the daily scale and there is a little room to finish off this buying support at the top of the STOCH. The only real resistance I see is the one that started back in Jan of 2018 and an ABCD pattern of growth would put us realistically to the $4600 level but we will need to have a lot more sustained buying volume. I am splitting the difference with limit sells half way there and at that level. Could be fun!
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It is time to revisit the slower moving trends in the weekly chart where each candle represents a week of price action. There was across upward on the MACD and a modest increase in price but you can see we are still -750 which is as low as it has been in 5 years. What is intriguing is how the Median Bollinger Line and the 13-month resistance line are so close to each other indicating converging patterns. If there is a rise to that mark, a correction back down would be a continuation of the longer term bearish pattern. It is also neat to see the 50-day moving average converging on the upper Bollinger line which is a notable pattern as well. The message is prepare for a possible greater rise but don't get caught up in any FOMO and set yourself some limit sells if you are a swing trader.
Source/News: Alt Season anyone? https://www.newsbtc.com/2019/02/18/crypto-market-cap-altcoin-season/
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