Good morning/Afternoon cryptopub blockchain bolsterers! We made it to August and I hope the weather is great where you are too! I am taking a peak at the daily charts of the big girls so that we can see where we are to start the month, and more importantly where we may go price-wise.
The ticker trade volume this morning is looking a little sleepy with Bitcoin right at the 10k mark, up less than a half a point from this time yesterday. Litecoin joins BTC in the green for the day while mature alts are down between 1.5 and 3%. In the Poodle Race, we have ELF and FUN neck and neck at even daily growth and Tron/Lumens fighting it out for last place down just over 2.5%.
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Again I obsess on the daily bitcoin chart as it is a good barometer for Crypto but is turning out to be not great as an indicator where to enter for me. We are presently bumping off the resistance line that is part of a bullish descending wedge . As support builds on the bottom green line, it is also strengthening on the resistance line and powering up for a big breakout. With the MACD set to cross up for the first time in 47 days and plenty of room for growth on the Stochastic relative support index, I am expecting a little more sideways, then a break one way or the other. Personally, it is 66% up and 33% down and I have my exchange balance to reflect that.
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I do like to take a look at the daily Ethereum chart as a bridesmaid comparison (to BTC? The Girl of the hour?) We are wedged in a bearish flag where there is a symmetrical triangle after a steep drop. The god news is that the MACD has crossed up and there is room at the top of the STOCH where big moves tend to happen. Not so good news with the bear flag is they tend to break down, and the MACD cross in bearish country didn't produce the pump yet. The Bollinger lines are really squeezing in so there should be some fireworks and I plan on scooping some if it goes under $200 again or nabbing some profit if it jumps to the resistance line as close to $260 as I can get.
Source/News: Facebook and Crypto forcing the critical conversations - https://www.forbes.com/sites/billybambrough/2019/08/01/bitcoin-has-no-intrinsic-value-as-uk-moves-towards-crypto-ban/#411dc5682d27
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