Good afternoon everyone and welcome to the pub as we approach the end of October and end of the work week. I have been glancing at the charts the last couple weeks instead of hovering over them looking for a story to tell. Today, there is a story so lets get to it! Pour you a late lunch beverage?
The ticker is looking MUCH better today than it has in a while with Bitcoin again leading the way, up almost 13% on the day to just under $8,500 USD under increasing trade volume. Litecoin and EOS are making the same strides over 13% up on the day while 0x Protocol lags curiously behind only up less than 5% so far.
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To me, the daily chart looks like someone out on a very high ledge on 7th Ave, about to jump off, and having some positive thoughts which may lead to not jumping. There is some solid (descending) support that prevented the daily STOCH going to the bottom of the oversold section, and price dropping below $7.250. The MACD is encouraging as well because it crossed down with the latest drop, and has immediately crossed back up which is generally accompanied by a pump like this. The overly concerning indicator is the fact that the 50 and 200-day MA have converged, and will cross down into what many traders know as the DEATH CROSS. The last death cross happened March 2018 and resulted in a 66% dive from 10k eventually down to $3,300. I haven't seen a bounce of these 2 lines before but am not excited at the prospect of that happening. Death cross aside, an XABCD bull run would put us back up to $10,500 or 11k to welcome November.
Source/News: 100% increase in people owning Crypto so far in 2019!! https://cointelegraph.com/news/number-of-americans-owning-crypto-doubled-in-2019-finder
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STEEMLeo - Upvotes/Delegations would be fantastic!
