Good morning crypto enthusiasts and social digital drinkers. Let me pull you a pint and lets see whats going on in digital currency today.
We are moderately red across the ticker today as trade volume has picked way up for Bitcoin which is down about a half point from yesterday hanging onto the $6400 level. Alts are down a little more comparatively as big brother steals the trading volume with ETH, Bitcoin Cash, Neo, ETC, ZEC, and OMG all between the -4% and 5% down. The alts in my Clown Race have been bitten by BTC as well as aELF lags behind down 10.5% and the leader is Lumens down only 2.5%
Today's T&A brought to you by who is also watching that resistance line strengthening https://steemit.com/bitcoin/@exxodus/bitcoin-becoming-less-likely-to-break-usd6-636
Taking a look at the action on the daily Bitcoin chart, we can see a curious small correction on the STOCH support index that is indicating some lingering buying support. We broke down out of the wedge I reported yesterday but not too hard and we have bounced back up. If this short term momentum continues, we should see a return to the resistance line/Bollinger Median around $6,600. Then we will grab some popcorn and see if some bulls can break us through that level, or we will correct back down (being shown distinctly on the 12-hour chart) and break harder out of the bearish wedge.
Bonus T&A brought to you by as he calls another good alt to bitcoin purchase point https://steemit.com/zen/@ryan313/zen-back-on-buy-line-support
In this bearish market, I have tried to change my tactic from scalper (daily ins and outs for small profit) to swing trading (slower sells of tops once every few days and buys of bottoms) so I am watching the 12-hour EOS chart. I sold the second bounce in the top of the STOCH (trying to sell while people are still buying) and it has been hard keeping my EOS play fund in FIAT the last couple days. Seems we are imminent for a MACD cross downwards and have plenty of room to correct down on the STOCH so I have set a limit buy back at a 2-month support line. Depending on what BTC does there, I may catch a red knife but at least I have accumulated 25% more EOS if it falls that low.
Coins ain't got not time for a correction today include:
- Chain Link (LINK) - Smart contract platform to link different block chains - https://www.smartcontract.com/link https://www.tradingview.com/symbols/LINKBTC/
- Santiment (SAN) - ETH Hodlers buying crypto market research platform - https://santiment.net/ https://www.tradingview.com/symbols/SANETH/
- Bytes (GBYTE) - Another block chain blogging platform - https://www.cryptobytes.me/ https://bittrex.com/Market/Index?MarketName=BTC-GBYTE
Personal Trading Strategy today: Small hedge limit sale of BTC at the resistance line, limit buy set for EOS, scoop up a few more ZENcash, hope and pray.
Source: https://www.ccn.com/south-korea-lawmakers-discuss-ico-cryptos-during-extraordinary-session-report/ South Korea talks heat up again.
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