Good morning my cryptopubbers and welcome back to the joint after a long day of weekend anticipation and dancing yesterday! Some are a little hung over and Crypto may be as well this weekend.
This morning looks mainly like consolidation with sideways movement and lower weekend volume. Bitcoin continues to build up support bouncing around between $6,200 and $6,600, down ~3% to $6,350 now. Monero, Bitcoin Cash,EOS and Bitcoin Gold are up modestly around 4-5% in the last 24 hours as ETC and Litecoin are actually down a bit. In the poplar altcoin race of Lumens, Tron, 0X, ELF and FunFair, FUN is up a point and a half while the rest lag behind down at least 2%
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Looking again at the Bitcoin Daily chart, I expected so much more fanfare when the MACD crossed upward for the first time this month. The last time it crossed, we saw a distinct pump of $1300 but this was from a lower point on the STOCH, and volume was recovering, not declining. Looking at the Bollinger bands on the main chart, we have almost recovered to the median line and have to see which way we will go from here. A continuation of the bearish trend would bring us back down to the lower Bollinger deviation line which is creeping up towards the bottom of the consolidation channel we are in right around 6k. If we can hold on til Monday, the MACD blue line continues to rise above the blue one, and traders return to the desk with buying volume, we could see a jump to the upper Bollinger line and the 3-week resistance line. My bet is the former (guided by the 12 and 6-hour charts) but we till see. Caution.
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EOS is showing some action this weekend in the form of volume so it is worth taking a look at the 12-hour chart. You can see it has been a particularly bad month for EOS despite the strong week as a divergence on the STOCH made for a nice pump and MACD cross. As we sit right now, it is not looking good for the short term as we are completely overbought on the STOCH and set to correct. As much as it may hurt to sell barely over the $5 mark, it may work out if we correct back down to the lower Bollinger deviation line and a better entry. The $6 mark may be hard to beat unless we can launch from a lower point in the STOCH support index and bounce on a descending MACD. Maybe Monday?
Coins celebrating the weekend with a little ibuprofen and hair of the dog include:
- Monero (XMR) - ETH traders buying our favorite privacy coin -https://getmonero.org/ https://www.tradingview.com/symbols/XMRETH/
- Bitcoin Cash (BCH) - Bitcoin traders hedging into BCash - https://www.tradingview.com/symbols/BCHBTC/ https://www.bitcoincash.org/
- Melon (MLN) - ETH-based technology regulated funds - https://melonport.com/ https://bittrex.com/Market/Index?MarketName=BTC-MLN
Personal Trading Strategy today: Sell a little EOS, Buy a little STEEM, scoop a little more bargain Tron and Litecoin
Source: https://cointelegraph.com/news/analysts-crypto-trading-revenue-could-more-than-double-in-2018
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