CryptoPub Daily - Correction?

in #cryptopub5 years ago

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Good morning CryptoPub! Lets grab a pint, find our comfy seat, and take a look at what the bears are doing.

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My ticker has a smattering of green in it under reasonable trade volume as Bitcoin is up 1.75% on the day to just over 4k. Zcash and NEO are doing a little better on the sentiment and are up an average of 5% while EOS continues its fire sale, down 4.6%. In the Poodle Race between Tron, Lumens, aElf, FunFair and 0x Protocol, we have TRX in the lead up 7% while ELF is in the rear down over 4%.

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T&A today brought to you by @ryan313 with some solid T&A on SBD https://steemit.com/steem/@ryan313/sbd-btc
The 6-hour Bitcoin chart is catching my attention this morning as I look for signs of continuation or correction. There is some short term support being built up around the $3,800 level and the Bolinger Bands are starting to squeeze in on the longer term charts. There is a nice bullish diversion on the STOCH (uptick on the STOCH with a lower low in price) and the MACD looks as if it is due for a cross upward today some time. If this is the case, I see a little resistance around $4,200 but could see a pump to $4,400 if it can get through that under the current volume.

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Bonus T&A brought to you by @broncnutz calling BS on Kareem Hunt's 'apology' https://steemit.com/sports/@broncnutz/does-this-seem-like-a-sincere-i-m-sorry-to-you
For a little longer term Christmas cheer, I took a peek at the weekly chart for some good news. Looking at the Stochastic Relative Support Index, we can see that this drop in price and buying has put us right on the bottom of the STOCH in extreme oversold/undervalued territory. The sell pressure red line is almost on the bottom and the skid of the buy support hasn't resulted in THAT much of a decrease. While we will have to correct again on the daily chart before a good run (meaning we are not out of the woods yet,) this support line and oversold status is a great place from which to launch again.


Source/News: https://cointelegraph.com/news/crypto-exchange-erisx-raises-275-million-from-fidelity-nasdaq-ventures-and-others

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