CryptoPub Daily - Poke those sleeping bulls
Good afternoon CryptoPub. Have a drink while we wait for the releasing of the traders who seem to be sitting on their stakes right now.
Early this afternoon, we are looking at very low trade volume and slight red across the ticker as Bitcoin is down a half point to $6,630. Ripple and Bitcoin Gold are down the most after trading growth streaks last week. Every other coin on my ticker is between .5 and 2% down on the day as we wait for something to pop (ETC?) Tron, aElf and 0X are collectively stinking up the poodle race, down 3% as FUN is in first place, down only 2/3rds of a point.
T&A today brought to you by @jiujitsu who is back into the cryptos lately and using vimmtv as his dlive replacement https://steemit.com/vimmtv/@jiujitsu/decb9ccfc7b01b0f9c68ef61930f236f-vimmtv
Since not much has ben happening with volume and price on the daily and 12-hour charts, I am looking to the weekly Bitcoin chart for a step back for perspective. It has been a month of dropping volume and consolidation of price. The MACD is rising slightly but the STOCH is showing a recent drop in buying support despite hanging on to the $6600 price level. Of note is also the fact that the Bollinger deviation lines are continuing to squeeze in which usually results in a big breakout if they manage to squeeze in too far for too long. Consider a big break down at this point and how low that would go...reasonably below 6k. A break upward could be nice as 8k would be the next immediate step.
Bonus T&A brought to you by @slobberchops askin us how we like them apples https://steemit.com/homesteading/@slobberchops/apples
For contrast purposes and a look at the shorter term prospect, here is a look at the 3-hour chart where each candle represents 3 hours of price action. I am looking for a good divergence at the bottom of the STOCH (STOCH goes up but price bottom goes down) for a short term entry. Buy support might correct before 0 on the stoch which I like and price has bounced back up of the Bollinger median signalling short term bull if it stays here. I am looking at the top of the Bollinger band and how close it is to the month old resistance line for some fireworks.
Source:/news: https://cointelegraph.com/news/think-cryptos-challenges-are-unique-its-just-history-repeating-itself
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Volume has been low for awhile. We have had a good week of news and prices have barely moved.
Posted using Partiko iOS
You got that right. Something big is very slowly creeping up on us and the bears are very carefully considering their exit points as are the bulls with their entry point. We just can't get to the bottom of the stoch on the daily to set a good launch point.