CryptoPub Daily - Octobear/Novembull?

in #cryptopub6 years ago

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Good Morning CryptoPub! Pull up a pint and lets look at what happened in October in a quiet month at the pub, and what may happen in November in what I hope will be a busy one!

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For the month in review, I like to look at the ticker as it looked the first4 of last month and compare it with today as the first of this month. For Bitcoin itself as the barometer for crypto, we are pretty close to the same price and daily volume as a month ago, down only $200. Altcoin daily volume has dropped off from this point a month ago indicating that Bitcoin is taking the spotlight like in Novembull of last year. There is a bit of stability in the fact that the currencies are pretty much the same ranking in order of daily volume as they were last month except Ripple/BTC and BTG/0X have swapped spots. The most encouraging sign is that we are starting the month off green on the 24-hour price showing the trend is heading moderately back up for now.

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T&A today is brought to you by @overkillcoin who agrees it has been dreary but never fails to show up for a social drink!
Looking at the longer term view, the weekly bitcoin chart is a little ugly over the last few months but looking better. Trade volume has steadily dropped off since August and the trend lines have flattened out showing some support and stability. As the MACD recovers, it is heading slowly and steadily back to zero where it can head back into bullish territory....though there is a ways to go. On the Stochastic Relative Support index, sell pressure is declining and buy support is slowly rising and the trend is about to reverse with the blue line (buy)about to cross the sell line upward. Given the summer BTC hibernation, last year's year end bull run, and the fact that the Bollinger bands squeezing in generally cause a strong breakout, I am moderately optimistic for Novembull. Just need a return of huge trade volume and a little overdue FOMO to make swing trading and scalping interesting again.

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Bonus T&A brought to you by @tj4real who is motivating us until the next bull market! https://steemit.com/motivation/@tj4real/dream-it-and-acheive-it-932eb20721ae2est
For a shorter term look on where we should be going in the next few days, the daily chart is looking fairly good. The latest dip brought price down below the 3-month support line for a blink, and touched the lower Bollinger band. Hitting that line so distinctly and seeing the pump last time we were there would suggest we are headed back to the $6500 level where the bears will take profit while the bullish traders will wait 'til the upper Bollinger line at around $6,800. The trend on the STOCH is distinctly trending up though I am not going to get excited until I see an upward cross on the MACD for a nice bull run if we make it there. Quite a ways to go to have that happen but we will be watching.


Source/News: Slowly.....slowly....https://cointelegraph.com/news/ceo-of-top-crypto-derivatives-platform-crypto-bear-market-could-last-another-18-months

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