Good morning Cryptocitizens and welcome back to the pub. We have a sale on BTC Pilsner today to celebrate the arrival of February.
Another bloody Thursday (I thought it was Friday!?) as BTC has broken the support line and is headed to the local bottom. It is interesting the differences in the numbers from some of the penny coins healthily into the double digit decline on the 24 hour, Ripple actually losing ground on BTC in the dip, and the shining star ETH as the only green and continuing its relatively strong performance. More on that in the T&A.
Today's T&A brought to you by @vegansilverstack and the discovery of Bananacoin! https://bananacoin.io/ https://steemit.com/cryptocurrencies/@vegansilverstack/bananacoin-should-you-invest ETH is still in a nice small up-channel and the market's morning re-tracement is less pronounced and didn't cause ETH to even test support. What is notable is that the MACD (moving average) has stayed fairly close to 0 and is on the bullish side right now a touch while BTC digs lower. Also encouraging is the deviation from the BTC Relative Support Index which I have drawn in in yellow. This means ETH is currently holding its ground in a more general dip, there is confidence from investors and traders in its value, and more of the FIAT that is generally taken from BTC in dips, is being directed to ETH. When this bull runs, you can expect BTC to steal this back and have periods of better growth than ETH but stability is definitely a good thing.
Coins hitting on the bartender today include:
- AuroraCoin - Fixed supply anti-inflation payment system http://en.auroracoin.is/ https://coinmarketcap.com/currencies/auroracoin/
- STEEM Up double digits in the BTC dip and a regular here of course https://bittrex.com/Market/Index?MarketName=BTC-STEEM
- QTUM On of my favorite underdog coins enabling business blockchain apps https://qtum.org/en/ https://www.tradingview.com/symbols/QTMBTC/ https://qtum.org/en/
My trading strategy today: Hedge buy in near the $9200 BTC point (and matching small hedge on other coins at the same time) while watching the RSI, and converting a little of the ETH core to BTC while it is on sale. Save money for a potential 8k BTC!
