Many feel the market has been heavily suppressed over the past few months, and whilst I would agree, I think it is time for the bull to regain power. If only for a short while.
We have many bullish divergences building on the higher time frames now. MACD divergences on the 3-day and 1-day, along with clear RSI divergences too. This would give us a lovely pop in the market, thus allowing indicators to charge up for more down.
I have not looked at any accumulation indicators to date, but I feel that the larger entities have began accumulating if not already mostly in position from here. Yesterday was another day of heavy dumping from our friend at stamp and most impressively at Huobi, we saw quite large sells in the space of 15 minutes. 4,000 coins swapping hands mostly in selling. The market took it like a champ if you ask me. It gobbled up all those coins, nom nom nom.
We still have quite a high hashrate, however I feel miners are definitely feeling a strain. Our transaction volume is growing and merchant adoption has blasted off much like the price did in 2013. I don't mind a bubble in merchant adoption before the next true bull rally. We all get more time to accumulate before the next wave of adoption smacks bitcoin up to the next interstellar price floor.
We have many bullish divergences building on the higher time frames now. MACD divergences on the 3-day and 1-day, along with clear RSI divergences too. This would give us a lovely pop in the market, thus allowing indicators to charge up for more down.
I have not looked at any accumulation indicators to date, but I feel that the larger entities have began accumulating if not already mostly in position from here. Yesterday was another day of heavy dumping from our friend at stamp and most impressively at Huobi, we saw quite large sells in the space of 15 minutes. 4,000 coins swapping hands mostly in selling. The market took it like a champ if you ask me. It gobbled up all those coins, nom nom nom.
We still have quite a high hashrate, however I feel miners are definitely feeling a strain. Our transaction volume is growing and merchant adoption has blasted off much like the price did in 2013. I don't mind a bubble in merchant adoption before the next true bull rally. We all get more time to accumulate before the next wave of adoption smacks bitcoin up to the next interstellar price floor.