News of MicroStrategy adding 3,000 more Bitcoins to its stash sent the cryptocurrency soaring from around $52,000 to more than $57,000 in less than 24 hours (now, MicroStrategy holds about 193,000 BTC). This price action was accompanied by the RSI’s retracement to the overbought territory and a bullish reversal in MACD and Stochastic (on the daily timeframe). The...
#tokenfi broke out the bear channel and now want to achieve Elliott' s 3rd wave impulse. NOT FINANCIAL ADVICE.
Bitcoin halving is an event that halves the rate at which new Bitcoins are introduced to a network (or mined). This event occurs approximately every four years or after 210,000 blocks have been mined; as a result, each halving reduces the reward given to miners by half and mimics a concept known as the hardening of a currency (meaning it is harder to extract it...
Bitcoin has held relatively steady above $50,000 for about five days. In the meantime, the volume has kept falling, and the number of large speculators (Bitcoin addresses with balances exceeding 1,000 BTC) has marched higher (there was a slight drop in the figure yesterday, though). Simultaneously, the RSI has continued to trend in the overbought territory on the...
Per the request from our audience, we would like to take a look at SUNUSD. Based on the information available on Binance’s website, this cryptocurrency was created in connection with the Sun platform and is intended to promote the development of decentralized finance on the TRON blockchain network. In 2021, the Sun token was swapped with a new version of the token...
A few weeks ago, we noted that the mania in the cryptocurrency market seemed to reach levels coinciding with the summer of 2021. Nevertheless, as Bitcoin’s price increases, the narrative about the “complacent plateau” and the never-ending rally grows stronger as well, making the current time reminiscent of late 2021. As a result of the massive rally, investors in...
In the previous article about Bitcoin, we discussed the rise in the number of large speculators, the distortion of the bearish structure in RSI, and a bullish breakout in MACD (on the daily time frame). Since then, MACD and RSI have continued to trend higher, with the RSI reaching the overbought zone. At the same time, the ADX began to trend higher, suggesting the...
Overnight, Bitcoin leaped higher, breaking above $44,500. As this move was preceded by an aggressive rise in the number of Bitcoin addresses with balances exceeding 1,000 BTC, we consider it important to watch out for what will happen to this number in the upcoming days; a drop in the figure could suggest large speculators are utilizing an uptick in the price to...
Bitcoin has been moving along the channel’s lower bound for over a week, with its trend turning increasingly neutral, as reflected in the declining ADX on the daily graph; in addition to that, the RSI has failed to distort the bearish structure and MACD has begun breaking above the midpoint. At the same time, the number of Bitcoin addresses exceeding 1,000 BTC has...
Multiple developments are catching our attention as Bitcoin trades near the lower bound of the upward-sloping channel. First, for the past twelve days, there has been one of the most aggressive increases in the number of Bitcoin addresses with balances exceeding 1,000 BTC; at the same time, the opposite has been happening among the addresses with balances...
Bitcoin edged higher over the weekend, briefly reentering the upward-sloping channel. At the same time, the number of Bitcoin addresses with balances exceeding 100 BTC and 1,000 BTC increased, suggesting big speculators might not be satisfied with the price yet to unload their newly acquired tokens during the dip. Therefore, our focus is on the lower bound of the...
Since the plunge to $38,505 on Monday, Bitcoin has been trending mainly sideways around the critical level of $40,000. Meanwhile, the number of Bitcoin addresses with balances exceeding 1,000 BTC ticked slightly higher; the same applies to the addresses with balances exceeding 100 BTC. On the daily chart, the RSI began to flatten around 35 points, Stochastic...
In the previous article about Bitcoin, we discussed how there was no significant uptick in the number of Bitcoin addresses with large balances (particularly among wallets exceeding 100 BTC and 1,000 BTC), suggesting big speculators might not be interested in buying the dip this time. Nevertheless, despite a further drop in the price (since the last article), the...
While there is not much to talk about the price action due to Bitcoin trending mainly sideways since our last article, one notable thing is catching our attention. Despite a pullback in the price of Bitcoin, there is no increase in the number of Bitcoin addresses with balances exceeding 100 BTC and 1,000 BTC, suggesting that big players are not buying the dip...
The last week brought much-awaited Bitcoin Spot ETF approval in the United States. However, despite the highly bullish expectations of the majority of market participants, no significant rally took place. Instead, Bitcoin has lost about 15% since its high on Thursday, which marked the day when multiple new Bitcoin ETF products started to float on the market. At...
So far, the first week of 2024 carried in a rocky fashion for Bitcoin, with the price initially posting a new high and then dumping nearly 10%, only to rise again later. Currently, Bitcoin trades near $44,000, and we are starting to ponder about a shorting opportunity. With that said, we are paying close attention to the upward-sloping channel forming above...
After a series of bearish breakouts from the pattern resembling a triangle on the hourly chart, Bitcoin kicked off the new year on a bullish note and skyrocketed through its upper bound. By doing so, it established a new high at $45,532. Yet, despite this being a bullish development, a few things continue to ring an alarm bell for us. Last week, we noted that...
In a previous article about Bitcoin, we discussed how it has been struggling to move higher since early December 2023. Additionally, we outlined a few bearish developments on the daily chart and emphasized the weak trend. Currently, we are paying close attention to the pattern resembling an ascending triangle on the hourly chart. A breakout above the upper bound...