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Bitcoin: USD/BTC (BTC=X) JK Rowling and the Deathly Bitcoiners

By HEFFX on May 19, 2020

Bitcoin: USD/BTC (BTC=X) JK Rowling and the Deathly Bitcoiners

Late last week, Harry Potter author JK Rowling innocently tweeted: “I don’t understand Bitcoin, please explain it to me.” She was immediately inundated with a million charts, complicated explanations and demands she buy Bitcoin.

Even ETH co-founder Vitalik Buterin and billionaire Elon Musk got in on the act. Musk said “massive currency issuance by govt central banks is making Bitcoin Internet money look solid by comparison” – although his endorsement was undermined by his claimed paltry 0.25 BTC holdings.

JK Rowling later joked she wasn’t joining the Bitcoin community: “It should be perfectly obvious by now that I’ve been trolling Bitcoin in the hope of boosting my significant Ethereum holdings.” Great mainstream exposure.

Everybody is long on ETH

The number of long positions on Ethereum has been breaking new all-time highs since late February. They’re up 170% since then on Bitfinex, and the ETH bulls weren’t shaken out on Black Thursday either, when long positions on Ripple and EOS fell off a cliff.

That said, the amount of Ether held on exchanges is at record highs since Black Thursday (meaning that they are easier to sell) while 300,000 Bitcoin has been withdrawn from exchanges since. Glassnode data shows there are fewer Ether whales than at any time since January 2019, with the number of unique addresses holding more than 10,000 ETH falling to just 1050 this week. But the number of addresses holding 32 or more ETH (the amount required to run a validator node and earn interest in ETH 2.0) has increased to 114,625, up from 104K in August last year.

But don’t get too excited about ETH 2.0 just yet as Vitalik Buterin has recanted last week’s confident prediction of a July launch.

Shayne Heffernan Trade Idea

“Don’t” Shayne Heffernan PhD in Economics

Technical Indicators

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 27 white candles and 23 black candles for a net of 4 white candles.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 69.9971. This is not an overbought or oversold reading. The last signal was a sell 9 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 59.40. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 10 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 47. This is not a topping or bottoming area. The last signal was a sell 9 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 8 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed down -89.570 at 9,584.160. Volume was 65% below average (consolidating) and Bollinger Bands were 32% narrower than normal.

Open       High       Low        Close       Volume
9,682.100  9,748.340  9,455.000  9,584.160   171,567
Technical Outlook
Short Term:        Neutral
Intermediate Term: Bullish
Long Term:         Bullish
Moving Averages: 10-period      50-period       200-period
Close:           9,269.23       7,984.85        8,055.94
Volatility:      86             80              85
Volume:          400,258        507,270         283,854

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

FOREX BTC= is currently 19.0% above its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods.

There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. Our volume indicators reflect volume flowing into and out of BTC= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on BTC= and have had this outlook for the last 47 periods.

We invite you to try out any MetaStock product (including Add-Ons) for 30 days. If you are not convinced that it helps you make more accurate, educated trading decisions, just return it to us within the 30 days for a refund of the purchase price. It’s that simple. This policy does not apply to subscriptions.

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Bitcoin: USD/BTC (BTC=X) JK Rowling and the Deathly Bitcoiners added by HEFFX on May 19, 2020
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HEFFX

HEFFX has become one of Asia’s leading financial services companies with interests in Publishing, Private Equity, Capital Markets, Mining, Retail, Transport and Agriculture that span every continent of the world. Our clearing partners have unprecedented experience in Equities, Options, Forex and Commodities brokering, banking, physical metals dealing, floor brokering and trading.

Latest posts by HEFFX (see all)

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#best forex company Heffx#best fx account#best fx company#Bitcoin#bitcoin daily forecas trade like Shayne Heffernan#bitcoin forecast#bitcoin news#bitcoin technical analysis#bitcoin technical forecast#btc news#BTC=#daily stock brief Heffx#investing#make money trading fx with Heffx#morning call with Heffx#open an account fx#shayne heffernan#shayne Heffernan well known Asia economist#trading#USD/BTC
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