The month of September has been a turbulent one for Bitcoin in the crypto markets. The month started off with BTC breaking the $12k ceiling only to drop below $10k on numerous occasions before levelling off at current levels above $10,200.
However, the constant volatility of Bitcoin has not swayed investors from owning more BTC. According to the team at Glassnode, the number of Bitcoin addresses holding at least 1 BTC has grown continuously over the years. Known as ‘wholecoiners’, their numbers recently hit a new all-time high value of 823,000. The team at Glassnode shared their observation via the following tweet.
Unfazed by $BTC's price swings, the number of network addresses holding at least 1 BTC has shown a continuous growth over the years.— glassnode (@glassnode) September 9, 2020
The number of "wholecoiner" addresses hit another ATH yesterday, closing the day above 823k for the first time.#Bitcoinhttps://t.co/RENZprdE5Q pic.twitter.com/9zPb2GV9HL
Bitcoin is not just a scarce commodity, it’s the only known commodity in the universe that has a deterministic and fixed supply. As a result, bitcoin is not subject to any of the potential positive supply shocks that gold (or any commodity for that matter) may face in the future.
Bitcoin is the first commodity in the universe where supply does not follow demand. Demand for bitcoin does not, and cannot, expand its supply.
Beyond superior supply attributes, bitcoin possesses all of the other characteristics that make gold valuable and actually performs better on a side-by-side comparison.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
The projected upper bound is: 11,250.85.
The projected lower bound is: 9,285.46.
The projected closing price is: 10,268.15.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles. During the past 50 bars, there have been 31 white candles and 19 black candles for a net of 12 white candles.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
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.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 61.2715. This is not an overbought or oversold reading. The last signal was a buy 2 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 38.65. 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 35 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 -53. This is not a topping or bottoming area. The last signal was a buy 2 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 33 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed down -46.261 at 10,254.970. Volume was 60% below average (consolidating) and Bollinger Bands were 89% wider than normal.
Open High Low Close Volume 10,301.230 10,394.000 10,200.080 10,254.970 280,919
Technical Outlook Short Term: Neutral Intermediate Term: Bearish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 10,407.78 11,228.24 9,102.13 Volatility: 51 56 84 Volume: 1,031,164 841,320 575,799
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.
FOREX BTC= is currently 12.7% above its 200-period moving average and is in an downward trend. Volatility is high as compared to the average volatility over the last 10 periods.
Our volume indicators reflect volume flowing into and out of BTC= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on BTC= and have had this outlook for the last 17 periods.
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