Bitcoin: USD/BTC (BTC=X) Paying A Quarter To Move $450 Million
It’s common knowledge that there are various Twitter accounts spread across the internet that warn of multiple “whale” transactions: Transactions of large coin volumes. Bitcoin is no exception to this in the crypto industry. Yesterday, these accounts told the public of a significant transaction, more than 50 000 BTC in total. This transaction is valued at around $450 million at the time of the transaction, making one wonder what the payment was for.
Paying A Quarter To Move $450 Million
While large whale transactions of this caliber aren’t really worth mentioning, it’s one of the minute details that caught the eyes of the press: The transaction fee. The transactor paid a pathetic $0.25 for the entire transaction. The whole transaction, worth more than many people can earn in a decade of work, was only worth a single quarter in transaction fees. Trying to equate this to a percentage fee leaves you with a 0%, the calculator pushing out an odd number in a scientific number format.
The best part about this entire event isn’t even the fact that only a quarter was paid. It’s the fact that the fee itself was already overpaid. The transactor had the opportunity to pay even less than that, under $0.1, if they didn’t mind waiting longer for the transaction to pull through. Apparently, spending a single quarter for a $450 million transaction to make sure it was sent through faster, was a reasonable thing for this mysterious user.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 8,128.48.
The projected upper bound is: 9,228.55.
The projected lower bound is: 8,127.58.
The projected closing price is: 8,678.06.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 29 white candles and 21 black candles for a net of 8 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 36.0683. This is not an overbought or oversold reading. The last signal was a sell 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 64.85. 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 2 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 44. This is not a topping or bottoming area. The last signal was a sell 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 buy 33 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed down -20.260 at 8,651.400. Volume was 73% below average (consolidating) and Bollinger Bands were 47% wider than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 8,628.99 7,593.79 9,006.74
Volatility: 47 47 62
Volume: 108,501 95,461 86,770
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 3.9% below its 200-period moving average and is in an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume into BTC= (mildly bullish). Our trend forecasting oscillators are currently bullish on BTC= and have had this outlook for the last 16 periods.
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