USDT.D Analysis may point to continuation of Bullish run
Crypto Report by CryptoStakers — Date: Saturday October 9, 2021
This is not a financial advisory report. We are not financial advisors. Investing in crypto is a high risk investing. Do not invest what you cannot afford to lose. Do your own research.
Market is presenting some signals that Bullish behavior may continue. BTC in an ascending channel trying to break 55k resistance. Price above 200 EMA while other short term signals keep moving up.
Below USDT.D may indicate some pullback that could trigger even lower index in the upcoming weeks, making cryptos move up given some regular divergence found int both RSI and MACD indicators in 4h timeframe. Similar divergences are not confirmed yet in Daily timeframe.
Reserve in Exchanges remain low for BTC and ETH, which is a characteristic of a possible continuation of the run:
BTC Miners outflow also are very low, signaling HODL which may generate some additional pressure in BTC:
Another important factor is the rising number of active addresses, which also may signal more people are being attracted to the BTC bullish run and are also trying to grab some of the profits derived from it (and this also can push BTC higher):
If we look at NVT Ratio — Golden Cross, we can see there is still room for growth until risk for downside create pressure to revert the current market trend line:
Long term holders position remained stable in the last weeks. Maybe this is just a cautionary signal. The important element here is that they are at same levels that triggered another bull-run earlier in this year.
Also number of Bitcoin addresses in profit reached the highest level in 4 weeks.
Entities in Profit has risen to 94.3%. Over 16.2% of all on-chain entities have returned to profit since the Sept lows. The last time this many network entities were in profit was before the sell-off in May. Bitcoin’s number of addresses in profit (7d MA) just reached a 1-month high of 34,076,915.411. Previous 1-month high of 34,061,892.458 was observed on 08 September 2021.
Amount of HODLed or Lost Coins just reached a 9-month high of 7,203,509.184 BTC.
Previous 9-month high of 7,203,450.731 BTC was observed on 06 October 2021.
All of these are important signals of accumulation which again may lead to an increase in BTC price.
There are signals that points the tendency will continue. Market needs to be monitored closer to see if the tendency remains.