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Cryptocurrency Trading / Upbit Making stops accumulating BTC: Altseason about to start?
« on: March 05, 2024, 03:49:28 PM »
I - Onchain data from 52Hz Onchain (in Vietnamese)
I translated the 52Hz Onchain's post from Vietnamese to English, with refinements and explanations of crypto market slangs. I will present text + images so we can view, quote and discuss more easily. I think this is better than sending a simple link.
After many days of accumulating BTC despite the bearish coming from Mr.100 and Upbit Making, currently, 4 days have passed and Upbit Making has not accumulated any more BTC. In the past, when Upbit Making no longer accumulated BTC, the entire ALTS entered a strong growth when receiving cash flow from the market.
So does Upbit Making think that the BTC price is too high to accumulate or have they accumulated enough BTC and are ready to pump the market to a higher price zone?
>> Perhaps Upbit Making has bought enough: Circulating supply of Entities is at 90% (this means whales have complete control of the amount of BTC from onchain addresses to CEX). Thus, we are entering a strong rising wave of ALTS.
When BTC amount is no longer accumulated, it is also the time when BTC cedes cash flow to ALTS with attractive narratives. The strong growth of Layer-2 token price today is not a surprise to investors.
II - Technical analysis (Weekly chart)
BTC.D has fallen out of the rising trendline after being stopped by the resistance zone around 55%, while MACD shows a weakening of the current uptrend, suggesting that BTC is no longer dominant over ALTS. However, we also do not have a clear reversal signal as BTC.D continues to stay above the Weekly EMA34. Thus, in the coming time, only a few ALTS will have strong growth, most will still have weaker price growth performance than BTC.
I translated the 52Hz Onchain's post from Vietnamese to English, with refinements and explanations of crypto market slangs. I will present text + images so we can view, quote and discuss more easily. I think this is better than sending a simple link.
After many days of accumulating BTC despite the bearish coming from Mr.100 and Upbit Making, currently, 4 days have passed and Upbit Making has not accumulated any more BTC. In the past, when Upbit Making no longer accumulated BTC, the entire ALTS entered a strong growth when receiving cash flow from the market.
So does Upbit Making think that the BTC price is too high to accumulate or have they accumulated enough BTC and are ready to pump the market to a higher price zone?
>> Perhaps Upbit Making has bought enough: Circulating supply of Entities is at 90% (this means whales have complete control of the amount of BTC from onchain addresses to CEX). Thus, we are entering a strong rising wave of ALTS.
When BTC amount is no longer accumulated, it is also the time when BTC cedes cash flow to ALTS with attractive narratives. The strong growth of Layer-2 token price today is not a surprise to investors.
II - Technical analysis (Weekly chart)
BTC.D has fallen out of the rising trendline after being stopped by the resistance zone around 55%, while MACD shows a weakening of the current uptrend, suggesting that BTC is no longer dominant over ALTS. However, we also do not have a clear reversal signal as BTC.D continues to stay above the Weekly EMA34. Thus, in the coming time, only a few ALTS will have strong growth, most will still have weaker price growth performance than BTC.