#Bitcoin weekly RSI is at the same level as it was during the March'20 crash.
Two possibilities:
1) Reversal
2) Crash to test the lower bound of the channel or even lower, as most of the crashes are preceded by oversold readings.
As of now, 2 has a higher probability.
More from Mayank Narula
I did this comparison between Aarti Drugs and Tata Elxsi back in Oct when Tata Elxsi was at 1200-1300. Now it is 4200+.
Here is one more stock displaying similar characteristics: Mayur Uniquoters.
#MayurUniq
Coming out of 7 years consolidation.
Weekly and monthly RSI crossing over 70.
Can it do what Aarti Drugs and Tata Elxsi did in last 1 year?
#MayurUniq
Monthly RSI crossed over 70 in Sep'09 and stayed till Sep'11.
Stock did 5x in that time.
Here is one more stock displaying similar characteristics: Mayur Uniquoters.
Spot the similarities here in the price action:#AARTIDRUGS
— Mayank Narula (@Mayank_Narula1) October 10, 2020
2013-2015: Monthly RSI goes over 70 and stock goes up 4-5x.
2015-2020: range consolidation
2020: repeat of 2013-15 in few months pic.twitter.com/53L2fNpJoM
#MayurUniq
Coming out of 7 years consolidation.
Weekly and monthly RSI crossing over 70.
Can it do what Aarti Drugs and Tata Elxsi did in last 1 year?
#MayurUniq
Monthly RSI crossed over 70 in Sep'09 and stayed till Sep'11.
Stock did 5x in that time.
More from Bitcoin
1/ #Bitcoin FUD-busting time!
claim: bitcoin ownership is heavily concentrated.
@business published an article claiming "2% of accounts control 95% of all Bitcoin" 🤣
truth: the facts, my friends, simple don't line up. let's dive in!
2/ interrogating on-chain addresses is tricky.
address =/ account.
one person can control multiple addresses.
one address can hold bitcoin belonging to multiple ppl.
exchanges and trading firms will have addresses with large balances that represent client funds.
3/ the fine folks @glassnode published an excellent analysis of on-chain address balances in January
the ownership distribution of bitcoin among wallets is actually much more diverse than one might expect.
full piece here:
https://t.co/n5IdIQdNoA
4/ 31% of BTC is held in addresses not identified as exchange wallets.
these are likely institutions, funds, custodians, and OTC desks.
our analysis at @CoinSharesCo indicates >15% of all bitcoin is held in third party custody, including @coinbase and our own @KomainuCustody
5/ in fact, between asset managers @Grayscale ($36B in BTC) and our @xbtprovider ($4B in BTC), 4% of bitcoin is locked up by fund providers and asset managers!
our @CoinSharesCo research team publishes an EXCELLENT weekly report on fund flows and AUMs -
claim: bitcoin ownership is heavily concentrated.
@business published an article claiming "2% of accounts control 95% of all Bitcoin" 🤣
truth: the facts, my friends, simple don't line up. let's dive in!
2/ interrogating on-chain addresses is tricky.
address =/ account.
one person can control multiple addresses.
one address can hold bitcoin belonging to multiple ppl.
exchanges and trading firms will have addresses with large balances that represent client funds.
3/ the fine folks @glassnode published an excellent analysis of on-chain address balances in January
the ownership distribution of bitcoin among wallets is actually much more diverse than one might expect.
full piece here:
https://t.co/n5IdIQdNoA
4/ 31% of BTC is held in addresses not identified as exchange wallets.
these are likely institutions, funds, custodians, and OTC desks.
our analysis at @CoinSharesCo indicates >15% of all bitcoin is held in third party custody, including @coinbase and our own @KomainuCustody
5/ in fact, between asset managers @Grayscale ($36B in BTC) and our @xbtprovider ($4B in BTC), 4% of bitcoin is locked up by fund providers and asset managers!
our @CoinSharesCo research team publishes an EXCELLENT weekly report on fund flows and AUMs -
I have a different take on bitcoin, tether, and dollars
Can also speak with authority on nation state violence
"Nothing makes you feel more free than taking another person's freedom"
and @profplum99 concerns with tether, bitcoin, and decentralization make sense yet I remain long BTC
They are correct on force, I worked in decentralized societies, they are dangerous because the state does not have a monopoly on violence
For those in the first world who have never seen a milita ride out of the desert, kill and enslave farmers, and the government cannot stop it because the 21st century slave trade pays better than the UN, the reality of decentralization is might equals right
I know, that isn't the decentralized future Buterin talks about while wearing a t-shirt with a cat fighting space invaders on it (love those shirts)
But we need to be real, disrupting the global centralized economy won't be like Uber putting taxis out of work
It will be war and faminine level disruption as old empires come alive again
For decentralization to rise the centralized global power of the last 70 years (US Hegemony) has to weaken
Yes we will be rich, but as the Big Short says,
"you can be happy, just don't fucking dance"
Can also speak with authority on nation state violence
"Nothing makes you feel more free than taking another person's freedom"
After much investigation and conversations with people on here, I\u2019ve formed a relatively robust theory of what may be happening with Tether.
— Travis Kimmel (@coloradotravis) January 18, 2021
This thread will attempt to lay it out with neutral language for the purpose of discussion.
1/
and @profplum99 concerns with tether, bitcoin, and decentralization make sense yet I remain long BTC
They are correct on force, I worked in decentralized societies, they are dangerous because the state does not have a monopoly on violence
For those in the first world who have never seen a milita ride out of the desert, kill and enslave farmers, and the government cannot stop it because the 21st century slave trade pays better than the UN, the reality of decentralization is might equals right
I know, that isn't the decentralized future Buterin talks about while wearing a t-shirt with a cat fighting space invaders on it (love those shirts)
But we need to be real, disrupting the global centralized economy won't be like Uber putting taxis out of work
It will be war and faminine level disruption as old empires come alive again
For decentralization to rise the centralized global power of the last 70 years (US Hegemony) has to weaken
Yes we will be rich, but as the Big Short says,
"you can be happy, just don't fucking dance"