From Wikipedia about Rosh HaShanah:
Rosh HaShanah "start of the year" is the Jewish New Year. The biblical name for this holiday is Yom Teruah, literally "day of shouting or blasting." It is the first of the Jewish High Holy Days, as specified by Leviticus 23:23–25, that occur in the late summer/early autumn of the Northern Hemisphere. The High Holy Days comprise both Rosh HaShanah and Yom Kippur.
Rosh HaShanah is a two-day observance and celebration that begins on the first day of Tishrei, which is the seventh month of the ecclesiastical year. In contrast to the ecclesiastical lunar new year on the first day of the first month Nisan, the spring Passover month which marks Israel's exodus from Egypt, Rosh HaShanah marks the beginning of the civil year, according to the teachings of Judaism, and is the traditional anniversary of the creation of Adam and Eve, the first man and woman according to the Hebrew Bible, as well as the initiation of humanity's role in God's world.
Rosh HaShanah customs include sounding the shofar (a cleaned-out ram's horn), as prescribed in the Torah, following the prescription of the Hebrew Bible to "raise a noise" on Yom Teruah. Its rabbinical customs include attending synagogue services and reciting special liturgy about teshuva, as well as enjoying festive meals. Eating symbolic foods is now a tradition, such as apples dipped in honey, hoping to evoke a sweet new year. en.wikipedia.org/wiki/Rosh_HaShanah
Charting: Happy 5783!
Rosh HaShanah this year begins at sunset on Sunday, September 25th, and ends at nightfall on September 27th. The chart above shows the week before Rosh HaShanah with a blue vertical line and the week of Rosh HaShanah in a red vertical line. My hypothesis is that those who are celebrating do not want to concern themselves with worrying about their wallets while they bring in the new year, and sell in the week leading up to the holiday. You can see a marked increase in selling volume the week before and a slight increase in buying volume the week following.
Given that the release of ETH 2.0 scheduled for September 19th, there is a possibility of the BTC/ETH Flippening happening - either for all time or temporarily as people buy into ETH hype on the way to the 19th. (Flippening = when ETH overtakes BTC in market cap) With both Rosh HaShanah and the ETH release scheduled less than a week from each other, it could be a 1-2 punch for a BTC dump. To further understand the Flippining check out this site. buybitcoinworldwide.com/flippening/
There is another possibility of ETH tanking if the merge doesn’t happen on the 19th because it is flawed in some way, or the real possibility of many people who have their ETH locked up and have been waiting to sell it for a while doing so. A buy the rumor - sell the news reaction. I see this as a negative factor also striking BTC price, as people unload BTC to buy ETH at a lower point. www.youtube.com/watch?v=mIgghdh0...
When BTC has dropped traditionally many of the smaller cryptos have followed - not always, but a great deal of the time. So taking profit before the incoming statistically probable downturn could be a good idea.
Conclusion:
A selloff is coming with a lot of retail heading for the register.
Not Financial Advice
Full disclosure, I am long multiple crypto tokens and will be selling out of the bulk of my holdings on or around September 18th.
Research Credit:
The Crypto Jew Crew
George
Rosh HaShanah "start of the year" is the Jewish New Year. The biblical name for this holiday is Yom Teruah, literally "day of shouting or blasting." It is the first of the Jewish High Holy Days, as specified by Leviticus 23:23–25, that occur in the late summer/early autumn of the Northern Hemisphere. The High Holy Days comprise both Rosh HaShanah and Yom Kippur.
Rosh HaShanah is a two-day observance and celebration that begins on the first day of Tishrei, which is the seventh month of the ecclesiastical year. In contrast to the ecclesiastical lunar new year on the first day of the first month Nisan, the spring Passover month which marks Israel's exodus from Egypt, Rosh HaShanah marks the beginning of the civil year, according to the teachings of Judaism, and is the traditional anniversary of the creation of Adam and Eve, the first man and woman according to the Hebrew Bible, as well as the initiation of humanity's role in God's world.
Rosh HaShanah customs include sounding the shofar (a cleaned-out ram's horn), as prescribed in the Torah, following the prescription of the Hebrew Bible to "raise a noise" on Yom Teruah. Its rabbinical customs include attending synagogue services and reciting special liturgy about teshuva, as well as enjoying festive meals. Eating symbolic foods is now a tradition, such as apples dipped in honey, hoping to evoke a sweet new year. en.wikipedia.org/wiki/Rosh_HaShanah
Charting: Happy 5783!
Rosh HaShanah this year begins at sunset on Sunday, September 25th, and ends at nightfall on September 27th. The chart above shows the week before Rosh HaShanah with a blue vertical line and the week of Rosh HaShanah in a red vertical line. My hypothesis is that those who are celebrating do not want to concern themselves with worrying about their wallets while they bring in the new year, and sell in the week leading up to the holiday. You can see a marked increase in selling volume the week before and a slight increase in buying volume the week following.
Given that the release of ETH 2.0 scheduled for September 19th, there is a possibility of the BTC/ETH Flippening happening - either for all time or temporarily as people buy into ETH hype on the way to the 19th. (Flippening = when ETH overtakes BTC in market cap) With both Rosh HaShanah and the ETH release scheduled less than a week from each other, it could be a 1-2 punch for a BTC dump. To further understand the Flippining check out this site. buybitcoinworldwide.com/flippening/
There is another possibility of ETH tanking if the merge doesn’t happen on the 19th because it is flawed in some way, or the real possibility of many people who have their ETH locked up and have been waiting to sell it for a while doing so. A buy the rumor - sell the news reaction. I see this as a negative factor also striking BTC price, as people unload BTC to buy ETH at a lower point. www.youtube.com/watch?v=mIgghdh0...
When BTC has dropped traditionally many of the smaller cryptos have followed - not always, but a great deal of the time. So taking profit before the incoming statistically probable downturn could be a good idea.
Conclusion:
A selloff is coming with a lot of retail heading for the register.
Not Financial Advice
Full disclosure, I am long multiple crypto tokens and will be selling out of the bulk of my holdings on or around September 18th.
Research Credit:
The Crypto Jew Crew
George