So nothing much going on on the market.
We guess everyone waits till the maturity of the contracts which will take place on 26th of October.
If the investors decide to sell them we will encounter massive sell of (anyway we think we won't go below $6500). If investors decide to reinvest their money and go long on BTC we will have a nice bounce up. Time will tell.
We found actually one interesting characteristic regarding BTC , namely, bitcoin active addresses.
As on Trading View, it is not possible to implement link as a tile from other websites you have to open the link to understand our thoughts here.
So in terms of the number of BTC addresses the lowest low since 2,5 years we had in August 2016 (around 200k active addresses). Till July 2017 it raised till 800K so in one year time 4 times more. Nice. Then we had a drawback to nearly 500k (one day was even with 200k but this was just one-day case). From this point, the rally began. Till the end of December, we had nearly 1,2 M active addresses. More than 2 times just in 5 months. After then we all now we encountered correction.
Regarding active addresses, we dropped to 400K in April. We don’t fall below that level. Actually, we grow. Slowly but surely. Right now we are at the level of 600k active addresses.
So since April, we have a 50% gain. THIS IS REALLY GOOD NEWS. It means we are still in the accumulation phase heading to prosperity time on BTC . This is just aBTC matter of weeks.
So don’t worry guys. Positive impulse will come. This was another proof that BTC network is still alive and it is growing. Day by day.
Here is the view on the current situation.
• Visible Range – we are close to the bottom so there is no much room to fall – maybe min $6000 but no deeper. We should bounce from the
level of $6500
• – we are exactly in the middle – waiting for a decisive move. The band is narrow which means is low
• Weis Waves – not much demand nor supply
• – strong resistance line marked up – we should bounce from this lineup
• – still a positive divergence
So Traders. We think nothing much will happen till 26th of October.
Keep observing and don’t panic!
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