BTC rebounds with extremely high participation, the market is ready to go

 2020-11-04 11:51:02

Analysts at bexplus believe that: As BTC rebounded again by 3.47% on the daily level, the amount of transfers on the BTC chain rebounded sharply, indicating that investors are accumulating trading positions in order to obtain benefits at critical moments. At the same time, the number of active BTC addresses quickly rebounded to a short-term high, which means that investor participation has reached a short-term peak. If BTC can expand its amplitude at this time, the true direction will be easily formed.

BTC fluctuates quite frequently at key points of the daily K line. After BTC rebounded from $13,488 corresponding to 61.8% Fibonacci on November 3, the daily amplitude reached 5.7%, indicating that BTC's long strength has not been fully released.

At the same time, the amount of BTC's on-chain transfers rebounded by 25% from November 2, reaching $43.37 billion. The increase in on-chain transfers occurred after the strong BTC tremor, which means that investors’ trading trends are close to breaking out. The news is about to cooperate with the short-term change of BTC, the direction choice may have nothing to do with the result of the US general election. Judging from Grayscale's willingness to continue to increase its holdings of BTC in the near future, its investment process is obviously long-term and continuous. The news has less impact on the increase in holdings, and it is more likely that BTC will continue to increase under the promotion of institutions.

In terms of the number of active addresses, BTC remained relatively low in the 6 trading days from October 28 to November 2, and only November 3 saw a short-term peak of 1.03 million. The main investors often start trading when the number of active addresses increases. Its purpose is to make it easier to cause strong shocks on the disk surface.

In terms of indicators, the daily BTC has diverged from the RSI indicator twice in a row. October 31 and November 3 are the last two divergence patterns, which means that the price retracement will be the direction of the rich people's expectations.

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