Bitcoin has faced a strong correction over the past few weeks as legacy markets have collapsed from local highs. The leading cryptocurrency currently trades at $10,250, over $2,000 below the year-to-date high at $12,500.
Bitcoin’s on-chain trends remain bullish despite the strong correction.
Along with a persistent high count of transactions, it was recently reported that BTC’s network hash rate is moving higher.
Digital asset manager Charles Edwards, a large proponent of using miner trends to predict Bitcoin’s price movements, recently noted that BTC’s hash rate is breaking out.
This breakout comes after the metric, which tracks how much computational power is allocated to mining Bitcoin, consolidated near its all-time highs near 130 exhashes per second for a number of weeks.
This breakout means that Bitcoin’s hash rate has hit an all-time high value, according to Blockchain.com data. Other sites, such as BitInfo Charts, have also indicated that they are seeing Bitcoin’s hash rate hitting new all-time highs.
Bitcoin Hash Rate breaking out! pic.twitter.com/pjArHFM88V
— Charles Edwards (@caprioleio) September 13, 2020
Edwards’ prominent “Hash Ribbons” signal, which derives signals from movements in the Bitcoin hash rate, suggests that the cryptocurrency is currently embroiled in a bull trend.
The Hash Ribbons indicator has predicted many of BTC’s major exponential trends. If history is any indication of future results, there’s a good likelihood that Bitcoin is in the early earnings of a parabolic growth phase.
The booming hash rate is one of many bullish trends for the leading cryptocurrency.
As reported by NewsBTC, the number of investors owning one Bitcoin, so-called “wholecoiners,” has hit a new all-time high:
“Unfazed by BTC’s price swings, the number of network addresses holding at least 1 BTC has shown a continuous growth over the years. The number of ‘wholecoiner’ addresses hit another ATH yesterday, closing the day above 823k for the first time.”
This suggests an increasing distribution of BTC from whales and an increase in the number of users in the industry.
Author: Nick Chong
Linda Raschke Trading Quotes
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Linda Bradford Raschke has been a full-time professional trader for more than 40 years. She was the principle trader for several funds and also the Commodity Pool Operator for her own hedge fund she opened in 2002.
Her trading records were verified and she was included in Jack Schwager’s best selling book, The New Market Wizards. in 1992.
Linda Raschke and Larry Connors co-authored the book Street Smarts—High Probability Short Term Trading Strategies in 1996 that become a bestseller. She has been the president of the American Association of Professional Technical Analysts and also on the board of directors for the Market Technicians Association.
She has taught her trading principles and strategies to professional traders and bank traders internationally in more than 22 different nations.
Here are twelve of her best trading quotes that share her key principles to trading success.
“I’m also a firm believer in predicting price direction, but not magnitude. I don’t set price targets. I get out when the market action tells me it’s time to get out, rather than based on any consideration of how far the price has gone. You have to be willing to take what the market gives you.” – Linda Raschke
“Writing down your trades is the best exercise in the world.” – Linda Raschke
“I believe that only short-term price swings can be predicted with any precision. The accuracy of a prediction drops off dramatically, the more distant the forecast time. I’m a strong believer in chaos theory.” – Linda Raschke
“You don’t have to be a rocket scientist to be a trader. In fact, some of the best traders whom I knew down on the floor were surf bums. Formal education didn’t really seem to have much to do with a person’s skill as a trader.” – Linda Raschke
“I really value the fact that I’ve learned to trade as a craft. Like any craft, such as piano playing, perfection may be elusive – I’ll never play a piece perfectly, and I’ll never buy the low and sell the high – but consistency is achievable if you practice day in and day out.” – Linda Raschke
“I truly feel that I could give away all my secrets and it wouldn’t make any difference. Most people can’t control their emotions or follow a system. Also, most traders wouldn’t follow my system, even if I gave them step-by-step instructions, because my approach wouldn’t feel right to them.” – Linda Raschke
“Understand that learning the market can take years. Immerse yourself in the world of trading and give up everything else. Get as close to other successful traders as you can. Consider working for one for free.” – Linda Raschke
“There are too many unpredictable things that can happen within two months. To me, the ideal trade lasts ten days, but I approach every trade as if I’m only going to hold it two or three days.” – Linda Raschke
“I believe my most important skill is an ability to perceive patterns in the market. I think this aptitude for pattern recognition is probably related to my heavy involvement with music.”- Linda Raschke
“The good traders are the ones who can hold their ground the majority of the month and participate in that small handful of trades that are windfalls. The real skill is in not LOSING money!” – Linda Raschke
“The third important ingredient for achieving peak performance is attitude. Attitude is how you deal with the inevitable adverse situations that occur in the markets. Attitude is also how you handle the daily grind, the constant 2 steps forward and 2 steps back.” – Linda Raschke
To summarize Linda Raschke’s 12 trading rules:
She retired recently from professional money management and authored and published her new book, “Trading Sardines: Lessons in the Market from a Lifelong Trader” that is only available for sale on her website lindaraschke.net. Here newest book is part memoir part trading book and a great read that is hard to put down.
Author: Posted By: Steve Burns
XRP long-term Price Analysis: 12 September
The altcoin market has always mirrored the price movements of Bitcoin. The previous week was witness to a similar situation, with XRP’s value dropping by over 20 percent since the start of the month. However, in the long run, the crypto may note a bit of bullish momentum as it has been trading around the $0.24 – $0.29 price range for over a month, with XRP looking to head upwards, at press time.
At the time, XRP was being traded at $0.242, while registering a market cap of $10.9 billion. The slight bullishness in XRP’s price was visible on the 24-hour chart, with the crypto’s price rising by 1.5 percent over the same period while registering a trading volume of $1.7 billion.
XRP 1-day chart
According to XRP’s daily chart, the coin’s price action has been part of a descending channel formation for over a month now. The late-July uptrend for the coin initiated the descending channel and since the start of August, the cryptocurrency has been confined within its price range. The breakout of a descending channel is, in most cases, beneficial for the coin’s price. However, given XRP’s press time price action, it is likely to remain within the formation over the coming week. Further, in the process of continuing to do so, the price may also rise to touch the resistance level at $0.265.
At the time of writing, XRP was testing its support level at $0.234. However, if the bearish pressure were to increase, a dip to the support level at $0.208 is also possible.
Taking into account the indicators for XRP, strong bullish sentiment was found to be lacking. The MACD indicator had undergone a bearish crossover, but the possibility of a reversal remained as the signal line was moving towards the MACD line. Further, the RSI was closer to the oversold zone, but showed a slight inclination to head towards the neutral zone.
Taking a look at the correlation chart for XRP, it is evident that akin to much of the altcoin market, Bitcoin’s price action does hold significant sway. In the past year alone, the correlation between XRP and BTC has risen from 0.70 to 0.83.
XRP’s price action on the charts over the past month has noted a significant downtrend. Taking into consideration the indicators and the price movement, in the coming weeks, the coin may see a slight improvement in terms of price as it is likely to remain with the formation, but will move towards its resistance at $0.265. However, if there is considerable bullish sentiment, then the price action of XRP may break out of the formation and head towards its second resistance level at $0.290.
Author: by admin