Can you believe it’s September?
Barring a big crash, this is the month that bitcoin’s trading chart will print a golden cross, when its 50-day moving average goes above its 200-day moving average, as you see in this chart:
Traders say this will confirm the bull market.
While that’s great, and I’ll have an article about the golden cross soon, let’s not get ahead of ourselves. Bitcoin has seen seven golden crosses in its history. Five times, its price went sideways or down for months afterward. Only twice did its price go up immediately afterward.
We’ve seen a tremendous amount of accumulation of bitcoin among long-time investors and an uptick in smaller HODL wallets. Buyers from earlier this year have mostly either left the market or accumulated more crypto for the next leg up. Some of the on-chain data show similar patterns as we saw in September-October 2020 but we don’t yet see the robust activity and new money that historically drive the market upward.
I’ll keep following these trends for premium subscribers.
As long as bitcoin’s price stays above $29,000, you have nothing to worry about. Bitcoin’s price rarely goes up in a straight line and sometimes, it takes a little while to build momentum. But once it does . . .
What about altcoins?
They’ll go where bitcoin goes, up or down, though each specific altcoin may move at a different pace. A 100% upswing or 50% drop should not phase you. In this market, those moves mean nothing.
Read below to see what you missed in August and what you can expect in September. Also note, I have been meaning to put together a special issue on crypto savings and lending. It’s a little (a lot) delayed, thanks for your patience.
BTW if you’re looking for trading advice, I’m happy to hear from you but I don’t trade, I learned basic TA skills simply to help me understand the charts. You may want to check out some of the courses offered by Quantra.
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You can learn basic, intermediate, and advanced trading strategies for crypto and traditional markets. Use the coupon code MARK20 before September 30, 2021 to get a 20% discount on all of your courses.
What you missed in August
Market Updates
Sunday Rundowns
What to expect in September
Perspective on the markets and the news.
My interview with Armor.Fi’s CTO, Robert Forster.
Weekly rundowns of interesting stories, events, and observations.
Bitcoin and altcoin market updates (premium subscribers only).
Do you have any airdrops you could recommend? Email me at mark@markhelfman.com and if I use the airdrop I’ll use your referral link!
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Relax and enjoy the ride!
August Recap, September Preview