August wasn’t an easy month in crypto. But then again, historically it rarely is. 📉
We experienced the largest Bitcoin sell-off of the year followed by some great news regarding a possible spot BTC ETF.
All this turbulence can leave investors a little confused, but we’ve got your back.
Let’s dive into the September Alpha Report. 🚀
In the period leading up to mid-August, the price of BTC was reportedly less volatile than the oil price!
Well, that changed on August 17th. The price drop from 29k to below 26k meant the largest single-day sell-off of the year.
BTC fell below some tender bull market support levels such as the 200-day and 200-week moving average.
A true gift to the people that stack extra on dips. BTC is heavily 'oversold' on the daily timeframe.
Historically it is not a bad idea to buy in this situation.
Also, we might see a bullish crossover of the MACD any day now. No guarantee that this will turn out bullish but something to keep in mind for sure.
Right after finishing this monthly report, the news broke that Grayscale won its case against the SEC.
The SEC has to reconsider if it will approve the transition of Grayscale’s Bitcoin trust into a Bitcoin ETF. The crypto