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🗞 Bullish divergence, TD9 'buy signal' align for a new Bitcoin relief rally
The price of Bitcoin (BTC) has rebounded strongly from sub-$17,600 to $18,400 in the past 24 hours. Now, two major technical indicators are signaling the likelihood for a larger relief rally.
The 4-hour price chart of Bitcoin is showing a bullish divergence just as it prints a TD9 buy signal. Both indicators typically light up when an asset sees a strong sell-off and the selling pressure gets exhausted.
The Bitcoin sell-off might be losing steam
The 4-hour bullish divergence and TD9 buy signal are conceptually similar in that they emerge after a steep correction.
Scott Melker, a cryptocurrency trader, said that the 4-hour price chart of Bitcoin showed a bullish divergence as the price recovered above $18,150. He said:
“We all know that we have a beautiful confirmed oversold bullish divergence with RSI. RSI is currently pushing against descending resistance. If it pushes through, price should follow up. No intention of closing my long for now.”
🗞 It's Official: Crypto on Front Page of US Tax Return
The IRS finalized its Form 1040 for the 2020 tax year.
A crucial question about transacting cryptocurrencies has been added to page one.
It’s a sign that the IRS is looking to take crypto taxes more seriously down the line.
Back in August, the IRS released a draft of Form 1040—its individual income tax return—for the tax year 2020, which moved a crucial question about cryptocurrency right to the top of the first page. And with the release of the 2020 Form 1040 on the IRS’s website, that change has been made official.
There was no announcement, but cached versions of the IRS’s Form 1040 landing page show that the site was directing visitors to the 2019 version of the form as recently as December 10.
Shehan Chandrasekara, a tax expert at the software company CoinTracker, told Decrypt that the new placement of the question “shows how seriously the IRS is looking into the crypto tax reporting issues going forward.”
Conveniently for long-term crypto holders, simply hanging onto your crypto doesn’t actually count as “receiv[ing], sell[ing], send[ing], exchang[ing], or otherwise acquir[ing” virtual currency, according to IRS guidelines.
🗞 Number of Non-Zero Ethereum Addresses Hits 50 Million
There are more addresses than ever holding some measure of Bitcoin and Ethereum: the number of non-zero Bitcoin and Ethereum addresses just hit 32,925,521 and 50,476,989, respectively, according to data from the blockchain analytics site Glassnode.
Both numbers have risen steadily over the past year and are showing no signs of slowing down.
Non-zero Bitcoin addresses experienced their greatest degree of fluctuation back in 2018, in the wake of the bull run; as prices shot up, the number of addresses followed suit, before quickly dropping back down.
This makes a kind of intuitive sense—as crypto adoption becomes increasingly mainstream, more and more traders are getting on board with these two coins, which have the largest and second-largest market capitalizations in crypto.
🗞 Digital Artist Beeple Sells $582,000 of Crypto Art in 5 Minutes
Beeple, a visual artist, is selling non-fungible tokens—unique blockchain collectibles—on Nifty Gateway all weekend.
Three open edition NFTs generated $582,000 in just five minutes, according to the site.
The Winklevoss twins acquired Nifty Gateway last year.
Digital artist Beeple yesterday kicked off a massive multi-day digital art sale to unite physical art with blockchain-based magic money. The first auction, which commenced last night at 7pm ET on Gemini-backed crypto art marketplace Nifty Gateway, generated $582,000 in 5 minutes; cumulative sales from the auction have since surpassed $1.1 million.
For a five-minute window yesterday, Beeple, real name Mike Winkelmann, sold three "open editions," titled “Bull Run,” “Into The Ether,” and “Infected,” at a rate of $969 apiece. While Nifty Gateway propped the window ajar, people could rush in and buy as many NFTs as they pleased.
🗞 Daily Crypto Calendar, December, 13th💰
Thugs Fi (THUGS)
AMA with CryptoProfitCoach at 5:30 PM (GMT).
SWAG Finance (SWAG)
"Sushiswap Exchange Pool Starting Time: 12/13 16:00 UTC+8"
NavCoin (NAV)
"Join our core dev @aguycalledalex participating in a live stream on December 13, 2020 together with other crypto devs!"
Base Protocol (BASE), Chainlink (LINK)
"On December 13th at 11:00AM China time, we'll be introducing Base Protocol with Chainlink on Bilibili."
NavCoin (NAV)
"... Our core dev, @aguycalledalex, answering some questions about $NAV during the @AtomicDEX Stress Test."
Decred (DCR)
"November's edition of the Decred Journal is out now! Check it out for updates on testing of the v1.6 release candidates, VSPs..."
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