Bitcoin
$6,952.27 4.42%
BTC · 5w

We’re really doin it!

In the never-ending search for signals to give traders an edge, could bullish comments on Reddit serve as a momentum indicator for bitcoin? That’s what a recent graphic by startup ChartStar suggests. 

The data visualization company graphed comment data over the past several weeks for the term “bullish” from several popular cryptocurrency Reddit channels (“subreddits”), each with varying degrees of moderation. One thing these subreddits have in common is that discussion about trading is clearly allowed. Also, each comment entry was tallied only once; posting “bullish bullish bullish” would count as just one comment. 

Against the bullish mentions, ChartStar graphed the weekly close price of bitcoin (BTC). 

Sure enough, positive comments seem to track nicely with bitcoin prices in the early weeks of 2020 — but up to a point. After a sudden surge for the term “bullish” on the seventh week of the year, bitcoin prices declined.

ChartStar is pitching itself as a new type of TradingView, the popular charting tool for stocks, commodities, etc. TradingView does support cryptocurrencies, but ChartStar’s position is that cryptocurrency traders need new tools to execute winning strategies. 

This is a bit reminiscent of a technical analysis tool known as the stochastic oscillator. A momentum indicator, it compares an asset’s price to recent price range, with traders able to set variables such as time period. This tool is used to give traders a sense of whether an asset is heading toward a downtrend (“overbought”) or an uptrend (“oversold”). 

"There is a surge in optimism outpacing the trend, followed by a fall in price. This could indicate that excess optimism is a sign of the asset being overbought and is a potential warning a correction is due," said David Gilbert of ChartStar.

Yet, the jury is still out as to whether Reddit activity could act as a stochastic oscillator for bitcoin. After all, it could be that the bullis...

Continue on coindesk.com
Recent news
BTC +4.42% · anchor.fm · 11h

Tales from the Crypt: Rabbit Hole Recap: 2020.03.30

This week Marty and Matt discuss: - Breez Point of Sale mode added to lightning wallet  - LSAT Authentication  - Samourai Whirlpool GUI v0.10.1 and CLI v0.10.3    - MyNode v0.2.0  - Bitmex research bi...
BTC +4.42% · cnn.com · 12h

"Some Americans could wait up to 20 weeks to receive stimulus checks...the Bureau of Fiscal Service estimates they can only cut 20 million checks a month, IRS tells House Democrats." -- If only there were some way to send any denomination of money instantly!

Americans likely won't begin to see direct payments from the coronavirus stimulus bill until at least April 13 and it could take 20 weeks for all the checks to be mailed, Trump administration official...
BTC +4.42% · blog.coinmarketcap.com · 21h

Binance and CoinMarketCap Announce Acquisition

Binance and CoinMarketCap announced an acquisition. Together, they will pursue their common vision of making cryptoasset more accessible and useful to users around the world.
12