APR 11, 2022 • 4 Min Read
[Excerpt from our Mar. Monthly Chartbook]
In the last 2 weeks, the GMMA confirmed a full bullish crossover between the short-term MA grouping (blue) and the long-term MA grouping (red). This is the first time that we have seen a confirmed bullish crossover with this tool since the November 2021 ATH, and all previous occurrences of this signal have proved to be fruitful for BTC returns in the next several weeks.
As BTC starts to lose momentum, we are looking for the long-term MA grouping (red) to act as support should price retest this area. This price area is roughly $42K-$43K, which coincides with the other support areas we highlighted, including the high volume support structure on the weekly timeframe and the dynamic HMA ribbon.
The first report Delphi ever published was back in December 2018 when we called the bottom in bitcoin’s price. One of the key indicators that gave us such conviction was our analysis on UTXO trends, specifically the trend in long-term holder behavior. We looked at the % of BTC that hadn’t moved in at least a year and found that each BTC price cycle tended to coincide with the trend in this metric.
Historically, we tend to see this percentage top out close to BTC price bottoms (and vice versa). During BTC bull runs, longer term holders sell into price strength; during bear markets, we see accumulation.
We saw the % of this dormant BTC supply start to bottom late last year just as prices were peaking. We’ve since seen a strong accumulation trend, which is typical of periods of bearish price action. This metric may not have peaked yet, but is certainly one to watch as it nears prior highs (~63%).
[Excerpt from The Delphi Podcast]
The Merge Alpha
The Merge – the most significant Ethereum upgrade ever.
Big events like this are often “sell the news” opportunities. Some claim this is what will happen with $ETH.
Here is why $ETH will melt faces after the Merge.
—korpi (@korpi87) April 11, 2022
ERC721R for NFT Refunds
1/ Super proud to introduce ERC721R: A new ERC721 standard moving the market from rugs to refunds.
ERC721R allows minters to return the minted NFT for a refund.
—CryptoFighters Alliance ⚔️ (@CryptoFighters) April 10, 2022
anyCall, The Cross-Chain Messenger
1/#anyCall is officially live!
A generic cross-chain messaging protocol, for cross-chain Dapps
With just one transaction, #anyCall can send arbitrary data, like smart contracts, NFTs, messages, tokens, data, etc…to any other blockchain.
— Multichain (Previously Anyswap)(@MultichainOrg) April 11, 2022