Palantir Technologies has bought gold in preparation for another black swan event. The Peter Thiel owned firm accepts both Bitcoin and gold as a means of payment, though clients have yet to purchase anything with these non-traditional assets.
Meanwhile, Bitcoin is experiencing what can only be described as a cooling-down period within a larger bullish trend reversal.
Let’s dig in.
Peter Thiel’s Palantir Buys $51 million in Gold Bars
Palantir Technologies revealed that it is preparing for another “black swan event” not dissimilar to the March 2020 crash by stockpiling gold bars and inviting customers to pay for its data analysis software using the precious metal.
Check out the full article here!
BTC/USD Cools off
Bitcoin got rejected at $48,100 ( Bitfinex) shortly after signs of a weakening trend began to materialise on the daily relative strength index.
The coin printed its first local ‘equal low’ on lower time frames (hourly chart) without a commensurate push to the upside, indicating that the short-term trend is neutral to bearish.
So far, price has only retraced a modest 8% from the local top, but as it happened, BTC.D (dominance) ticked 2.7% higher to 45% (of the capital in the crypto market).
As such, it’s safe to deduce that investors have erred on the side of caution, likely spurred by the prospect of high risk assets like altcoins getting wiped out on a BTC/USD flush.
However, this low-time-frame (LTF) price-action is taking place within a broader context of a notable trend reversal, the significance of which should not be underestimated. The reversal was confirmed (to the extent that is possible) by the fundamental hash-ribbon indicator, among others, which flashed a buy signal this time last week.
This indicator is accurate nearly 100% of the time, by historical standards.
In addition, trend-analysis investors who use the 20-weekly Exponential Moving Average (religiously) as a proxy for high time-frame trends will be buying the dip.
Still, it remains to be seen whether BTC/USD will experience a shallow or relatively deeper pull-back, but current market conditions are by no means comparable to the situation the market was in before bearish market structure was broken on July 27th.
As such, one can expect dips to be bought with confidence until market structure tells a different story; the main caveat being a daily close below $40,000. For macro-trend investors, a weekly close below the level would be necessary to flip bias.
Check out Monday’s newsletter for the relevant levels to keep an eye on.
N.b. These write-ups take a lot of time and effort to make. I do not have a pay wall. All I ask is that you share and like this content on Twitter (and elsewhere) if you find it useful. It helps to grow my audience and it’s motivating to see that these newsletters are well received.
Bulls lead the way.
Catch you later.
You can also support me in Bitcoin!
BTC address: 3EydsEYpjHn68axKnCUqBB7EbqcxrEjamr
Originally published at https://mailchi.mp.