Where are we?
Neutral. That reading has stood since 31 August. The zone is where this instrument reads the market, and it did not change this week.
Cheap or expensive — against what?
Against the crowd’s cost — the average price every coin last changed hands at. Today you are buying above that line, not below it, and further above it than you were a week ago. Measured against the last four years of that same comparison, this week’s reading sits in the lower middle of the range. Whether the price is high or low in dollars is a different question, and this instrument does not answer it.
What changed this week?
Price rose about 5% over the week. The zone reading did not move with it. Underneath, the engine’s own reading moved up. A price move of this size changes the zone in some weeks and not in others; this was not one of them.
What did the rule say?
In the week that closed, the rule called for no purchase. The sizing ran in full and produced an amount smaller than the smallest size the rule will act on, so no order was issued and the amount was banked instead. Nothing was placed and nothing lapsed. That is the whole of what the rule did last week — and a rule that sometimes says wait is the thing being sold, not a gap in it.
What a weekly buyer does with this
In Neutral, a rule-based plan buys its usual weekly amount — no more, no less. It buys more than usual only in the cheap zone, and less than usual in the expensive one. Neither applies this week. On the chart above, this week’s lines: the cheap zone ends near $68,000, Neutral runs to about $103,000 where the expensive zone begins, and above about $118,000 the rule buys nothing.
What we still can’t see
Inputs behind this read: the crowd’s cost as of 20 September; the other on-chain series as of 14 September.