Newsflash: Bitcoin breaks through $3,700steemCreated with Sketch.

in #bitcoin2 years ago

Bitcoin seeing some very bullish price action today.

Just when everyone and their dog started talking about how bitcoin was going to break its lows, bitcoin reversed.

And, it reversed in a pretty significant way!

After prices were hovering around $3,350 for much of the morning, prices hopped on a rocket and took the elevator up:

(Source: https://www.ccn.com/newsflash-bitcoin-price-smashes-past-3700-how-high-will-it-go)

The entire crypto market added about $10 billion in the process.

Like most times when bitcoin pops or drops, it is not entirely clear why bitcoin is rallying.

Though, some are attributing it to what is going on with litecoin and Mimblewimble.

More about that can be seen here:

https://www.forbes.com/sites/billybambrough/2019/02/08/litecoin-is-surging-boosting-ethereum-ripples-xrp-and-bitcoin-heres-why/#4abbd92551f6

Either way it is nice change of pace for prices to go up every once and a while.

I'd like to see prices break $4k before I am ready to say this surge is for real or not.

Stay informed my friends.

Follow me: @jrcornel

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Looks like a triple bottom to me... and there is really no such thing as a triple bottom. Often the third time a price touches a region it breaks through it.

So now you've seen the infamous triple bottom.

2013201420152016201720182019
$100$200$400$800$1600$3200$6400

The doubling targets remain consistent.

Yep, we did see something quite rare. Triple bottoms are like 'camera shy Kardashian's...' they don't exist! In all seriousness though, happy to see a bounce. Hoping it isn't just a head-fake!

Well, that exchange owner up in Canada, (who went to a place where its easy to fake deaths), died and so all those bitcoin are now lost, so everyone elses bitcoin went up in value.... right?

Haha well if they are removed from circulation, it helps a bit. Though as you seem to be alluding to, probably only a matter of time till those coins move...

and....
they moved.

Jsnippy was saying something... but didn't post a link... that i saw

Here is a link talking of it.
https://bitcoinist.com/quadrigacx-death-funds-moved/

i dont know if you know who jeff erwickis he called the bottom on the weekend and he called the top in 2017 two days before it topped out
hes a smart guy to listen too also youmentioned that it will go upwards this time at the inflection point
sot too shabby jr hehe cheers and thanks for your info about the platforms have a great day

Yes I read his stuff from time to time. A little bit too 'tin foily' for me, but good for him that he nailed these last few moves. He used to post quite a bit on steemit and owned a good amount of steem.

I hope at 4100 I have a sale order at this range. ;)

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I hope it doesn't then spike back up to $6000 :D

How about it gets hit, a little pullback, then a power surge to $6k?

mínimo debería de llegar a los $4k como dices, para estar seguros de que es real el incremento.

I think this price change could also bring rise in other crypto prices including steem.

The whales are manipulating us for over a year 😫😅

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I am sure they are. It's nice they manipulate up for a change.

It’s probably done by 1-3 whales 😂

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Well all you really gotta do is push prices up through some resistance zones and then you get short covering which really propels prices higher as they slap the ask trying to get out ASAP. Same works to downside, getting longs stopped out.

Maybe some whales need some pocket money.

Works for me as long as we can ride their coattails!

I'm waiting for a more clearer sign to go long... atm doing some charting we are still under the same resistances and same trendlines

I'd like to see prices break $4k before I am ready to say this surge is for real or not.

Right there with you, if we go past 4k next stop is 5k-4.7k( we got an open algo that bots want to push the price to on 4.7k, so it would make sense for us to go there in terms of TA)

Yep. Though I do think $6k is going to prove very tough to break. It might take a few tries before price eventually goes through it.

Have to admit that the volume was an encouraging today! Love that Litecoin is breaking the mold as it did in the past in innovating key technologies like SegWit to improve protocols in general.

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Yep. I for one have not been a big fan of litecoin, but it can certainly play a role if it keeps innovating like it is.

I did say something was prone to happen in next two weeks... It didn't quite take the whole two weeks, but this is the correction that brought the value closer to the average.

Looking at long term statistics, it still seems we should be going down to about 2100-2500 USD, but in short term we should be going even more upward closer to 4400 USD.

What long term statistics are you basing this off of?

Average exchange rate since January 2016. Going even earlier wouldn't have changed the results much as the highest exchange rate was so much more than the average. Bitcoin exchange rate was pretty much over the average from April 2016 to November 2018 and below the average after that.

If you draw the average as moving exponentially weighted we are currently at the top of the average curve and that means the rate should go down.