Bitcoin Up 15% In Giant, 1-Hour Candle; Steem +40%, SBD +20%

in #bitcoin6 years ago

Bump 1.png

Good, because I'm tired of the long stairway down.

This is the largest 1-hour candle I could find in the data set going back in 2018, and going by my crude-eyeball estimation of the charts below, I'd say this is the largest green-volume candle we've seen since early February, and the largest absolute-increase since mid-January. We'd have to go back to right around New Year's to find a larger percentage gain, as last night's bump represented approximately 15% top to bottom.

Bump 2.png

The longer we stay up in the $8000 range, the better this makes the charts look, but fundamentally this doesn't change much in the market. I still suspect the bottom was in (and can be seen on the above chart) at $5920.

As far as I have seen so far, the pundits aren't doing too much speculating on the cause of this bump. Perhaps they are (otherwise) finding it pointless to prognosticate on the unprovable. Apparently the Russian stock market is taking a beating due to new Western financial sanctions (owing to the increasingly hostile situation in Syria), even breaking below key support levels, and some are attributing a portion of this heavy volume to financial diversification on the part of same (oligarchical capital flight.)

Steem (+40%) and Steem Dollars (+20%) also both saw substantial gains on increasing volume, even greater percentage-wise than Bitcoin. Again, no particular news that I am aware of but it's certainly a good sign. An enormous amount of (paper) "value" was added to the Steem ecosystem last night, and the Steem price in Bitcoin is looking very favorable compared to recent medium-term averages.

Bump 3.png

I'd expect more upside, but not until a pull-back has resolved.

I've heard speculation that further announcements on Smart Media Tokens could be with-held until a revival of investor sentiment in the crypto-(or Steem) market. With any luck, this could be the beginning of such a sentiment revival.

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Sources: Google, Cryptowatch, Bitfinex, CoinMarketCap
Copyright: SmartSteem, PALNet, SPL, Cryptowatch, CoinMarketCap

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Ohmmm, thank's universe!

When I saw the ath shorts I knew they would get squeezed out hard. It's like purging the market of the parasites

I love the smell of short positions burning in the morning.

The Burning of the bears! :)

haha buying the dip?

Trying to!

well, that mean the guys on the other side of the scale won so there is no purging, its the same money going to the other side?

Purging of the bears lol

Steem to the moon!

excited for the future now of btc

That candle is either a big institutional investor buying, or a co-ordinated pump.

Slayed the bearish shorts in one massive swipe. ..steem is insane
Great update

I think it will have a new correction and then continue bullish candles I think that this movement is linked to the Chinese trade war and usa

Great analysis. My only concern is the speed at which Steem went up. The faster the rise, the harder the fall...at least that's been my experience in crypto. I'd like to see a nice 10-12% correction before the next impulse wave up.

You have a point there tho

That happened, don't know if you noticed. It climbed as high as $2.74 before reducing to about $2.5. Bitcoin too.
Only that the correction period were short.
Dunno though,

It was an amazing switch. It’s at about $7800 as at this time

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For what it means, in Mrket Wizards book, one of the interviewees says that when there is a sharp run up for unknown reasons, that rally is more solid than a rally for known reasons. This is because once the know reason or event passes people will sell afterwards and go to the next event whereas when an unknown event occurs people will hold while they are trying to figure out what is causing it.

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