What Is Happening With Bitcoin? - Huge Green Candle!

in bitcoin •  4 months ago

Bitcoin was extremely stable the last week after a rough bear market. News about institutional investors that planned to get involved in crypto came out and many calls for a positive 2nd quarter were made because of the ending tax season in the US and the historical positive figures for this quarter. This and the stabilizing price created the impression that the end of the bear market is near.

Just a few hours ago a huge green candle disrupted the sideway moving price and made every cryptocurrency rocket. Are we out of the bear market???

Green candle.png
Wow, a nice big green candle!

The amount of short positions were at an all time high

Before the price shot up the amount of short positions were at an all time high. This means that more traders than ever positioned themselves to profit when Bitcoin goes down. Because the price went against their trade, many of the short positions got liquidated and this is done through buy orders. This created even more upwards pressure and made the price shoot up more than 1000 USD within an hour. A huge short squeeze was the result.

Short positions.png
The amount of short positions was on an ATH, they all got REKT!

In the process more than 150 million dollar got liquidated. You can see the figures here:

https://twitter.com/BigRekts

Are we going up now?

This is a very hard question to answer. We didn't really break the downtrend line yet, but we are certainly heading in the right direction. Also, many short sellers just got rekt and lost a lot of money, some of them will probably be scared to short again. If the bear market is broken is not yet clear, but it is surely a big step in the right direction!

bitcoin price.png
We are not broken out of the downtrend yet, but very close!

The power of HODLing

I want to give credit to Tom Lee credit for his bullish view that he shared a week ago. He said that most of the profit in Bitcoin is made in only a few days a year. When you don't HODL, but wait for signals you will mis these days and finally have a way lower yearly return. Today was a perfect example of his statement:

Disclaimer
This is no financial advice, just my view on the market.

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We might see another wave of short liquidations soon. There is still a more than 25k shorts still on Bitfinex, and I'm sure many of them are getting very nervous after today's action. There's blood in the water now!

to the moon!!!!

i hope it will start upward trend now
obviously hodl and wait for perfect time is key to success

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Just hodl and wait for the spike. There's a high chance it will reach more than $20,000 this year.

Bitquin became a very difficult currency
America will strive to destroy this currency, but China will be supported by the currency
A global economic war is coming

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It depends on Trump. If he's open mind, he will use the potential of blockchain technology to help America or else other Nations will be the one to use it and America will be left behind.

While it could be a dead cats bounce, I don't expect it to be!
Partly could be the explained by tax day in the states, but I don't believe this could have such a big impact on the market. But it will have some influence!
Just like the potential war in Syria, a new cold war between the states in Russia and the stock market which will have to see a correction or crash coming (their bulls market is running for to long)!
Let's say where we are within a week. It we still see some progress then we maybe can conclude that the hard days of 2018 are behind us!
Crossing my fingers, cause the wife wants a new bathroom!

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I though that the tax season was not so relevant too, till I heard that the total amount that have to paid to the IRS is estimated at 25 billion. If only 1% cashed out it will be a sell pressure of 250 million. That is really a lot, more than the Mt. Gox guy sold.

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That’s true. Let’s call me pretty new on the crypto market. Did purchased my first coins mid December 2017. Yep, ouch!
To bring down my average book price I have been investing some extra into these coins! Like they say trying to but the dip but unfortunately each dip was followed by a deeper dip 😔
Each time a new date was proposed when the market would turn green again. The bonusses at Wall Street, Chinese new year and now the tax date! So, while I always like them to be true, I do have build some sceptisisem in my mind. Not setting my hopes to high!
Let’s hope this time it is actually true and that the bulls have been prepping themselves for this day and will be released!

i think end of bear market is near!
so much uncertainity
well we love these huge green candles

Finally the wait is over! I hopefully this is the start of the bill run.

nice post friend

we should remain calm, it will rise soon.

I'm afraid of all these ups and downs , or I'm wrong ? @michiel

I'm hoping for a big bull run till the end of the year! We'll need more days like this one to see that happen though. I am still pretty optimistic after seeing these gains though. Thanks for the post!

You got a 2.53% upvote from @postpromoter courtesy of @michiel!

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Great article, thanks for sharing. I've hit the upvote button for you!

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what we should do, when that happens.

That's right! Bitcoin and crypto is defintely an exciting ride. I don't know why people are loosing money on bitcoin when they can buy at low price. Is it too hard to do some math?

What a difference a day makes, I was going to drop a bit more in yesterday but got distracted and didn't do it... Sigh, maybe I will just put in some low buy positions to catch any overnight drops...

I know it is a long shot, but I think we can thank EOS. Isn't it possible people are buying into BTC so they can pick up some EOS on the trade sites before the April 15th snapshot? Like I said, it is just a theory. I for one am happy to see some significant movement. I came for the roller coaster not the ferris wheel!

if you use RSI you will know that its oversold with higher low RSI with lower low price and now its bullish divergent but i wont tell you to invest try to study technical analysis bcuz its one of probability but you can hodl with your cold cash but dont play as a bet xD

I know it feels like we are back and making gains but unfortunately the market is simply back to where it was around 14 days ago. 19 days ago the price was almost $9,000. If we can't sustain prices above this critical $7-8K range then we could see an extended bear market. KEEP HODLING!

Finally after a long time we can say that the wait is over. At least now we can count on this. I'm really happy with these green signals. People who did hodl are the Masters.

i am very glad to see that btc price is on the high

FIGURE OUT YOUR DAMN TAXES PEOPLE AND THEN BUY MORE CRYPTO!!!! follow me to the promise land hodlrs, follow me!

Now we are going to try to consolidate on this level, at $8K, like we did around $6K-$7K.. this peak brings back good vibes for crypto.

HODL was always the move to make, it just like we used to hear, sometimes doing nothing is better than trying anything.

Bitcoin jumps over 1000$ only in 30 munutes! That's amazing, really unbelievable. That's the power of bitcoin, again proved it.