Bitcoin (BTC) Mid-Day Update: Short & Longer Term Perspectives

haejin (87) in bitcoin • 7 years ago (edited)

SUMMARY

When Bitcoin (BTC) hit the $5,900 zone, there was a monstrous green volume on a daily scale (blue circle) and this was quite a bullish sign being born in the midst of panic selling. A similar event occured back during the September correction where then too, a monstrous daily green volume was seen to provide the impetus for a trend reversal from down to up. Price has since $5,900 decisively breached the upper white trend line resistance. So, the primary count is up.

On the short term, the upward pointing wedge could be signaling a minor correction; perhaps back towards the white trend line. What really shouldn't happen is that price re-enter below the white line because then we've got a different scenario. Nothing to get nervous about; only to be aware!

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7 years ago by haejin (87)

$114.30

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nikethemutt (53) · 7 years ago

Things are looking good for BTC.

$1.21

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thabiggdogg (56) · 7 years ago

$0.00

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crypto2crypto (63) · 7 years ago

Volume has been weak all day. Doubt we break through in short term.

$0.77

5 votes

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criptoar (64) · 7 years ago

It's weekend you're right in general tends to be weak volume, so we should wait until Monday to see a big bullish candle accompanied by a strong volume.
It's an opportunity for the alcoins to go up a bit more

$0.17

4 votes

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crypto2crypto (63) · 7 years ago

Agreed. Though I won't be buying alts for a while, I have my positions set for long term and I am accumulating BTC

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chucklinart (30) · 7 years ago

When the price goes up on low volume, it means that's the natural direction of the market. Low volume means whales are not trading (Saturday). Use this knowledge to your advantage.

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crypto2crypto (63) · 7 years ago

No necessarily true, volume accounts for both buys and sells. So low volume could easily just mean one is missing from the equation.

Have you seen what happen when anyone try to buy anything on small exchange? Prices go up, not due to natural growth but because of low volume

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haejinsucks (6) · 7 years ago

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$0.00

[-]

haejinsucks (6) · 7 years ago

I am the true cryptogod!

My TA will bring you all riches. Fuck this imposter, I am the true leader.

Haejin sucks, so follow haejinsucks!

Everyone go look at my firecoin projections here

Increase from $1.76 to $2.27

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$0.00

[-]

em3 (60) · 7 years ago (edited)

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$0.23

2 votes

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haejinsucks (6) · 7 years ago (edited)

Everyone go look at my firecoin projections here

Increase from $1.76 to $2.27

$0.04

4 votes

[-]

thabiggdogg (56) · 7 years ago (edited)

Screenshot (52).png
https://steemit.com/haejin/@thabiggdogg/this-is-not-the-haejin-we-have-on-steemit

$0.04

8 votes

[-]

dammieyale (50) · 7 years ago

Cryto currency is bouncing back

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7 votes

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roand777 (25) · 7 years ago

you think so?

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1 vote

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steviecrypto (40) · 7 years ago

I think that Crypto currency (and Crypto assets) will be bouncing all over the place for the next little while. Although I'm just a small-time knucklehead and not to be taken as anything but opinion, I think that the strong Alts will have their almost usual highs and lows, but slowly will raise their bottoms steadily over time. The weak Alts will either fall out of the game or suffer from lots of Pump-and-Dumps so that some select few can make a few buck on them. The 'Big Boys,' such as Bitcoin, Ethereum, etc, will potentially see some huge bounces...and hopefully we will see them reach higher values than they have been as of yet!

$0.00

1 vote

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chaomos (43) · 7 years ago

My concern is that only BTC is currently benefiting from growth. The current cycle is trending towards a return of a stronger market cap dominance for BTC, this in itself if fine, but the overall market cap for cryptos is simply not growing at a noticeable rate.
New investors are needed to keep a sustainable rate of growth over the levels seen in December.

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2 votes

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erit2018 (43) · 7 years ago

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1 vote

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cryptosnews (25) · 7 years ago

When knowing the bitcoin history you can guess it's future you can see in this infographic that the price is always standing up after a big fall for example in 2013 bitcoin got up from 100$ to over 1000$ then the big fall of 2014 then in 2017 the game completely changed the prices are still volatile but the graph is repeating it self at a different scale .

bitcoin history in one and single image

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1 vote

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yanisbreakers (10) · 7 years ago

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1 vote

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spirito (28) · 7 years ago

I guess you haven't heard of http://coinmetro.info Price projections: https://xcmprice.com

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$0.00

1 vote

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smokeasare165 (49) · 7 years ago

Thanks for the update.... @haejin

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1 vote

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princluv (50) · 7 years ago (edited)

What a big guy out there, i will always follow and upvote you, your is highly informative always,

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1 vote

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araz (30) · 7 years ago

Thanks for drawing out attention to a possible scenario

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1 vote

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deutschewolf (52) · 7 years ago

we have the same Bitcoin Analysis ^_^ You are Right

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gusejr7776 (23) · 7 years ago

by the way, bts has been down to btc/dollar 0.000015. it’s horrible.

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scorer (58) · 7 years ago

BTC bullish trend is not yet confirmed and alts are waiting for the start.

$1.29

2 votes

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ikk200 (25) · 7 years ago

There's nothing wrong with a healthy correction. The uptrend will begin soon.

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bitgeek (62) · 7 years ago

Congratulations @haejin, this post is the seventh most rewarded post (based on pending payouts) in the last 12 hours written by a Superhero or Legend account holder (accounts hold greater than 100 Mega Vests). The total number of posts by Superhero and Legend account holders during this period was 42 and the total pending payments to posts in these categories was $3583.15. To see the full list of highest paid posts across all accounts categories, click here.

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$0.00

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gizemli3 (54) · 7 years ago

It is a bitcoin guardian role that is assigned to the banks which, to do so, would receive a license from the central bank. They form the nodes of the peer-to-peer network whose role is the validation of bitcoin transactions. The banks would therefore play the role of clearing house by themselves ... without having to create one. This is another advantage of bitcoin that we keep.

Nodes, banks, are not anonymous PCs of individuals. They are known, identified, trustworthy: it is no longer necessary to go through this expensive and stupid mathematical challenge to be solved (randomly) by computers (a necessary step to prevent a group of computers from taking control to make counterfeit money) since one operates in a closed circle. This made bitcoin uneconomical and cost-effective given the common computing power required. The transaction in bitcoin validated would be found, as before, on the bitchain blockchain, transparent, visible to all, auditable and irreversible, like any payment.

The protagonists of this transfer would retain discretion as long as a request does not force the bank to establish a link between the public key and the user. Because bitcoin only needs the private key. That said, nothing prevents the bitcoin saver from opening an account at his bank and transferring his assets there: sites already exist to host bitcoin wallets. They are also the sulfur link (storage of bitcoins by third parties is not provided in the protocol of its inventor).

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chucklinart (30) · 7 years ago

The "monstrous green volume" in both cases is short covering. Neither drop was organic; they were orchestrated. When short bus shorty had to cover, he had to buy back, and they price spiked up... except it spiked up much more quickly than he imagined. More here: https://steemit.com/bitcoin/@chucklinart/how-bitcoin-shorts-shaw-bus-shawties-roll-and-how-to-take-their-money

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izge (51) · 7 years ago

Thank for for the updates, i love and admire you tenacity. No wonder you are a success in this community.

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douglason (25) · 7 years ago

Excelente publicación, espero nuevas publicaciones

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[-]

haejinsucks (6) · 7 years ago

I am the true cryptogod!

My TA will bring you all riches. Fuck this imposter, I am the true leader.

Haejin sucks, so follow haejinsucks!

Everyone go look at my firecoin projections here

Increase from $1.76 to $2.27

Your mother was a hamster, and your father smelled of ELDEEEERRRRRR BERRRRIEEEEEEESSSSSSS!!!!!

$0.00

[-]

cubadetodo (57) · 7 years ago

Excelente , saludos desde Cuba.

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joearcelay (25) · 7 years ago

Great analysis @Haejin! What’s your opinion on the BTC sell off rumor that’s going around?

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statsmonkey (49) · 7 years ago

Congratulations, your post received one of the top 10 most powerful upvotes in the last 12 hours. You received an upvote from @ranchorelaxo valued at 214.88 SBD, based on the pending payout at the time the data was extracted.

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$0.00

[-]

cake-pandan (43) · 7 years ago

That great i like it

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mahadi29 (60) · 7 years ago

Every post you make is very beautiful - I want to know about Bitcoin rate now What do you say?

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nineday85 (47) · 7 years ago

Thx:) Resteem.

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widiaastuti12 (25) · 7 years ago

Wow volume big sbd
Please mr.@haejin,I can student steemit for Mr.
Thanks you

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mathito (31) · 7 years ago

I think the rise in BTC market cap with contrary movements for altcoins is a bullish sign for BTC. IMO, we are experiencing a strong market correction, putting BTC back to be clearly number one - and getting rid of or at least minimizing the impact of the uncountable scam-coins.