Bitcoin is on the verge of closing above $10k, which could mean more good things are on the way for ol bitcoin...
Bitcoin is on the verge of closing above $10k for the first time in months... something we haven't seen happen in an uptrend since June of last year.
We got close in October, but we weren't able to actually close above $10k during that time.
During the last 2 occasions that bitcoin closed above $10k, we saw massive jumps immediately following.
How massive you might be wondering?
Well, check this out:
- Jun 19: BTC was up 180% YTD and then jumped $4k in 4 days after closing above $10k
- Dec 17: BTC was up 980% YTD and then jumped $7k in 7 days after closing above $10k
- Feb 20: BTC is up 40% YTD... ???
If those past 2 patterns were to play out again, we are in for some major fireworks in the next week or so...
In both instances bitcoin jumped thousands of dollars within a week following a close above $10k.
(Source: https://www.tradingview.com/symbols/BTCUSD/)
Today's close is very important on both the daily and the weekly chart.
The environment is much different now than it was back in 2017 when bitcoin hit $10k for the first time ever, but it isn't that much different from the environment when prices hit $10k back in June of 2019.
Perhaps that one can give us some hope for more follow through in the days to come.
We shall see.
Stay informed my friends.
-Doc
Feel pretty confident about the future moves of BTC (bullish). However, when and which alts follow seems pretty open-ended. I was recently looking at the BTC-STEEM chart and there are perhaps some hints that we'll see a favorable change in STEEM's relative strength against some of the other top coins into the coming months.
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Nice, that would be a welcome change for sure. Even with the little price surge it has had recently, it hasn't gained any ground on the coins ahead of it. Still hovering around 78th.
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puede que intentando testear los 11K haga un retroceso de 5-6% 9600 USD
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The trend may not actually be followed this time due to Bitcoin halving. I do not also want to entertain the Fear. Thanks for the information though.
Posted via Steemleo
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Yes, that is very true. Judging by the price action thus far, it has its work cut out for it if it is going to jump thousands of dollars within the next 6 days.
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Oh, I see. Thanks for the reply.
Posted via Steemleo
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Just curious... what happened with alts during those BTC jumps...
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First one took everything with it AFAIK (except steem lagged behind until it started correcting downwards (except for sbd it went up before the rest IIRC)), the other times only some of the top coins followed somewhat, not so much the rest of alts.
Off the top of my head though, haven't looked at it in some time.
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We did have a mini alt run in 2018 where I was able to make some 2x returns, but don't recall if this was around the same time that Bitcoin ran up to 14k.
As you said not everything ran up, but it was more than just the top alts as I make some good returns on Golem and Wanchain that I specifically remember, but I guess that just depends on what you mean by top alts as well.
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Yes that is pretty close. Alts didn't really see their time in the sun until after bitcoin peaked in mid December 2017, with the majority of the gains seen in January 2018.
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Do you mean the two pumps following the $10k break?
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Many factors affecting BTC's upward momentum, with the corona virus as one of the main causes as well as the halving.
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Yep, I think so as well.
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It will be interesting to see as most of the fomo for halvenings doesn't happen until after the halvenings. This could be the first of the 3 legs up that leads to the top of the market, but I'm guessing we won't see below $10k again, if this is in fact the start of the next bull run.
It feels different this time now and I am planning on accumulating anything at or below $10k from here on out whenever I can.
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There isn't nearly as much retail involved this time, which like means less FOMO but also less crashes.
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Some really exciting stuff, here. Bitcoin's holding that $10K territory firmly, and it seems like it's still got some good momentum to push onto $11,000 in the next couple of weeks or so. Do you think there will be a (healthy) correction back onto the $9K region soon, just to take a breather?
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Considering it is already happening, I'd say yes :)
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Yep, that's a definite yes XD
It's been down to about the $9,700 mark the last time I checked. Along the way, it even filled a Futures gap at $9,850. I'd say this a healthy pullback to give the bulls a bit of a breather.
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