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Bitcoin Continues To Push Towards $4000

Bulls

Like an oasis in the desert, bitcoin showed noticeable positive price movements this week in the midst of an overall bearish market. But is there any logical reason for this positive action?

Bitcoin Price Charts

1-Day

Bitcoin's daily candle chart showed today's substantial move upward in price, which also included decent volume. It appears as though price may be in the middle of a typical Elliot Wave pattern, possibly heading to a fourth wave. (Wave four is a correction wave downward before price continues up toward wave five.)

The bottom Bollinger Band also points in the opposite direction of price, indicating increased volatility.

4-Hour

Bitcoin's 4-hour chart showed a rather long period of inactive price consolidation after the last significant rally. This lengthy, multi-day period allowed a tightening of the Bollinger Bands toward price, leading to the strong pump and increased volatility seen over the past 24 hours.

1-Hour

 

Bitcoin's 1-hour chart showed some very long wicks to the upside. Seeing these wicks might mean false/unnatural volume or manipulation is present. On that note, one might question whether this move up in price was genuine increased bitcoin buying and sentiment, or simply manipulation and stop loss runs.

In a recent Tweet, The Crypto Dog posted a bitcoin chart highlighting a giant wick that poked just above another candle's wick (resistance), likely stopping out orders before continuing its vertical price path later. Related: Fans Panic After Tesla Removes Its “Secret Weapon” From Website

Potential news related events

A recent article from NewsBTC highlighted a potential correlation between the Asian stock markets and the crypto markets.

According to NewsBTC's article, "[t]he mainland Chinese stocks today jumped more than 3 percent, its best since early November 2018." Similarly, ether surged north about 14 percent during roughly the same time span. Bitcoin also increased by 3 percent.

Within the same time frame as all of the mentioned crypto action, Financial Times posted an article relating the positive Asian stock moves to recent encouraging sentiment regarding U.S. and Chinese trade dialogue. Trade difficulties made the two sides uneasy during 2018. This year appears to have brought optimism. As stated in the Financial Times article, President Trump recently tweeted about good vibes from new meetings. Further discussions reportedly carry on this week.

The NewsBTC article posited President Trump's Tweet may have positively affected the crypto markets during Asia's recent trading hours. Additionally, the news outlet noted positive price action surrounding European equities in association with Trump's Tweet.

By Benjamin Prius via Crypto Insider

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