• 102 days Could Crypto Overtake Traditional Investment?
  • 106 days Americans Still Quitting Jobs At Record Pace
  • 108 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 112 days Is The Dollar Too Strong?
  • 112 days Big Tech Disappoints Investors on Earnings Calls
  • 113 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 114 days China Is Quietly Trying To Distance Itself From Russia
  • 115 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 119 days Crypto Investors Won Big In 2021
  • 119 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 120 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 122 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 122 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 126 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 126 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 127 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 129 days Are NFTs About To Take Over Gaming?
  • 129 days Europe’s Economy Is On The Brink As Putin’s War Escalates
  • 132 days What’s Causing Inflation In The United States?
  • 134 days Intel Joins Russian Exodus as Chip Shortage Digs In
Bitcoin Is Driven By Testosterone

Bitcoin Is Driven By Testosterone

One recent study found that…

Crypto Pain Continues as Bitcoin Hits 6-Month Low

Crypto Pain Continues as Bitcoin Hits 6-Month Low

Bitcoin’s price plunged below $32,000…

Crypto Insider

Crypto Insider

Cryptoinsider.com

Crypto Insider provides high-quality, long-form analytical pieces, investigative journalism, with less emphasis on breaking news. Our mission is to maintain high journalistic standards in the…

Contact Author

  1. Home
  2. Cryptocurrencies
  3. Bitcoin

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

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment