This is the largest 1-hour candle I could find in the data set going back in 2018, and going by my crude-eyeball estimation of the charts below, I'd say this is the largest green-volume candle we've seen since early February, and the largest absolute-increase since mid-January. We'd have to go back to right around New Year's to find a larger percentage gain, as last night's bump represented approximately 15% top to bottom.
The longer we stay up in the $8000 range, the better this makes the charts look, but fundamentally this doesn't change much in the market. I still suspect the bottom was in (and can be seen on the above chart) at $5920.
As far as I have seen so far, the pundits aren't doing too much speculating on the cause of this bump. Perhaps they are (otherwise) finding it pointless to prognosticate on the unprovable. Apparently the Russian stock market is taking a beating due to new Western financial sanctions (owing to the increasingly hostile situation in Syria), even breaking below key support levels, and some are attributing a portion of this heavy volume to financial diversification on the part of same (oligarchical capital flight.)
Steem (+40%) and Steem Dollars (+20%) also both saw substantial gains on increasing volume, even greater percentage-wise than Bitcoin. Again, no particular news that I am aware of but it's certainly a good sign. An enormous amount of (paper) "value" was added to the Steem ecosystem last night, and the Steem price in Bitcoin is looking very favorable compared to recent medium-term averages.
I've heard speculation that further announcements on Smart Media Tokens could be with-held until a revival of investor sentiment in the crypto-(or Steem) market. With any luck, this could be the beginning of such a sentiment revival.
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Sources: Google, Cryptowatch, Bitfinex, CoinMarketCap
Copyright: SmartSteem, PALNet, SPL, Cryptowatch, CoinMarketCap
When I saw the ath shorts I knew they would get squeezed out hard. It's like purging the market of the parasites
I love the smell of short positions burning in the morning.
The Burning of the bears! :)
haha buying the dip?
Trying to!
well, that mean the guys on the other side of the scale won so there is no purging, its the same money going to the other side?
Purging of the bears lol
Steem to the moon!
excited for the future now of btc
That candle is either a big institutional investor buying, or a co-ordinated pump.
Slayed the bearish shorts in one massive swipe. ..steem is insane
Great update
I think it will have a new correction and then continue bullish candles I think that this movement is linked to the Chinese trade war and usa
Great analysis. My only concern is the speed at which Steem went up. The faster the rise, the harder the fall...at least that's been my experience in crypto. I'd like to see a nice 10-12% correction before the next impulse wave up.
You have a point there tho
That happened, don't know if you noticed. It climbed as high as $2.74 before reducing to about $2.5. Bitcoin too.
Only that the correction period were short.
Dunno though,
It was an amazing switch. It’s at about $7800 as at this time
For what it means, in Mrket Wizards book, one of the interviewees says that when there is a sharp run up for unknown reasons, that rally is more solid than a rally for known reasons. This is because once the know reason or event passes people will sell afterwards and go to the next event whereas when an unknown event occurs people will hold while they are trying to figure out what is causing it.
BTC going up on a Thursday?
Nice one with the SMTs announcements waiting for the revival of investor sentiment, that is a good market strategy! I really hope the launch of SMTs won't overlap with the launch of EOS platform in June, this would be a bad marketing move I guess, for both of them...
Anyway, let's enjoy the prices climbing and buy more on the next dip!
Man I am so hopeful but keeping my fingers crossed due to the fact that tax D-day 17th April would be upon us soon.
Whatever the case the cryptos are going to bounce back like crazy and it's bound to happen soon. Praying for sooner than later.
I witnessed the whole leap, firstt from below 7k to over $7500 then the more recent one. Like you, I scanned online but found nothing I could I link the boost to, I also noticed that the trading volumes is more than double that of yesterday.
I only hope this growth can be sustained, then we can be sure if wild bulls.
That's a great news @lexiconical for every crypto users. I hope it will touched highest position soon like ago.
I read that some Arab countries decided to embrace crypto somehow, I mean, to make it acceptable for the people to hold and get involved in cryptos. Perhaps that's one of the reasons explaining this.
It's like wait for the tax deadline and boom!!
I think we should expect a strong pull-back as the current surge does not depend on any authentic development other than approxiamtelly 50 billion of new investment put into the cryptocurrency market.
With the price rise I am getting burnt... I need to buy some SP in low price...
Thanks bruh...I think we should the hay while the sun shines
finally the rebound is back.
wow good job. this very helpful post. thank you so much...
I love to read an analysis accompanied by good news, let's celebrate this recovery of the currency, hopeful that it will continue of this way, that it will go up so that our community will prosper. We are faithful, we deserve the best. Thank you for sharing
Other future period to rise this elevator is June 2018, probably even before the Bilderberg group meeting, many say they have been buying cryptos for a while and well, if you don't know them, you should google it at least.
If its a bear run, they decided to boycott a bit more.
If its a bull, oh boy, they will try to control it all.
Watch out for suspicious non-decentralized cryptocurrencies going too bullish.
Let's avoid supporting the dark side of the force.
Lets empower the whole society thru humbleness, not this culture of empowerment thru psychological control and manipulation.
Educate those around you and keep healthy fun and loving circles of friendship as family.
Don't watch tv, watch youtube or any other media you can choose what you see.
Positive vibrations.
Don't be like fat molly here:
SBD price has certainly taken a good turn today. That points well for steem and steemit, i think. I have just been reading a post by @penguinpablo.
Consistent to your observations here, he too reports that Bitcoin’s Price Jumped over $1,000 In 1 Hour, whereas STEEM skyrocketed by as high as 45%!
Thanks for the update, @lexiconical
Last checked steem at $2.55
hola, buenas noches a todos, realmente ya era hora que la tendencia subiera, ya que la he seguido durante un tiempo y el bache en muchas criptomonedas es grande, ahora estamos a buena epoca de comprar tanto el BTC como el BTC CASH, y tambien buena epoa para el trading
Hola @lexiconical
Apuesto a la alza para finales del mes de Abril llegando a $ 3.25 al menos.
Anoténlo. A esta hora $ 2.6678292921
Saludos y Gracias por el análisis
good post.
Excelente que buena exposición.
good thing, even the dogecoin is doing wonders again. the litecoin and etherum remains stable or at least has risen slightly!
ah finally rebounding
@lexiconical - I called this new bottom, once it moved above the $7000 level and held there- it would test higher support levels. And that's exactly what happened. HODL, HODL,HODL!
I've had predictions about these spikes for the last few days, check out my profile and tradingview.
Good news! Hope it keeps moving forward.
I thought it would happen after April 15th! This was better than I expected! :) Whooohooo
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Still a little pesimistic about bitcoin though. It has been falling since Janruary and little candles like these happened on the way down up to here anyway.
What is the difference bitcoin and dollar? and is it used in local market?
nice post
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Amazing, You are incredible, just browse the articles of friends
did you sell any $STEEM ???
This the right time to buy it .
Great analysis man..
This is very helpful post for steemit.i satisfied for this post.
Hi frend please upvote me
Ohmmm, thank's universe!