Market Watch May 9, 2020: Have you ever seen this before?
So Bitcoin flash crashed $1500 about an hour ago.
Guess what happened to Hive.
Didn't even flinch.
That's right! In fact, most altcoins retained all their value relative to Bitcoin. I don't know if I've ever seen this happen before, and it actually really confused me because the dollar value of Hive decreased from 35 cents to 32 cents and I had no idea why for a few minutes.
Bullish?
Usually when Bitcoin crashes, it steps on altcoins and the other projects retreat into Bitcoin and keep it propped up. That didn't happen. What's going on here?
If I had to guess, it looks like a single BTC whale dumped on the market thinking we are due for a halving crash. It is going to be here in about 2 days, after all.
2020 Bitcoin Doubling Curve
Jan | Feb | Mar | April | May | June |
---|---|---|---|---|---|
$6933 | $7467 | $8000 | $8533 | $9067 | $9600 |
July | Aug | Sept | Oct | Nov | Dec |
---|---|---|---|---|---|
$10133 | $10667 | $11200 | $11733 | $12267 | $12800 |
We see once again that we are pretty much trading exactly on the doubling curve. A lot of weak hands are selling into this base support line up to the $10k unit bias level. When all the sell pressure is gone we should see some pretty monumental action. However, we'll probably have to wait for the economy to reopen before things really start heating up.
On that note, one of the restaurants I frequent is talking about opening up next week. Our economy has been successfully demolished by the elite, and we'll begin returning to a "new normal" soon. On the announcement of said "new normal" I expect a lot of those sidelined billions to flow into Granddaddy Bitcoin. If not, I expect we'll just continue trading at the doubling line for a while.
Summer bull run?
There's a very good chance in my opinion for an epic summer bull run to occur this year. If that happens, we can probably cancel any kind of winter bull run, as the market will need time to deflate and head back down to the doubling curve at $12800 at the end of the year.
However, if there is no summer bull run, I am somewhat expecting a Goliath winter bull run to make up for it at the end of the year. Of course, this is all speculation and my track record isn't the best, but it's still fun to try.
nice try
bitcoin all the way bitch
Sounds fun to me!! 🔥❤🍻
Time will tell.
Just to be clear, you're talking about your seasons in terms of the northern hemisphere? Confusing af haha.
By the way, I voted for your witness today. During Sun's STEEM takeover everyone's votes were focused on the same top 30 and it's time to spread them out on merit.
See you around!
Posted Using LeoFinance
The globe has a southern hemisphere?!?!!!1 :D
“Globe” 😂.
Posted Using LeoFinance
Give me 7500 and we have a deal.
"Of course, this is all speculation and my track record isn't the best, but it's still fun to try."
I think you could be possibly right this time ....maybe!
While BTC was flash crashing...here are some interesting charts.
Look at ETH...100K Sats up...correction right after of course.
And here's LTC...followed BTC's root.
And Steem...like puppet
Nice to see Hive being rock solid.
i just closed my futures trades 5 minutes before this dump otherwise i would have been dooooomed rektttt
wow lucky!
Volatile markets create opportunities but it is hard to know in which direction it will go. There is resistance at $8250 and support at $9500 so if any of this is breached will be in a roller coaster.
While I hope for the best, I prepare for the words. And what you can do when the worst occurs is to some more investment for the long run. Also let's see what the HALVING brings to the psychology of the market!
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