Bitcoin Korean Bull: Two Scenarios + Additional Charts

BITHUMB:BTCKRW   Bitcoin / South Korean Won
Bitcoin’ and cryptocurrency became really famous in Korea. If you go to there, there is something that you can tell right away by interacting with the people... They are really, really smart, advanced , educated, polite and beautiful people. I believe they are ahead of the game when it comes to most other countries and their interest in Bitcoin’ is increasing massively, let's see if we can find some clues as to why is that.

The Korean's are aware that Bitcoin’ has found support and is already sealing its bottom before fully reversing trend, I am saying this based on the charts.

When Bitcoin’ was really hot, volume was increasing higher and higher, as soon as the top was reached and people started to sell, BTCKRW’ volume dropped massively, the Korean's got out of the market, but they came back in after mid-August, when the low was hit for most of the altcoins market, the Korean's came back into the game, see the huge incrase in volume .

Side note: Notice that Bitcoin’ hit its lowest point since bull run in June and the alts in August/September. This is another common pattern we see in the cryptocurrency market. First Bitcoin’ makes the low, then the altcoins. First Bitcoin reaches the top, then the altcoins... So Bitcoin’ hit a low point from which it hasn't bounced from because of its huge marketcap, the altcoins aren't that big. Those that hit their low point already bounced and many are having, and already had, a massive run... Bitcoin’ and the altcoins are part of the same market and you can see the same patterns repeating throughout most of the charts... Let's continue.

Then we have many, many signals that point to the fact that the market is gaining strength. We are even seeing eternal bears go bull, bulls sentiment changing even when the price is at its lowest for the year and bears going crazy even while they claim that Bitcoin’ is already done and gone.

Two Bitcoins’ Scenarios BEAR/BULL - Which one will you choose?

Let's take a look at the main two scenarios being discussed all around for Bitcoin’, a mix of the BEAR/BULL view.

Many are expecting for Bitcoin’ to go down further, since hitting all time high Bitcoin’ removed 70% of its gains in less than two months. Nine months later and Bitcoin’ hasn't lost a single percentage more of value. In fact, the price is higher than the low reached in February.

It would be wise to assume that if an eternal downtrend were to happen, then Bitcoin’ would still be going down rather than sideways with higher lows being created for the past 4+ months, specially if Bitcoin’ were to go really low, in the $3,000 range.

But what about a Flash Crash?

This is the part that I wanted to talk about... A flash crash can happen and does happen frequently in crypto before a trend change, but here is the catch, we don't care about it a single bit.

A flash crash normally is fueled by fear and only last a few hours to a few days or max weeks. With Bitcoin’ sitting at a support that bears can't seen to break, any strong pressure down will end up in a bounce. But when it comes to the bulls, the advantage is best. Any pressure up can completely change the trend.

For up, we have plenty of room available for growth. For down, it is exhausted all the way.

So instead of going short and expecting a $1000 - $2000 drop that might not happen and if it does only last a few hours or days, why not go long and expect 100% growth and more along the way?

When fear, doubt and despair sets in, it is time to buy up.
When the buy euphoria is at an all time high, that's the time to sell your coins... Not at the bottom, but when the price is fully green, a bunch of long green candles... when the long wicks at the top show up... That's the sell point.

Time to buy Bitcoin ... For as long as the bottom holds.

Once you are down... the only place left to go is up.

Let's take a look a few more charts that support perspective of upcoming Bitcoin growth:




Bitcoin Retraces Hits Oversold - 4H [TIME TO BUY BITCOIN

Thanks a lot for the support.

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Comment: Comment: "Shorts are falling like a brick.."

Completely true. I shared this image in my other chart, over 25% drop:
Comment: The down waves are becoming shorter and shorter,weaker and weaker while bulls main their support. Eventually I see the bears quitting, and the bulls pushing the price up.

Here is the chart:
Comment: And the shorts continue dropping:
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Namaste my master!
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@weslad, Nicely looking chart.
Careful with your words. The PC police might get you! No ethnicity is smarter than another.
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@MrRenev, LOL. Thanks for the support.
@MrRenev, It truly depends on your definition of "smarter", your culture, the way you were raised, financial status, religion, and much, much more, to either determine if someone is smart of not. It is completely subjective...
I agree, this certainly appears to be indicative of BTC strength. Thanks a lot for the interesting take.
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AlanSantana UnknownUnicorn1586272
@adbe, It is my pleasure. Thanks for the comment.
+1 Reply
Very informative and great to read, thanks
+1 Reply
@iera, My pleasure. Thanks for the comment.
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