{"id":373683,"date":"2019-03-06T17:00:46","date_gmt":"2019-03-06T17:00:46","guid":{"rendered":"https:\/\/wncen.com\/?p=373683"},"modified":"2024-06-11T21:03:11","modified_gmt":"2024-06-11T21:03:11","slug":"bitcoin-btc-medium-term-trend-is-set-6000-a-low-lying-picking","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-medium-term-trend-is-set-6000-a-low-lying-picking\/","title":{"rendered":"Bitcoin (BTC) Medium Term Trend is Set, $6,000 A Low Lying Picking"},"content":{"rendered":"<ul>\n<li><em>Bitcoin price recovering, may clear $6,000<\/em><\/li>\n<li><em>Jihan Wu, the former CEO of Bitmain is a billionaire<\/em><\/li>\n<li><em>Transactional volumes low, must spike above 440k countering Q4 losses<\/em><\/li>\n<\/ul>\n<p><em>With newfound financial weight, Jihan Wu can now move towards achieving his goals. In the meantime, Bitcoin (BTC) prices stand to benefit. Should buyers have the upper hand, any surge past $4,500 will be trend-defining in short to medium term.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<h3>Fundamentals<\/h3>\n<p>Rumor from multiple sources, insinuates that Jihan Wu, credited for backing Bitcoin Cash during the last hash war to the detriment of asset prices, will in coming days cut ties with Bitmain.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Jihan Wu is leaving Bitmain, starting a new company \ud83e\udd2f\ud83e\udd2f\ud83e\udd2f multiple non-official sources said so &#8230; <\/p>\n<p>according to various sources, the new company is more like a spin out of Bitmain (so far not sure of the equity ownership structure), with primary focus around BCH and Defi<\/p>\n<p>&mdash; Dovey &quot;Rug the fiat&quot; Wan (hiring) (@DoveyWan) <a href=\"https:\/\/twitter.com\/DoveyWan\/status\/61428225?ref_src=twsrc%5Etfw\" rel=\"nofollow\">February 25, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Nothing is yet to be confirmed but with enormous losses, downsizing and a general decline in Bitcoin prices, the chipset behemoth like all crypto firms, is under duress and may let go of Jihan. Already he has the financial muscle to do whatever he likes.<\/p>\n<p>At a tender age of 33, <a href=\"https:\/\/www.forbes.com\/profile\/jihan-wu\/\" rel=\"nofollow\">Forbes ranks Jihan<\/a> as one of the youngest billionaires under 40 with a net worth of $1.5 billion.<\/p>\n<h3>Candlestick Arrangements<\/h3>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-373686\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/03\/Bitcoin-Weekly-Chart-Mar-6.png?resize=1280%2C1024\" alt=\"Bitcoin\" width=\"1280\" height=\"1024\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/03\/Bitcoin-Weekly-Chart-Mar-6.png?w=1280 1280w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/03\/Bitcoin-Weekly-Chart-Mar-6.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/03\/Bitcoin-Weekly-Chart-Mar-6.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/03\/Bitcoin-Weekly-Chart-Mar-6.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/03\/Bitcoin-Weekly-Chart-Mar-6.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/03\/Bitcoin-Weekly-Chart-Mar-6.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/p>\n<p>What we have in the weekly chart is a beautiful sight. After five months of severe draw-down, Bitcoin (BTC) is recovering\u2014although not at a rapid phase as expected. However, at this pace, prices are likely to print above $4,500. It all depends on the underlying momentum and how bulls will flow back once key resistance levels no longer hold.<\/p>\n<p>Technically, bulls appear to have the upper hand. While the bear bar of the week ending Nov 25 is conspicuous and could trigger sells as Bitcoin trade within a bear breakout pattern, it is the rejection of lower lows and renewed interest of week ending Dec 23 that is trendsetting. Prices are moving within this bar, and in an effort versus results point of view, that is bullish.<\/p>\n<p>At the moment, it is a series of tight ranging, higher highs with firm anchors rooted at week ending Feb 1 that is important for our analysis. Like in all our previous <a href=\"https:\/\/wncen.com\/2019\/03\/05\/bitcoin-btc-prices-responding-as-billionaires-like-jack-accumulate\/\" target=\"_blank\" rel=\"noopener noreferrer \">BTC\/USD trade plans<\/a>, risk off traders can take advantage of this bullish candlestick arrangement and load up on every dip. First targets remain at $4,500, and this plan is applicable as long as BTC prices are trading above $3,500.<\/p>\n<h2>Technical Indicators<\/h2>\n<p>Week ending Nov 25 is our base bar. While prices recover, volumes\/participation must also expand at a faster rate eliminating the disparities between Q4 average volumes\u2014150k and those of Q1 2019\u2014120k. For a trend resumption and cancellation of late Nov 2018 draw-down, Bitcoin prices must rally above $4,500 and $6,000 with high transaction volumes above 434k of the week ending Nov 25. That\u2019s almost three times the recent averages. Only that will invalidate the possibility of bears ushering in bulls aiming at $11,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price recovering, may clear $6,000 Jihan Wu, the former CEO of Bitmain is a billionaire Transactional volumes low, must spike above 440k countering Q4 losses With newfound financial weight, Jihan Wu can now move towards achieving his goals. In the meantime, Bitcoin (BTC) prices stand to benefit. Should buyers have the upper hand, any surge past $4,500 will be trend-defining in short to medium term. Bitcoin Price Analysis Fundamentals Rumor from multiple sources, insinuates that Jihan Wu, credited for backing Bitcoin Cash during the last hash war to the detriment of asset prices, will in coming days cut ties with Bitmain. Jihan Wu is leaving Bitmain, starting a new company \ud83e\udd2f\ud83e\udd2f\ud83e\udd2f multiple non-official sources said so &#8230; according to various sources, the new company is more like a spin out of Bitmain (so far not sure of the equity ownership structure), with primary focus around BCH and Defi &mdash; Dovey &quot;Rug the fiat&quot; Wan (hiring) (@DoveyWan) February 25, 2019 Nothing is yet to be confirmed but with enormous losses, downsizing and a general decline in Bitcoin prices, the chipset behemoth like all crypto firms, is under duress and may let go of Jihan. Already he has the financial muscle to do whatever he likes. At a tender age of 33, Forbes ranks Jihan as one of the youngest billionaires under 40 with a net worth of $1.5 billion. Candlestick Arrangements What we have in the weekly chart is a beautiful sight. After five months of severe draw-down, Bitcoin (BTC) is recovering\u2014although not at a rapid phase as expected. However, at this pace, prices are likely to print above $4,500. It all depends on the underlying momentum and how bulls will flow back once key resistance levels no longer hold. Technically, bulls appear to have the upper hand. While the bear bar of the week ending Nov 25 is conspicuous and could trigger sells as Bitcoin trade within a bear breakout pattern, it is the rejection of lower lows and renewed interest of week ending Dec 23 that is trendsetting. Prices are moving within this bar, and in an effort versus results point of view, that is bullish. At the moment, it is a series of tight ranging, higher highs with firm anchors rooted at week ending Feb 1 that is important for our analysis. Like in all our previous BTC\/USD trade plans, risk off traders can take advantage of this bullish candlestick arrangement and load up on every dip. First targets remain at $4,500, and this plan is applicable as long as BTC prices are trading above $3,500. Technical Indicators Week ending Nov 25 is our base bar. While prices recover, volumes\/participation must also expand at a faster rate eliminating the disparities between Q4 average volumes\u2014150k and those of Q1 2019\u2014120k. For a trend resumption and cancellation of late Nov 2018 draw-down, Bitcoin prices must rally above $4,500 and $6,000 with high transaction volumes above 434k of the week ending Nov 25. That\u2019s almost three times the recent averages. Only that will invalidate the possibility of bears ushering in bulls aiming at $11,000.<\/p>\n","protected":false},"author":384,"featured_media":344600,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,953,1119,10259],"class_list":["post-373683","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitmain","tag-btc","tag-jihan-wu"],"acf":[],"yoast_head":"\n<title>Bitcoin (BTC) Medium Term Trend is Set, $6,000 A Low Lying Picking<\/title>\n<meta name=\"description\" content=\"Bitcoin price recovering, may clear $6,000 Jihan Wu, the former CEO of Bitmain is a billionaire Transactional volumes low, must spike above 440k\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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