Chapter 10
CHAPTER 10
7 percent decline compared to the high point. In terms of price, 10,000 dollars dropped. But the atmosphere of the market didn't break.
— Bargain sale let's go~
— Purchasing a 120,000 dollar item at 110,000 dollars? This is totally Lucky Vicky~
— No black cows not buying even at this price right?
— If it drops rapidly what happens? It rises rapidly!
Bitcoin repeated several declines and rises. And the repetition of this pattern allowed individual investors to learn. Eventually, as investors learned repeatedly that Bitcoin rises even if it drops, buying momentum attached again. The one who saw through this fastest was Kim Seong-won.
"Buying momentum is coming in. A rising reversal candle has been created in the 4-hour candle."
Candles allowed selecting time depending on how the trader sets it. The most used candles were 1 hour, 4 hours, and daily and weekly bars. The reason for viewing various candles like this is because trading methods differ per trader. Some did day trading finishing trading within a day, and some utilized swing strategies taking positions on a weekly basis. Because of these differences, each trader looked at candles suitable for them and referenced them in trading. At Kim Seong-won's report, Gwang-ho spoke.
"Upload the report immediately through the company messenger."
"Ah, yep!"
"From now on, all reports through company messenger. Moving hands is faster than words."
"Understood!"
During the market, reporting verbally had a high possibility of being delivered late. But messenger allowed real-time delivery. Plus, utilizing internal network and since he handled security himself, it was strong against hacking or leakage.
By the way, coin is showing rebound immediately. What will he do?
Coin's buying momentum was quite powerful. This was a pattern commonly appearing in stocks where price decline came out rapidly.
This might end as a dead cat bounce, but since it's near high price, it can also be used as propulsion to make a new high price.
The current position was where it wouldn't be strange no matter what pattern was created. Such a position was commonly called an inflection point. Since directionality wasn't decided, one doesn't take a position contrary to the flow unreasonably in such a position. Since it was like the basics of trading, he didn't think Gang-hyeon wouldn't know this part. But since there was no action yet, he was curious.
Other employees seem curious too.
Everyone seemed worried about what kind of trade Gang-hyeon would show. However, Gwang-ho believed.
It's the first time since college days that you show a confident appearance. Show something.
Gwang-ho, cheering for his friend inwardly, continued the work he had to do.
"Now, everyone wake up!"
"Yes!"
What he had to do now was leading the team members.
CEO Office. Gang-hyeon, the owner of that place, observed the monitor.
Price is rising rapidly. With this much buying momentum, it confirms the short-term bottom and goes to confirm the ceiling again.
Bitcoin chart was turned on the monitor. Candles based on 1 hour, 4 hours, and 12 hours were turned on respectively. What caused reversal was the 4-hour candle.
The negative candle became smaller and smaller, and a hammer-type candle creating a tail was completed in the immediately preceding 4-hour candle. It's a candle that can create reversal in a falling chart.
He jumped into trader life in earnest after discharging from the army. Even excluding the individual trader period, he spent 7 years of trader life. He had already finished studying so-called technical analysis people talk about. He substituted various theories into practice, but what Gang-hyeon looked at most principally was candle trading. Especially signals appearing in long-time candles helped read future trends.
In daily and weekly bars, it was showing a form where the high point keeps getting lower. This is a signal that buying momentum is slowly decreasing. I think it's correct to view this state as a short-term rebound.
In the past, it would have ended at this level of technical analysis. But not now.
However, this ability is glowing blue. This is telling me that Bitcoin's decline has not ended yet.
The blue light was telling him. That Bitcoin's decline has not stopped yet.
At that moment, one message arrived through the company messenger.
Kim Ha-yul was an employee recruited to the Research Team this time. A figure brought by Gwang-ho's connection, although aged in mid-20s, his explanation was that she was a considerable expert.
It's not easy for the word expert to come out of Gwang-ho's mouth. Shall I see the skill once?
He opened the file and read the contents.
[1. Vitalik, creator of Ethereum, remarked in an interview with Coin Post that if quantum computers are developed, all current security systems can be neutralized.]
[2. As expectations for rise increased with continued high point renewal, it seems high leverage long positions were squeezed during the 1st decline. Estimated scale 800 million dollars.]
Various reasons were organized afterward too. It was easy to see at a glance, and how the current market atmosphere was was also organized. He liked that she collected this much information power even though it wasn't a long time.
She has to handle it alone. This much is not bad.
Certainly seemed to have skills. While doing so, his gaze headed to the Bitcoin chart. Bitcoin, which fell to early 110,000 dollars, succeeded in rebounding again and was exceeding 115,000 dollars.
"Now, let's see how it goes."
Gang-hyeon calmly observed the monitor. Every time a candle in the chart was completed, traces of fierce battle between buying and selling momentum remained. Trading volume hit an all-time high within the recent 3 months. This volatility was the first in a while. Just looking at the chart, he didn't know how time passed.
At that moment, a knocking sound was heard. Turning his head, he saw Gwang-ho standing in front of the door.
"Huh? What is it?"
"Hey hey, everyone got off work. Let's stop the ticklish polite language."
"Ah? Really? You sent them off?"
"Yeah, since you do the trading anyway. No need for everyone to stay right?"
"That's true. You did well. What time is it now?"
"8 o'clock. 2 hours already passed since everyone got off work. Did you watch the chart without knowing time passing?"
"Yeah. Since volatility came out after a long time, it's fun."
The most boring time when looking at charts was when it was a sideways market. Looking at a chart flowing sideways trapped in a box made blood dry up just by looking.
"True, I also took a position today and watched the chart. It was no joke."
"You entered too?"
"Yeah, already cleared all though. Sold all at 112,000 dollars earlier."
"Ooh, ate quite a bit."
"Seems like I ate about 5 million won?"
Compared to the total seed, it was only about 2 percent, but this was enough. Trading without greed, that was Gwang-ho's theory.
"A-yeon said to come home and eat."
"Really?"
"Yeah, stop looking at the chart. Since the system is linked to your phone anyway. Alarm goes off immediately if price fluctuation happens greatly."
"Oh~ system implemented that far already?"
"Who am I. Such basic things are quick."
Certainly, Gwang-ho had good skills. Programming as well as leadership encompassing team members was excellent. Since he stepped up himself and controlled employees when he was distracted looking at charts.
"Then, shall we head out?"
"Sure."
He left the office with his trustworthy friend.
"Wow~ look at the people."
"It's my first time coming to Seongsu-dong at this time, didn't know. It's really hot."
"Isn't the atmosphere too young for old guys like us to come?"
"Haha, true."
Walking on the crowded Seongsu-dong night street and moving a little, restaurants were seen. There were various restaurants in Seongsu-dong. Some restaurants opened all windows towards the road and deliberately emitted food smells. It was a business strategy to attract customers. A familiar face was seen in one of them.
"Huh? Isn't that Seong-won?"
"Hm? You're right. The kids around seem to be known faces too."
"Really?"
"Yeah. I saw their faces once in a while when in Yeouido. Probably Seong-won's batch mates or something."
Most of the personnel who entered the office this time were Gwang-ho's connections. So Gwang-ho knew better than himself.
"Let's not pretend to know for nothing. Seeing a boss outside is uncomfortable."
"True, that's right too."
It was the moment when he tried to pass by pretending not to know him, recalling past employee days.
"Company I entered? Ah, really don't know."
Words coming from Seong-won's mouth were heard. It was because his voice became loud perhaps because he drank alcohol.
"Why? Not good?"
Naturally, he paid attention, and focusing there, the conversation was heard better.
"First day of work today. The representative does coin trading."
"What? Coin? Heard capital power is decent, first trade is coin?"
"My words exactly, so feeling a bit cringe. Ah, don't know. I want to go drain some water first."
Moment Kim Seong-won, getting up staggering, turned his body.
"Uh?"
Company representative and senior Gwang-ho were standing in front of his eyes.
"Represent...ative?"
"Were you eating?"
"Ah... yes. Was having a light drink with former company batch mates."
"I see. I'll calculate here, so eat comfortably."
"Ah... n... no..."
"It's okay. I'll calculate with leeway, so eat as much as you want."
Gang-hyeon passed Seong-won and entered the shop, then was seen calculating something at the counter. Seong-won watching that appearance looked at Gwang-ho.
"S... Senior, perhaps since when were you with the representative?"
"Hm? Just passing by?"
"Ah... d... did you?"
"Yeah. But why sweating like this? Didn't you drink too much?"
"Ha... haha... seems I drank a bit."
While sharing short conversation, Gang-hyeon returned and tapped Gwang-ho's shoulder.
"Then Department Head Im and I will go. Eat deliciously. See you next time if there's a chance, batch mates too."
"Yes!"
"Thank you!"
"Representative, take care!"
At the appearance of the two getting farther, Seong-won sat down as if collapsing with legs giving way.
"Ha... really didn't hear? Hey, you guys didn't see when the representative came?"
"Hm? Don't know."
"How do we see who passes behind concentrating on your story?"
"Ah sh*t... really didn't hear right?"
"If he heard that, would he have calculated like that and left?"
"Right. Would have said something or so."
"R... right?"
"Yeah. Don't be scared for nothing and drink."
"Ay! Okay! Since the representative calculated and left, let's eat as much as we want!"
Kim Seong-won concentrating on the drinking party again. Meanwhile, Gwang-ho going out to the main street said to Gang-hyeon.
"He isn't originally a type to say such things. Must be excited meeting batch mates."
"It's okay. We also badmouthed the company when having drinks together."
"True. Shall we badmouth today too?"
"Hey hey, now the representative is me?"
"So, I'm not badmouthing behind but dissing in front."
"Geez?"
"Haha!"
"Plus from Seong-won's position, there won't be trust in me yet. Since I'm a representative who hasn't shown proper performance."
"Representative just has to pay salary properly, what performance?"
At Gwang-ho's words, Gang-hyeon spoke with a cold face.
"That's for general companies. We are an investment company. That too a Family Office where representative's authority is 100 percent, in such a place representative has to show certain performance for employees to trust and follow."
Gang-hyeon was evaluating himself coldly. So he didn't feel any emotion at such words of Seong-won. Since it was a private seat and correct words too.
"Just have to build up from now on. My performance and employees' trust too."
At the changed friend's appearance, Gwang-ho smirked and hit his back.
"Got it, stop looking cool. Let's go quickly, A-yeon will starve to death."
"Okay."
Dawn in Korean time. Time when most people are asleep. Cryptocurrency market moved.
Bitcoin price maintained in red numbers.
Suddenly 1 percent disappeared.
Instantly changed to blue. But that was only the beginning.
Blue candle on chart went down straight.
Candle going down without stopping instantly dropped to 111,000 dollars, the price it had dropped to previously. Practically returned to the original place returning all raised price. Buying momentum came in here. Traders thinking price will rise receiving support again in the supported section entered. But as if ignoring such expectations, the candle instantly broke the low point and went down.
Collapse of 111,000 dollar range, which was support, incited selling momentum even more. The result was disaster.
Bitcoin's drop didn't stop. No, rather adding speed.
(End of Chapter)
— Translated by Prime Works —