"Bitcoin: Bearish Mood Strongest Since February"

BartS

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Quote from: Reid on October 21, 2019, 05:39:25 PM

One thing I am sure, it will not go as deep as 6k.
It might stay to 7500 but that is still in low possibility.
8k to 8500 could be its best rotation and it will not go much under those number.
We are too deep if we compare it to the price of bitcoin for this year.
Should have been at least 10k by now and fighting for that 12k once again.

The price is now below 7500 after a bad day, for what I have seen in the past markets have a tendency to move much more than what it seems possible and this is even more true for a market with a high volatility like this one.

I will not discard a price of 6000 for each coin, it may not last long but it could definitely happen and when it does we need to take advantage of it since it could possibly be our last chance to buy bitcoin for such a cheap price.

buwaytress

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Well, god dammit, I thought we'd finally see something below 7500 this week, and then we all got to recover and try again this weekend. Only 8 days away til I gotta submit monthlies, so I'd really love if we get back to sub 7k even.

Aren't we at the strongest bearish mood already? You death crossers and TA guys keep disappointing me =p

Quote from: Reid on October 21, 2019, 05:39:25 PM

Should have been at least 10k by now and fighting for that 12k once again.

Should have is a funny phrase in Bitcoin. Shouldn't have is what it keeps doing. 20k from under 1k in that little time? Shouln't have!

gabbie2010

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Quote from: Reid on October 21, 2019, 05:39:25 PM

One thing I am sure, it will not go as deep as 6k.
It might stay to 7500 but that is still in low possibility.
8k to 8500 could be its best rotation and it will not go much under those number.
We are too deep if we compare it to the price of bitcoin for this year.
Should have been at least 10k by now and fighting for that 12k once again.

The support at $7500 has proved to be very strong the price of bitcoin bounced off the support on several attempts based on daily time frame and truly the resistance at $8000+ is also proving had to break thus its like bitcoin is in ranging mode probably we haven't experience much bearish mood yet, my fear is that as we approach Christmas the down turn should not continue because of festive selling and withdrawals.

Yaunfitda

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Quote from: Reid on October 21, 2019, 05:39:25 PM

One thing I am sure, it will not go as deep as 6k.
It might stay to 7500 but that is still in low possibility.
8k to 8500 could be its best rotation and it will not go much under those number.
We are too deep if we compare it to the price of bitcoin for this year.
Should have been at least 10k by now and fighting for that 12k once again.

So much resistance at the $9k levels. $8k-$8500 would be the norm. Similar to what we have witnessed in 2018, many months we still in the range of $6k-$6500 and we didn't break out until that fateful BCH vs BSV hashing war wherein bitcoin was the collateral damage.

So for now getting above $9k-$10k at the end of the year will be very difficult, maybe a few pumps here and there but I'm seeing 5 digit mark up until next year.

Reid

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One thing I am sure, it will not go as deep as 6k.
It might stay to 7500 but that is still in low possibility.
8k to 8500 could be its best rotation and it will not go much under those number.
We are too deep if we compare it to the price of bitcoin for this year.
Should have been at least 10k by now and fighting for that 12k once again.

gantez

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Quote from: pooya87 on October 20, 2019, 12:19:26 AM

even tradingview is being flooded by these. basically these are people who are confusing technical analysis with children's drawing and randomly draw lines on the charts thinking they have "analyzed" the market and publish their "valuable" findings!

I actually followed some charts and got the more confused with trade. I guess the price direction is yet to be determined and it is wise to be careful or stay off for the moment.

pooya87

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Quote from: hulla on October 19, 2019, 02:11:10 PM

Quote from: mersal on October 17, 2019, 12:47:15 PM

Some charts says it may fall upto $6000- 6500 region so we are in the risk of going lower from the current price and also seems market dumps further.So this was the end of long bull trap story or people who enjoyed baby bull run in 2019.

This will definitely be your imagination or one of the false news they usually spread on some fake crypto group in other to mislead people. However, I will be happy if you can narrate and post the screenshot of the chart that proof the price of the market to downtrend to the price range you mentioned.

the internet is filled with them each time there is a price drop like what we had a month ago and price stays down like this. even tradingview is being flooded by these. basically these are people who are confusing technical analysis with children's drawing and randomly draw lines on the charts thinking they have "analyzed" the market and publish their "valuable" findings!

hulla

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Quote from: mersal on October 17, 2019, 12:47:15 PM

Some charts says it may fall upto $6000- 6500 region so we are in the risk of going lower from the current price and also seems market dumps further.So this was the end of long bull trap story or people who enjoyed baby bull run in 2019.

This will definitely be your imagination or one of the false news they usually spread on some fake crypto group in other to mislead people. However, I will be happy if you can narrate and post the screenshot of the chart that proof the price of the market to downtrend to the price range you mentioned.

bitgolden

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The "mood" doesn't really reflect as much as people think it does, I mean in the end this is a financial product that we are talking about and as long as the buyers can handle the sellers as long as possible, what people think doesn't matter.

99 people our of 100 could think bitcoin will go down, most of them could sell their coins, but as long as that 1 that thinks it will go up keeps on buying more than the other 99 selling then the price won't go down.

So, what the majority thinks bitcoin will do doesn't really matter, it is what the richest think bitcoin will do means, that is why we should not really get ready for anything, should it go down? it can, should it go up? it can but that doesn't mean it will be because of any moods, it will be because of whales and manipulators for sure.

Wysi

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Quote from: jaocoincrypto18 on October 18, 2019, 08:52:29 PM

It is very difficult to predict of what will be the smallest figure of the dip but i'm afraid that Bitcoin price will surely to fall as their are some events that could trigger an FUD like McAfee is now urging the crypto users to sell their Bitcoin and there is a survey that people that are interested in Bitcoin is now diminishing due to bearish market.

Those FUD will never turn into reality as far as bitcoin is concerned it will always fluctuate but that does not mean that the investors will sell off bitcoins and I know right now we are into deep bearish market with less hope but we have been in such situations in the past as well wherein the value of bitcoin was under $5k but again it shot up, avoid unnecessary FUD as it might lead to more panic selling which does further damage to the volatile market.

jaocoincrypto18

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It is very difficult to predict of what will be the smallest figure of the dip but i'm afraid that Bitcoin price will surely to fall as their are some events that could trigger an FUD like McAfee is now urging the crypto users to sell their Bitcoin and there is a survey that people that are interested in Bitcoin is now diminishing due to bearish market.

ardentvolcanoes

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Quote from: J1mb0 on October 17, 2019, 03:38:20 PM

Quote from: error08 on October 16, 2019, 11:30:52 AM

I've bought bitcoin at $7982 quite satisfy with it but still waiting for a lower price, $7700 will be a good price to buy the dip. Bitcoin still holding its territory within $7900-$8000, probably will going lower in the next 24 hours before a bounce back, just don't wanna miss the opportunity to buy more coins fraction.

$ 7,700 is a very good price to buy more Bitcoin. However, you should be careful in this situation, because if Bitcoin slides down to the price of $ 7,700 there will probably be a panic sale in the market.

That's for sure to be expected, once the value fall for more panic sellers will quickly sell and ride with the downtrend, if you are into long term investment plan
make sure to have spare money incase things go to this direction, you still can buy for more cheap coin.

Unpredictable market you should understand the risk and find way to overcome any emotions in order not to lose.

1Referee

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Quote from: BrewMaster on October 17, 2019, 10:42:06 AM

there is fear and some bearish mood but it is not even close to the fear and bearish mood that existed in the beginning of this year.

It's a world of difference indeed. It makes me believe that there is much more to come for Bitcoin (negatively speaking). It's going to be an important last few days of the week for Bitcoin with the weekly close being so close (no pun intended) to the 50EMA (currently $7880) that provided solid support thus far. Keep an eye on that moving average.

We're just one wick away from triggering a lot of stops that will sell the price down to low $7000's, which shouldn't be too difficult for a cheeky whale to trigger with how thin the books are.

djsugar

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Bitcoin is at a decisive point right now. The trend is in making. There is a support of $7600 and the resistance of $8800. Whatever is breached first would decide the upcoming trend. The monthly chart is indeed showing a bullish trend from February with a little correction here and there. But there could be a trend reversal in case the support of $7600 is broken. As it will initiate a massive sell off which could take the price to $5k range.

YuginKadoya

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Quote from: J1mb0 on October 17, 2019, 03:38:20 PM

Quote from: error08 on October 16, 2019, 11:30:52 AM

I've bought bitcoin at $7982 quite satisfy with it but still waiting for a lower price, $7700 will be a good price to buy the dip. Bitcoin still holding its territory within $7900-$8000, probably will going lower in the next 24 hours before a bounce back, just don't wanna miss the opportunity to buy more coins fraction.

$ 7,700 is a very good price to buy more Bitcoin. However, you should be careful in this situation, because if Bitcoin slides down to the price of $ 7,700 there will probably be a panic sale in the market.

$7700 is a good price I totally agree with that and that is a likely prediction that the price may come to that level, But panic selling is just for weak hands only, Maybe the newbie and weak hands will panic sell, But the people with the knowledge that this is just a starting point for Bitcoin to erupt new levels then I guess they will eventually come back,

In my opinion, there are many people in this forum that are open-minded to this kind of scenario even if the price is breaking down they are still positive about the fact that the price will return and because of the halving, I guess many will be patient in this kind of situation.

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Quote from: pixie85 on October 17, 2019, 02:08:42 PM

I don't understand why people are even reading that guy from coindesk and quoting his predictions is even worse. He's one of those usually wrong analysts.
When we were in the bear market of 2018 he was wrong every time and most of his predictions are it will go up but it can also go down. Cheesy

Consolidations aren't bearish or bullish they just are there. We can't say that we're in a bear mood when we've been making higher lows since the beginning of October.

Because he's Coindesk, I guess. It's so easy to get sponsored stories all over the mainstream now, if you just pay enough. But hey, it's okay to get these kinds of nonsense headlines on this side of the fence, given the ridiculous titles we've been served up on the other side too ($500k price by end of 2019, remember?)/

Which analyst is usually right, anyway? The ones that don't talk about price;)

Once you play the prediction game, you just go down the rabbit hole that doesn't stop going down.

slaman29

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Quote from: BartS on October 17, 2019, 11:16:13 AM

A drop to 4000 is unrealistic, that is very close to the previous bottom and as you say when we consider the halving is coming it is almost impossible the market will be so bearish, I think we could see bitcoin going towards 6000 during the next months and in the worst case scenario we could see 5000 but nothing lower than that, with that in mind if you are looking to buy bitcoin at the best possible price it could be a good idea to wait since it is almost a certainty the price will go down during the next weeks.

My concern here isn't if it falls below $7000 (which it very probably will actually, since even the most optimistic TA chart shows a possible bottom no higher than 5500), nor even if it falls below 4000. My concern is that if it doesn't happen this year, then it will still have a chance to happen in 2020, and if that happens so close to halving, people will start questioning the scarcity factor.

el kaka22

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People do not realize how good of a place we are right now. We are at a $8k price where sellers are selling like crazy yet they can't make it go down, sure if a huge whale comes up and sells $30k bitcoin all at once (happened before) then we can fall but without that weird movement the sellers are trying their best to make the price go down and it is not, it is keeping it is place which is basically saying that price will not go any further down and we have managed to bottom out.

It goes to show us that if any of us buy bitcoin at around these levels then we will not face with any troubles, at least most likely, because we have bottomed out so worst case scenario we will have to wait a bit but in the end we will profit from buying at around these levels for sure.

bassbity

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Quote from: Oasisman on October 17, 2019, 10:11:02 PM

Quote from: rdluffy on October 17, 2019, 03:46:31 PM

We are in a not so good mood right now, I agree, but we should look at a bigger scope, and in my opinion we are good and will probably end the year with a good price, better than the one we started 2019

We're still good, Bitcoin already bounce back after touching the $8,000 mark, so as the majority of alts in the market are gradually gaining almost 4%. The bigger scope is the 2020 halving, thats what the market are holding onto now.

Bitcoin is currently $ 7,968 will it after touching $ 8k will it go up again or vice versa? even the majority of altcoin now tends to go up even a little, I also want to ask if halving has happened whether it will also affect altcoin?

Oasisman

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Quote from: rdluffy on October 17, 2019, 03:46:31 PM

We are in a not so good mood right now, I agree, but we should look at a bigger scope, and in my opinion we are good and will probably end the year with a good price, better than the one we started 2019

We're still good, Bitcoin already bounce back after touching the $8,000 mark, so as the majority of alts in the market are gradually gaining almost 4%. The bigger scope is the 2020 halving, thats what the market are holding onto now.

Quote from: rdluffy on October 17, 2019, 03:46:31 PM

I'm not worried for the long term, but for traders this time can be hard to gain money

Traders can still make profit even with the most bearish season. So, no worries for them, Instead you'll worry for the weakhands who quickly sell their portfolio when things doesnt go their way.

ecnalubma

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Previous and present month almost shows same pattern, but I thinks its trying to maintain its lows consistently. I hope it will maintain at this level and don’t go even lower for it will trigger another sell offs worst if it goes to $6k or $5k.

rdluffy

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We are in a not so good mood right now, I agree, but we should look at a bigger scope, and in my opinion we are good and will probably end the year with a good price, better than the one we started 2019
I'm not worried for the long term, but for traders this time can be hard to gain money

J1mb0

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Quote from: error08 on October 16, 2019, 11:30:52 AM

I've bought bitcoin at $7982 quite satisfy with it but still waiting for a lower price, $7700 will be a good price to buy the dip. Bitcoin still holding its territory within $7900-$8000, probably will going lower in the next 24 hours before a bounce back, just don't wanna miss the opportunity to buy more coins fraction.

$ 7,700 is a very good price to buy more Bitcoin. However, you should be careful in this situation, because if Bitcoin slides down to the price of $ 7,700 there will probably be a panic sale in the market.

pixie85

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I don't understand why people are even reading that guy from coindesk and quoting his predictions is even worse. He's one of those usually wrong analysts.
When we were in the bear market of 2018 he was wrong every time and most of his predictions are it will go up but it can also go down. Cheesy

Consolidations aren't bearish or bullish they just are there. We can't say that we're in a bear mood when we've been making higher lows since the beginning of October.

mersal

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Some charts says it may fall upto $6000- 6500 region so we are in the risk of going lower from the current price and also seems market dumps further.So this was the end of long bull trap story or people who enjoyed baby bull run in 2019.

teosanru

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As per analysis of the chart I don't really think so. In general perspectives we consider a bullish phase when the 50MA floats above the 200MA while a bearish phase begins when the death crossover takes place and 50MA floats below the 200MA. Since Februrary we were in bearish mode but however bullish momentum came with a golden crossover in May end after which we even touched heights of 14k but since then we are again into a sideways mode which may soon turn into a bearish mode if this trend continues as death crossover can happen anytime in next couple of weeks.

BartS

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Quote from: Slow death on October 16, 2019, 03:04:04 PM

My concern is if we break the $7,750 we will see the $7400 and if it falls below $7000 we will be in a very unpleasant situation because we will see the panic sale. so far I am wondering if the reason the price is not falling too much is related to halving, maybe the high expectations people have for halving that will happen next year is the reason we don't see prices like $4000 again

A drop to 4000 is unrealistic, that is very close to the previous bottom and as you say when we consider the halving is coming it is almost impossible the market will be so bearish, I think we could see bitcoin going towards 6000 during the next months and in the worst case scenario we could see 5000 but nothing lower than that, with that in mind if you are looking to buy bitcoin at the best possible price it could be a good idea to wait since it is almost a certainty the price will go down during the next weeks.

BrewMaster

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There is trouble abrewing

charts do not back up what you are claiming in your title.
there is fear and some bearish mood but it is not even close to the fear and bearish mood that existed in the beginning of this year. you are basically claiming that right now that we are after a 200% rise and the big reversal after the ATL and everything has changed we are still in a situation like in February when the price was still at the bottom and the reversal had not happened yet and we were after a 85% drop!

i literary see nothing in common in the two time frames!

cryptoknightt

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I think this is because of the influence of halving bitcoin which has begun to be seen when it will happen, imagine if you can buy coins before the price becomes very expensive then you can get a lot of profits and investors have begun to understand that so many have already bought bitcoin without realizing it by many people.

Duzter

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Over the month of February the market was bearish, from April the trend changed. Then onwards there is more growth than decline in the market. Altcoins were the one that hasn't grown good along with bitcoin. This is expected to take place by 2020. Over the past few weeks there is not much of growth, and the same has made people describe the ongoing move to be bearish. Hopefully this will change as good growth is to happen over the falling months.

BigBoy89

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If Bitcoin keeps it around $7,750 will be great.

Lately, at Bitmex, I'm watching moves like steady - steady - drop of $200-$300 - steady - drop of... repeat. And I'm worried because there aren't any significant news to trigger those drops.
I already transferred 30% of my BTC into alts and TUSD.

CarnagexD

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The current price of bitcoin right now 8,053$ which is totally near to go down again in 7900$, As you can see we are now expecting the bear market simply because of the falling movement of bitcoin. Actually, I'm so happy in the last few days because of the price peak at the price of 8800$ something I know it might be the sign for another bull run for this last quarter but later on, the price of bitcoin start to fall down again and that time I'm worried because I know there is a very low chance that there will another bull run.

iamsange

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If it will go lower, honestly i agree. But without analysis only because people will be happy if get bitcoin for lower price before halving. Usually circulation happen like that, dumped and then pumped with good events and then stable or maybe dumped again.

Jating

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Isn't it that there are people people that even predicts that bitcoin will hit that level or below? So I'm not surprised by this news because we have members here who have predicted it as well.

I would agree that we don't want the price to go that low, after hitting $13k in June and now we are in the position that the price will significantly go as low as $6k-$7k. But we can't really stop that happening, but I believed that it could be a normal flow and let's look at the bright side and take the opportunity to accumulate again.

slaman29

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Quote from: Slow death on October 16, 2019, 03:04:04 PM

My concern is if we break the $7,750 we will see the $7400 and if it falls below $7000 we will be in a very unpleasant situation because we will see the panic sale. so far I am wondering if the reason the price is not falling too much is related to halving, maybe the high expectations people have for halving that will happen next year is the reason we don't see prices like $4000 again

It will be unpleasant for sure, but it will only be temporary. Can't enjoy the eggs if we don't break them wide open, right? If BTC drops back to 6k plus, I will be very excited for prospects of a full term recovery in early 2020 and upcoming towards halving event.

Because you bet people will be buying in again expecting at least return to 20k.

exstasie

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Quote from: Oasisman on October 17, 2019, 12:20:34 AM

Some prediction says, that Bitcoin is forming a death cross pattern similar to what happened before when Bitcoin dropped down around $3,000 mark.

There's no point planning on a death cross before it actually happens. The 50-day and 200-day MAs are set to intersect in a week or two. This has time to play out in either direction.

It's good to keep in mind though. Daily golden/death crosses are usually good performers in BTC, with a few exceptions. There were some false crosses in 2014 and 2015. Notably there was a death cross in September 2015, shortly before the long term bull market (which culminated in the 2017 bubble) began.

bassbity

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Quote from: error08 on October 16, 2019, 11:30:52 AM

I've bought bitcoin at $7982 quite satisfy with it but still waiting for a lower price, $7700 will be a good price to buy the dip. Bitcoin still holding its territory within $7900-$8000, probably will going lower in the next 24 hours before a bounce back, just don't wanna miss the opportunity to buy more coins fraction.

Will the lowest price happen to fall to $ 7700 I am still confused what is the lowest price bitcoin should I wait for $ 7500? I want to stock up on bitcoin at the right time maybe for the future I see bitcoin looking green in the market.

pooya87

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any fluctuations that are below 5% or in most cases below 10% even are not really worth discussing about and calling them "downtrend" or "uptrend" which is the case with "from $8,326 to $8,086 in the 60 minutes" mentioned here in OP.
the only thing that matters is when the price change is big or when it breaks some support or resistance levels. in this case when $8k itself was broken and price went below it, then it became important. and to be honest there is a lot of dump going on but it still doesn't look that strong to me and the "mood" is in my opinion mostly scared rather than being bullish or bearish. which is why the volume isn't that high and also why the price is NOT tanking even though there is a ton of dumping and price went below $8k it is still staying pretty close to it.

Oasisman

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Some prediction says, that Bitcoin is forming a death cross pattern similar to what happened before when Bitcoin dropped down around $3,000 mark. And we're gonna be expecting a bearish cycle until mid november.
A TA prediction that really makes sense, since the price has no sign of recovery after we hit the $8,600 mark and slowly falling down to this very moment.

figmentofmyass

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Quote from: Ferris419 on October 16, 2019, 10:43:26 PM

If Bitcoin goes for 7700 USD, then I would not call it a bearish season. But I am afraid that we can see a lower price than 7700-7000! Last year we saw a major drop in November, this year has the same chance.

it's funny, people were saying the opposite last year---that bitcoin usually goes up in q4 so it would do the same in 2018. my experience is that people tend towards recency bias, thinking "it happened last time so the same thing will happen this time".

i would keep an open mind and take a more statistics-minded approach. after all, since 2010 we've had 7 bullish novembers and 2 bearish ones.

Ferris419

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If Bitcoin goes for 7700 USD, then I would not call it a bearish season. But I am afraid that we can see a lower price than 7700-7000! Last year we saw a major drop in November, this year has the same chance. A bear market is not good for everyone, it breaks some people. Not everyone is a buyer, so, to protect the huge loss, some holders may convert in Fiat on time. This time is very confusing, anything can happen. But 2017 year did not come twice, I hope 2018 won't be too.

figmentofmyass

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Quote from: Slow death on October 16, 2019, 03:04:04 PM

My concern is if we break the $7,750 we will see the $7400 and if it falls below $7000 we will be in a very unpleasant situation because we will see the panic sale.

that's probably what the market needs before a significant recovery can occur---a good high volume panic selloff. just look at the v-bottoms we had in january 2015 or july 2017 or february 2018.

capitulations are great because they flush all the weak hands out of the market. everyone who wants to sell, sells. right now, lots of desperate holders are selling into every bounce to cut their losses. a strong move down will force them to sell.......to stronger hands. once that high volume exchange occurs, all that supply pushing the market down is gone.

so a flush to $6k might be just what the doctor ordered. Wink

leowonderful

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Bitcoin FTW!

I could see $7700 being a potential bottom at this point in time as well, though I do find it more likely at this point in time that we could soon be breaking under that level and into the $6000s. MACD on the daily seems like it's starting to head back down from the green, with the Stoch RSI looking to start downwards as well, and in the shorter term it seems like we've only been in a bleedoff after the brief wick to $8700 several days ago. Nevertheless, I'm still personally dollar cost averaging into Bitcoin still and I plan on doing so for the forseeable future.

Slow death

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My concern is if we break the $7,750 we will see the $7400 and if it falls below $7000 we will be in a very unpleasant situation because we will see the panic sale. so far I am wondering if the reason the price is not falling too much is related to halving, maybe the high expectations people have for halving that will happen next year is the reason we don't see prices like $4000 again

error08

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I've bought bitcoin at $7982 quite satisfy with it but still waiting for a lower price, $7700 will be a good price to buy the dip. Bitcoin still holding its territory within $7900-$8000, probably will going lower in the next 24 hours before a bounce back, just don't wanna miss the opportunity to buy more coins fraction.

CryptoBry

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Quote

Bitcoin is facing strongest selling pressure since February and has potential to drop below recent lows near $7,750.

The top cryptocurrency by market value fell from $8,326 to $8,086 in the 60 minutes to 17:00 UTC on Tuesday, confirming a downside break of the recent trading range of $8,450–$8,250, as expected.

Since then, the cryptocurrency has stabilized around $8,100. Some observers are of the opinion that BTC has carved out a temporary bottom near $7,750 and the drop from levels above $8,300 could be a bear trap.

That argument is logical if we take into account the seller exhaustion signaled by a bullish divergence of the 14-day relative strength index – a widely used technical indicator – confirmed last week.

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What many expected the past few days is now happening with Bitcoin. The mood is now bearish and there is a chance that the dip can even go lower. Lacking any positive development that can push the price upwards, the bear is taking over. As i am writing this post, Bitcoin stands at $8,004.22 according to figures supplied by CMC.

However, as always, this can be an opportunity to get in but many are, of course, waiting on the side line figuring our where is the bottom of this movement is.

So take a good guess...where can we find the bottom of this dip before Bitcoin go back running towards the sky?

Topic: "Bitcoin: Bearish Mood Strongest Since February" (Read 446 times)