Bitcoin breaking out of 2 month downtrend

dunfida

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Quote from: Onyeeze on June 30, 2023, 04:07:04 PM

Quote from: flyingcarpet on June 20, 2023, 01:06:52 PM

Quote from: dragonvslinux on June 20, 2023, 12:57:45 PM

Do you think this break-out will continue to the upside in order to re-test the highs around $31K, or will it fail and price will fall lower?

I think it will test $31,000. Even if it's going to fall, it won't fall until I do this test. This is how I feel as the price broke the resistance trendline. Especially the news and lawsuits that have emerged in recent weeks have not done any harm to bitcoin. This news was not about bitcoin anyway. It took a while to test the 31k because of this news. This was the only negative impact of these news on Bitcoin.

All in all, if I have to wrap up my post, my guess will test $31,000.

The price of bitcoin now is 30k and whenever it move above 30k it does not become stronger, that is why I don't believe little increasing of bitcoin now as something, I can only believe that bitcoin price have rise very well is when the price is above 40k, and it's sure that since Bitcoin price moving so slow I believe that by the end of this year or next year the price will reach at least 50k, but predicting the price of bitcoin to rise above 50k that means many or more countries have adopted the currency of cryptocurrency before the price will increase up, bitcoin is like a speculation and baseless because the price is not constant

On the time that it would really be moving sideways then it would really be that hard to tell on where it would be next in going.We dont have any fundamentals around and technical indicators does shows that it would

really be having that pumping situation but its seems it isnt really always the case because we know on how unpredictable this market is. Honestly, these kind of times are the most hardest part on taking up a decision
on which whether you would buy or sell on this point but if you are really that going for long term then it wouldnt really be that much of an issue since you could really be able to enter the market without having
no doubts because you are really that going for long term but if you are really taking up some short or day trade then it do matters a lot.

We are approaching bull run and it wont really be that shocking that we would really be seeing some gradual recovery when it comes to market prices which it isnt limited on Bitcoin alone.

Onyeeze

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Quote from: flyingcarpet on June 20, 2023, 01:06:52 PM

Quote from: dragonvslinux on June 20, 2023, 12:57:45 PM

Do you think this break-out will continue to the upside in order to re-test the highs around $31K, or will it fail and price will fall lower?

I think it will test $31,000. Even if it's going to fall, it won't fall until I do this test. This is how I feel as the price broke the resistance trendline. Especially the news and lawsuits that have emerged in recent weeks have not done any harm to bitcoin. This news was not about bitcoin anyway. It took a while to test the 31k because of this news. This was the only negative impact of these news on Bitcoin.

All in all, if I have to wrap up my post, my guess will test $31,000.

The price of bitcoin now is 30k and whenever it move above 30k it does not become stronger, that is why I don't believe little increasing of bitcoin now as something, I can only believe that bitcoin price have rise very well is when the price is above 40k, and it's sure that since Bitcoin price moving so slow I believe that by the end of this year or next year the price will reach at least 50k, but predicting the price of bitcoin to rise above 50k that means many or more countries have adopted the currency of cryptocurrency before the price will increase up, bitcoin is like a speculation and baseless because the price is not constant

el kaka22

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When enough people believes that bitcoin will go up in the future or will continue to go up that means they are going to buy, not all of them will buy which is why I said "enough" people, we can't have just a few, but if everyone trusts that then we are going to see it move.

I believe that we are at a stage where it is doing alright and then stopped but it could continue to go up a long time as well. It is obvious that we are not going to see it anytime soon, it will not be right away this week or something but it will definitely continue to go up. The trick here is that we shouldn't be really expecting the price to be an insane price level, it will be a good one but it is not going to be like 100k sometime soon, I am just expecting getting closer to 35k that's it.

milewilda

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Quote from: armanda90 on June 28, 2023, 05:24:01 AM

Last two months Bitcoin resistance on area $28K until $30k and seems very difficult reach close to highest price until $40k, bad news every side actually with SC Commission investigating with Binance exchange bring bad impact how Bitcoin going down and looks stable on lower price. This year looks bitcoin still on downtrend moment because stuck and always failed break out above $31k and need good side close with halving on 2024 for bringing impact bitcoin back above $50k.

Still waiting moment for bitcoin back to higher price again, maybe when close moment with halving have chance for bitcoin can raise to higher price or has possibilities with new all time high price.

Just like into that 20k price point on which it is really that hard to break out until some good news kicked in and we did able to break that point or resistance but it did really take a while and now we are seeing on the same situation or scenario on which the price keeps on stagnating on this point on which it isnt really that shocking anymore on having this kind of movement. We know that everything is really that unpredictable, it might really be looking bullish but it do ends up on being bearish which is something that a very common thing to see on this market which it would be normal that people would really be having that speculative approach.
Bearish run or even sideways movement is never been a shocking condition of the market and it might really be taking up so long that on those previous times on where we do able to encounter it.
This is why making up decisions would really be varying on someones experience and knowledge towards the market.

kotajikikox

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Quote from: rby on June 21, 2023, 01:15:02 PM

Quote from: laurenB7742 on June 21, 2023, 06:08:28 AM

But after all, this news won't prolong bitcoin's rally, I don't think bitcoin will be able to move higher in the coming days, we will be more careful.

One thing I like about bitcoin is that it has a way to prove people wrong even the so called experts.
If you were on this reputation board last week, the type of news you would have read should be bitcoin going below $20k. Just a matter of few days bitcoin has proved them wrong and pumped above 30k.
Now, they are saying it will not last and we should be careful. After bitcoin failed the proposed 100k ATH as predicted by many experts, I do not listen to them anymore.

That is proven so many times before that the prediction even if coming from experts and long time investors fails and go sideways
meaning that this cryptocurrency market cannot really be predicted completely and another thing why people loves this investment
place because of its nature and that is volatility and changing speedly without notice .

One day you buy at this price expecting to grow then you fail, while on the next day you wanted dumping
but it goes climbing.

Proving that this is the place where we all love the action and the momentum from all sides.

justdimin

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Quote from: tokeweed on June 27, 2023, 08:00:36 AM

But isn't it better if BTC breaks out of 31k - 32k resistance asap and pump to, let's say, 40k so when the Fed does their rate hikes BTC goes back down to 31k - 32k and turns that into support?

I think this week is gonna be crucial and that we'd know by Friday if there's gonna be an S/R flip or if we see BTC go back down and stay in the previous range.

I am not sure if it would be that simple to predict though. Because first of all we do not know if FED will increase it or not, of course we are predicting that it will but that doesn't mean that it will, it just means we predict it that it will and maybe we are wrong.

Assuming that they do, then it is not a good idea to go up first and then drop, it is a good idea to drop first and then go up. That way the last thing we did would be going up, if we end up failing to break over it, and then it goes back to like 27-28 for example, then if we start going up again there wouldn't be a FED deal to look in the short term and we can break over 31k range a lot easier that way. It's the smarter way of approaching this if you ask me.

armanda90

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Last two months Bitcoin resistance on area $28K until $30k and seems very difficult reach close to highest price until $40k, bad news every side actually with SC Commission investigating with Binance exchange bring bad impact how Bitcoin going down and looks stable on lower price. This year looks bitcoin still on downtrend moment because stuck and always failed break out above $31k and need good side close with halving on 2024 for bringing impact bitcoin back above $50k.

Still waiting moment for bitcoin back to higher price again, maybe when close moment with halving have chance for bitcoin can raise to higher price or has possibilities with new all time high price.

Dave1

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Quote from: tokeweed on June 27, 2023, 08:00:36 AM

^ But isn't it better if BTC breaks out of 31k - 32k resistance asap and pump to, let's say, 40k so when the Fed does their rate hikes BTC goes back down to 31k - 32k and turns that into support?

I think this week is gonna be crucial and that we'd know by Friday if there's gonna be an S/R flip or if we see BTC go back down and stay in the previous range.

Yeah, why not, we are still Wednesday and we have 2 days to see whether there is a flip or the price remains this way or we would see a good pump. For me, might be better if we stay on this range and have a good support line, instead of a unnatural rise to $32k and then we see huge dump as everyone could be selling at that price to make profits. Gonna be interesting short term, or at least for the next 6 months as to what movement we will have. I will be leaning towards a $40k-$50k at the end of the year.

EarnOnVictor

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It's a nice analysis you have there @dragonvslinux. I got the breakout almost the same time as you, only that the price action had hinted me earlier and this couple some breakouts that occurred in some of my strategies that are not captured below.

Going forward, two main points should determine the fate of Bitcoin in the near future.

1. $31,000, this level must be convincingly broken upwards and the market must close consecutively above it for days before I can be sure of a continued bullish trend. We've had a false breakout above it and the market has had 5 consecutive closes below the level which is not yet a positive sign.

2. The bullish market is still not threatened even below $31,000, but a breach below the daily chart's trendline support at around $27,000 could activate another bearish phase.

tokeweed

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^ But isn't it better if BTC breaks out of 31k - 32k resistance asap and pump to, let's say, 40k so when the Fed does their rate hikes BTC goes back down to 31k - 32k and turns that into support?

I think this week is gonna be crucial and that we'd know by Friday if there's gonna be an S/R flip or if we see BTC go back down and stay in the previous range.

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Quote from: ImThour on June 21, 2023, 11:34:52 AM

I pretty much was predicting the uptrend. It is a sort of reclaiming Support level, so I think now we can break even $32k or $33k. Let's see how this goes.

Quote from: ImThour on June 06, 2023, 07:07:13 PM

So far, it seems that the resistance level is steadfast, and we were not able to reach the levels of 32K dollars, but re-testing the resistance level more than once makes it weak. In general, I hope that it will not be broken soon, because it is clear that we will witness two rounds of interest rate hikes during the next 3 months, which means that if the price does not break the resistance barrier now, it may not do so during the second/third quarter of this year.

fullhdpixel

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Quote from: DanWalker on June 21, 2023, 10:54:17 PM

Quote from: Balmain on June 21, 2023, 02:42:24 PM

I voted as maybe. It seems too early for bulls to run fast. But I can say that it is strong to break the 31 thousand dollar resistance, so I am approaching maybe. But there is a really motivating environment to protect your bitcoins right now. If it can close above 30-31K Usd in June, it will have solidified the price base and will be a strong support at these levels. I also worry about a new FUD coming out on the market at any moment, so I can't be too positive and hype.

I chose not sure, and I'm not too surprised that 60% are voting "yes", it seems like everyone is starting Fomo as the market has rallied for the past 2 days. For me, I don't believe there is any resistance as bitcoin is unpredictable, there is no guarantee when bitcoin close above $31k in June, it will continue to rise without falling. The positive and negative news in the market are very unexpected, we can't control them, so don't expect too much on the resistance level that technical analysis always shows. When investing, I just like to go against the crowd, when people are too Fomo and believe that bitcoin will continue to rise, I will be more careful.

I think "maybe" and "not sure" are both the same. But for me I pick yes. I'm positive that the increase will continue because I can see that the momentum is still there. If you believe that there is no more resistance then you should have joined us by picking yes. But, the resistance on $27k-$28k and $30k are already broken.

Now we are on our last mission and that is by breaking the $31k resistance level. So far, we only have 4 days left to end this month of June. It's not a long time but judging on the performance BTC is showing lately, I think it will be enough to reach $31k or even more than it. Let's just hope that no negative news will interfere to kill our excitement.

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In March which could reach $ 30k and unfortunately the price continued to decrease for more than 2 months, this week the price could touch $ 30k and even reached $ 31600, this is proof that bitcoin has good power to rise, a good opportunity now is to keep buying , do not be tempted by small profits.

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Quote from: DanWalker on June 23, 2023, 10:28:35 AM

Quote from: Ultegra134 on June 22, 2023, 05:50:20 AM

Quote from: DanWalker on June 21, 2023, 10:54:17 PM

Quote from: Balmain on June 21, 2023, 02:42:24 PM

I voted as maybe. It seems too early for bulls to run fast. But I can say that it is strong to break the 31 thousand dollar resistance, so I am approaching maybe. But there is a really motivating environment to protect your bitcoins right now. If it can close above 30-31K Usd in June, it will have solidified the price base and will be a strong support at these levels. I also worry about a new FUD coming out on the market at any moment, so I can't be too positive and hype.

I chose not sure, and I'm not too surprised that 60% are voting "yes", it seems like everyone is starting Fomo as the market has rallied for the past 2 days. For me, I don't believe there is any resistance as bitcoin is unpredictable, there is no guarantee when bitcoin close above $31k in June, it will continue to rise without falling. The positive and negative news in the market are very unexpected, we can't control them, so don't expect too much on the resistance level that technical analysis always shows. When investing, I just like to go against the crowd, when people are too Fomo and believe that bitcoin will continue to rise, I will be more careful.

I also chose not sure; the market is extremely unpredictable, and the SEC lawsuit was completely unexpected and caused a major market crash that also affected Bitcoin. Now that it has been resolved, even though Bitcoin wasn't that greatly affected, it's recovering. On the one hand, I want to believe that Bitcoin is capable of achieving a further recovery, but on the other hand, the environment seems pretty uncertain. We can't predict what may happen in the upcoming weeks, as news keep pouring on a daily basis. Thus, I'm quite skeptical and supposing that if matters don't take a sudden turn for the worse, recovery should be expected somewhere during late 2023.

Do you agree with me that almost all news that comes to the market is unexpected and unpredictable, not only with the SEC lawsuit against Binance but also news about ETFs, which is also very surprising for us? That's also part of the reason why I don't trust the analysis or the signals the charts show us. The market is unpredictable because of the news, because of the temporary manipulation of some whales, based on the chart really makes me suspicious.

No one see that coming with all of those SEC issue and then current ones which are those non stop ETF's which it did really kick out that green run on Bitcoin and other altcoins in the market.

This is why TA's arent really that precise when it comes to prices because anytime it could really be f*cked up with these fundamentals on which no one is really expecting into.This is why its not really that something you could really be able make up conclusions basing up on what you do see on charts. This is why its better to have that approach which if you do need to make out
some adjustments with your analysis then do it. TA's arent sure but doesnt mean that they are irrelevant. It is really just that this market is really that really random.

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Quote from: DanWalker on June 23, 2023, 10:28:35 AM

Do you agree with me that almost all news that comes to the market is unexpected and unpredictable, not only with the SEC lawsuit against Binance but also news about ETFs, which is also very surprising for us?

You are right but if the news was expected then maybe you won't be surprised when the market is pumped, but you will just have a sack of money ready to invest before the whale reacts. All the positive and negative news is highly unpredictable, but it is always possible to make an analysis of what might support bitcoin and what might attack it. It's risk and reward, so it's only natural to get caught up in surprises sometimes.

Quote from: DanWalker on June 23, 2023, 10:28:35 AM

That's also part of the reason why I don't trust the analysis or the signals the charts show us. The market is unpredictable because of the news, because of the temporary manipulation of some whales, based on the chart really makes me suspicious.

News can affect the market, news can also be used as fundamental when you make an analysis. Not all analyzes are accurate, but you may get something good for staying optimistic about your investment plan. After all, we don't fully believe in analysis, so sometimes the interest in investing and accumulating it only comes when you have the opportunity and the budget.

DanWalker

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Quote from: Ultegra134 on June 22, 2023, 05:50:20 AM

Quote from: DanWalker on June 21, 2023, 10:54:17 PM

Quote from: Balmain on June 21, 2023, 02:42:24 PM

I voted as maybe. It seems too early for bulls to run fast. But I can say that it is strong to break the 31 thousand dollar resistance, so I am approaching maybe. But there is a really motivating environment to protect your bitcoins right now. If it can close above 30-31K Usd in June, it will have solidified the price base and will be a strong support at these levels. I also worry about a new FUD coming out on the market at any moment, so I can't be too positive and hype.

I chose not sure, and I'm not too surprised that 60% are voting "yes", it seems like everyone is starting Fomo as the market has rallied for the past 2 days. For me, I don't believe there is any resistance as bitcoin is unpredictable, there is no guarantee when bitcoin close above $31k in June, it will continue to rise without falling. The positive and negative news in the market are very unexpected, we can't control them, so don't expect too much on the resistance level that technical analysis always shows. When investing, I just like to go against the crowd, when people are too Fomo and believe that bitcoin will continue to rise, I will be more careful.

I also chose not sure; the market is extremely unpredictable, and the SEC lawsuit was completely unexpected and caused a major market crash that also affected Bitcoin. Now that it has been resolved, even though Bitcoin wasn't that greatly affected, it's recovering. On the one hand, I want to believe that Bitcoin is capable of achieving a further recovery, but on the other hand, the environment seems pretty uncertain. We can't predict what may happen in the upcoming weeks, as news keep pouring on a daily basis. Thus, I'm quite skeptical and supposing that if matters don't take a sudden turn for the worse, recovery should be expected somewhere during late 2023.

Do you agree with me that almost all news that comes to the market is unexpected and unpredictable, not only with the SEC lawsuit against Binance but also news about ETFs, which is also very surprising for us? That's also part of the reason why I don't trust the analysis or the signals the charts show us. The market is unpredictable because of the news, because of the temporary manipulation of some whales, based on the chart really makes me suspicious.

justdimin

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Quote from: Ultegra134 on June 22, 2023, 05:50:20 AM

Quote from: DanWalker on June 21, 2023, 10:54:17 PM

I chose not sure, and I'm not too surprised that 60% are voting "yes", it seems like everyone is starting Fomo as the market has rallied for the past 2 days. For me, I don't believe there is any resistance as bitcoin is unpredictable, there is no guarantee when bitcoin close above $31k in June, it will continue to rise without falling. The positive and negative news in the market are very unexpected, we can't control them, so don't expect too much on the resistance level that technical analysis always shows. When investing, I just like to go against the crowd, when people are too Fomo and believe that bitcoin will continue to rise, I will be more careful.

I also chose not sure; the market is extremely unpredictable, and the SEC lawsuit was completely unexpected and caused a major market crash that also affected Bitcoin. Now that it has been resolved, even though Bitcoin wasn't that greatly affected, it's recovering. On the one hand, I want to believe that Bitcoin is capable of achieving a further recovery, but on the other hand, the environment seems pretty uncertain.

We cannot predict what may happen in the upcoming weeks, as news keep pouring on a daily basis. Thus, I'm quite skeptical and supposing that if matters don't take a sudden turn for the worse, recovery should be expected somewhere during late 2023.

kesmex

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Quote from: Paul Pogba on June 22, 2023, 02:15:57 AM

After more than 2 months the price dropped and today it rose to $ 30k, I'm sure the increase will continue so that it makes many panic when buying, the best strategy is to buy when the price is cheap, and unfortunately many panic sell when the price is below $ 25k which happened last week, when the price was rising, many panicked to buy, but don't make the mistake again by selling when the market is red.

That's why we shouldn't join in to panic sell, because that's a trap from the whales for us,
in fact Bitcoin broke $30k and of course we also have to be aware of the bulltrap, OK?.
make sure $30k is broken and the Bitcoin price is able to stabilize above it, otherwise we will return to $25k.

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Quote from: lixer on June 22, 2023, 09:08:30 AM

Quote from: adaseb on June 20, 2023, 11:43:11 PM

A lot of development today which caused Bitcoin to gain around $2000 in price. Another Bitcoin etf and also another refiled Bitcoin etf. So far there are 3-4 different etfs in total this week alone.

Also some new crypto exchange went live which is owned by Citadel and Schwab, it was announced in Sept but went live this morning.

These development are the root cause of the strong rally we just had.

So, the exchange of business firms in the US has been launched? I didn't catch this news and I only heard that they are going to have it but I didn't know it has already started operating, this exchange is the reason why SEC is doing everything it can to take down exchanges and cryptocurrency-related platforms in the US so that this exchange can be a success and more and more people use it.

However, Bitcoin users are probably happy to see this price hike but I believe just like me, a lot of people have missed this hike since this was not really expected and we were expecting a further dip at this point because of all the bad news that has been circulating in the market lately.

After being static for two months below the $28k-$25k level, the price growth of bitcoin surprised me today. I didn't anticipate the price to reach $30k in the early morning hours and hold there until the end of the day.

The rise in the price of bitcoin today has made me realize that, despite any negative cryptocurrency news we may have, it will only have a temporary impact on the price of bitcoin. Over time, bitcoin will outperform any negative crypto news by proving that it cannot be halted by the SEC or any other government that opposes it. Its price increase can happen at any time when we less expected

karabiber

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Quote from: Paul Pogba on June 22, 2023, 02:15:57 AM

After more than 2 months the price dropped and today it rose to $ 30k, I'm sure the increase will continue so that it makes many panic when buying, the best strategy is to buy when the price is cheap, and unfortunately many panic sell when the price is below $ 25k which happened last week, when the price was rising, many panicked to buy, but don't make the mistake again by selling when the market is red.

Volume continues to melt BTC movements may change and will choose the absolute direction until the close. I predict the movement of the altcoin when BTC is around $35k. The altcoin will walk from here. Bitcoin has broken the determined resistances and is showing resistance in the $ 30k band. The weekly $26,600 and $27,200 levels are key support areas. If it continues to stay above this support, i am hopeful for the market. It is possible for BTC to climb to $35k if it breaks the $31,300 resistance zone in the coming week and makes weekly closes above it. If this resistance is not broken, a sag below $26k appears.

Bitcoin is a highly volatile coin and market news affects BTC. ETF applications of large financial companies, especially BlackRock's application, created positive expectations and changed the price in BTC upwards.

Topic: Bitcoin breaking out of 2 month downtrend (Read 424 times)