Bitcoin breaking out of 2 month downtrend - page 2.

lixer

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Quote from: adaseb on June 21, 2023, 12:43:11 AM

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.

Ultegra134

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Quote from: DanWalker on June 21, 2023, 11:54:17 PM

Quote from: Balmain on June 21, 2023, 03:42:24 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.

onecall123

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Quote from: DanWalker on June 21, 2023, 11:54:17 PM

Quote from: Balmain on June 21, 2023, 03:42:24 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.

Indeed a solid observation. This observation suggests that we may need to wait and see how the market evolves over time before making any major investment decisions.

Bitcoin is performing pretty good at the moment, but we are currently in a bullish run? While I would like to view this situation positively, truth is that Bitcoin is currently testing prior resistance levels. Therefore, it may be a good opportunity for short-term investments with a cautious mindset.

Paul Pogba

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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.

DanWalker

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Quote from: Balmain on June 21, 2023, 03:42:24 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.

Franctoshi

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

Quote from: laurenB7742 on June 21, 2023, 07:08:28 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 a 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.

Generally, the market is unpredictable, if it is predictable, is likely that everyone will do the same thing and in this case either everyone will profit or no one profits. The Bitcoin market looks like the most unpredictable market among other financial markets, Bitcoin does what it wants to do at any given time. The game with Bitcoin is a patient one and no panicking, Bitcoin has a way of shocking the skeptics.
Hodl is just a keyword to overcome any shaking of weak hands.

btc_angela

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Quote from: Balmain on June 21, 2023, 03:42:24 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.

$30k is the resistance now, although we have broken it in the last hours, it is still maintaining and the question is that if we can close out and sustain our run in the next coming days because of the hype surrounding the Spot Bitcoin ETF filling not just by Blackrock, but other companies too which caused a lot of FOMO and it just coincide with what the OP has put up prior to this big run. So again, we will have to see TA now making the right prediction or not. And the best thing to do right now is just continue what we have been doing for many months now, stack sats and not sell even though we have a rally because this is just the beginning and price could still go way up in the future.

laurenB7742

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

Quote from: laurenB7742 on June 21, 2023, 07:08:28 AM

-

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.

No one can predict what bitcoin will look like tomorrow, but as investors, we all have the right to make our own predictions. You don't have to trust anyone but yourself, but you also can't forbid people from making their predictions. For me, predictions are just fun, and there is nothing to believe in them completely. With unpredictable assets like bitcoin, we should always have a plan for two scenarios and we will always have everything under control. If the market goes up, what will we do? If the market falls, what will we do? I think that's enough.

Balmain

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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.

rby

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Quote from: laurenB7742 on June 21, 2023, 07:08:28 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.

kapalmabur

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Hopefully Bitcoin breaks out from $ 30k and stays above it, because this will be a good moment for the crypto market especially altocoins,
because from this of course altcoins will recover quickly and this will be the start of bullish in 2024-2025,
but if Bitcoin fails again to break and hold above $30k then it is the second time Bitcoin has failed.
so we have to be careful and prepare for bad things to happen and yes hopefully not.

skarais

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Quote from: hugeblack on June 21, 2023, 12:20:10 PM

Honestly, I was surprised. I did not expect to see the breach again above $27,000 during the second quarter of this year. Perhaps I expected it to happen towards the end of the year when the tightening packages lessen, but I am not optimistic in the short term. We have a strong resistance level at 31,000, and we have an expected interest rate hike of about 25 basis points for the next two rounds, so all that is happening is profit-taking in the short term, before we witness a correction that may deepen by more than $25,000.

It is impressive that we have seen such a good recovery in the bitcoin price in the last few days.
Price is very close to testing the $31k resistance and $30,800 has been touched so far. I'm really surprised by the way bitcoin is going against FUD, but let's hope we can see bitcoin price holding strong above $30k after today's breakout.

Let's see what happens next, but I think we still have high hopes for a $35k high in June. $30k support shouldn't be that strong, but if we do break through $33k it will be decent support.

sana54210

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Quote from: laurenB7742 on June 21, 2023, 07:08:28 AM

Can you give me the link to those new exchanges? I have not heard about this news. Yes, there have been a lot of ETFs in the week since Binance and the SEC reached an agreement. But I just found another piece of information that a large amount of bitcoin has been bought, and that is believed to be the leading cause of today's price increase, not ETF news. ETF news is nothing new to us, so I don't think it has a significant impact on the market.
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.

I think all these news are just a way to say that we are going to do fine, doesn't mean that we will, but also doesn't mean that we won't. Even if some of them gets the attention of people, we are going to be doing fine. I think it is quite important to focus on that, and if we can, then we are going to be fine about it. I know that people are not really that great about it, and people are not that much hyped about any of this, but even if just one of them hits, that's going to be good for us.

I think it is important to remember that when we are at a level where it goes as well as hoped for, then it is going to be as much decent as it gets. Imagine lottery but with better odds, if we hit it just once with one of the good news, we will do fine.

ImThour

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Bitcoin Bottom was at $15.4k

Quote from: hugeblack on June 21, 2023, 12:20:10 PM

@ImThour what do you think of what happened.

Honestly, I was surprised. I did not expect to see the breach again above $27,000 during the second quarter of this year. Perhaps I expected it to happen towards the end of the year when the tightening packages lessen, but I am not optimistic in the short term. We have a strong resistance level at 31,000, and we have an expected interest rate hike of about 25 basis points for the next two rounds, so all that is happening is profit-taking in the short term, before we witness a correction that may deepen by more than $25,000.

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, 08:07:13 PM

Chart Timeframe: Weekly

You can clearly see how the Bitcoin Price broke the resistance at 0.33 Fib level and now this week, it made it a support.
I am speculating that we are about to head to the $40k Range.

Let me know what you think about it.

hugeblack

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@ImThour what do you think of what happened.

Honestly, I was surprised. I did not expect to see the breach again above $27,000 during the second quarter of this year. Perhaps I expected it to happen towards the end of the year when the tightening packages lessen, but I am not optimistic in the short term. We have a strong resistance level at 31,000, and we have an expected interest rate hike of about 25 basis points for the next two rounds, so all that is happening is profit-taking in the short term, before we witness a correction that may deepen by more than $25,000.

dragonvslinux

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Quote from: fzkto on June 21, 2023, 10:40:34 AM

Quote from: adaseb on June 21, 2023, 12:43:11 AM

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.

It seems to me that it is too early to talk about a rally. In these few days we have only seen momentum, which could potentially be a rally in the near future.

I don't think it's true that the market has only seen momentum, there are also plenty of other factors to consider:

* Highest 6/12 hr volume in months.
* Breaking out of 2 month downtrend
* Breaking back above 50 Day MA
* Getting back above 200 Week MA

While there were plenty of reasons to consider the correction would go deeper than $25K, the point is that after breaking back above $27K it negated a lot of the short-term bear trend. Price has remained in the structure of a 6 month uptrend that ultimately often supersedes a 2 month downtrend, for obvious reasons. This isn't about the rally in the past few days, it's about the past 6 month uptrend still.

eaLiTy

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Quote from: adaseb on June 21, 2023, 12:43:11 AM

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.

I was wondering what happened all of a sudden when the price went down and then the price started to rally like a jet pack attached to move around $30k once again Cheesy

. Was not aware of the ETF and thank you for the notification, looks like i am not following these market news and was not aware of the crypto exchanges as well, so another hype train exchange is launched after FTX demise Grin

.

fzkto

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Quote from: adaseb on June 21, 2023, 12:43:11 AM

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.

It seems to me that it is too early to talk about a rally. In these few days we have only seen momentum, which could potentially be a rally in the near future. There is indeed a lot of good news now and maybe the bitcoin price correction will end this June. It has been a long time since we had such good green candles on the chart.

Minecache

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Quote from: Nrcewker on June 21, 2023, 07:56:26 AM

Bitcoins are currently at almost 29,000 USD. So yes, we have seen some upward trends right now. This month, this might be the all-time high price for bitcoins. So yes, maybe this time Bitcoins will stop after reaching 35,000 USD. The reason for the recent upward push is not clear, but yes, we can see that there are more buy orders than sell orders on all the exchanges. Let’s not wait any longer and buy as many bitcoins as we can so that we can store and hold them for a long time and make the most profits out of them.

The SEC and Binance have an agreement, many ETFs are waiting for approval, and as mentioned by laurenB7742, a large amount of bitcoin has been bought, all of which are positive things for the price of bitcoin to rise again. Many people fear that this rapid increase will not be sustainable, but I think bitcoin can still break through $30k this time, but to reach $35k as you say is very unlikely. That is not an unattainable high price, but with this news, it is not strong enough to make Fomo cause a surge in the market. No matter how the price goes up, as long as below the old ATH, we shouldn't miss it, let's accumulate as soon as possible.

Nrcewker

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Bitcoins are currently at almost 29,000 USD. So yes, we have seen some upward trends right now. This month, this might be the all-time high price for bitcoins. So yes, maybe this time Bitcoins will stop after reaching 35,000 USD. The reason for the recent upward push is not clear, but yes, we can see that there are more buy orders than sell orders on all the exchanges. Let’s not wait any longer and buy as many bitcoins as we can so that we can store and hold them for a long time and make the most profits out of them.

Topic: Bitcoin breaking out of 2 month downtrend - page 2. (Read 386 times)