Bitcoin broke 10K wall and Downtrend line

hulla

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Quote from: layoutph on June 04, 2020, 10:30:47 AM

I am bearish in all my trades, but I am trading ETH against BTC because when USD is too strong against BTC. The pairs of ETHBTC goes up. In this way I am accumulating ETH and other BTC pairs.

Brilliant idea but you also need to keep some part of your current profit by trading your coin for stablecoin which will be use to buy in dip when downtrend occur.

Quote from: el kaka22 on June 04, 2020, 11:54:01 AM

Buying around these prices is still a bit dangerous because we haven't really settled in what to do just yet. The price was trying to go up last week and back at that day you could have bought and waited for it to keep trying, it eventually broke above and you could have sold. Now it dropped and we all know it will go back above $10k but I am not entirely sure if it will do it right away.

It will probably go up first but it is still a sensitive topic and I am not entirely sure. I am hoping to get some more action before it settles in, like go down and up and down and up for a while so that we could trade a lot better, but if it is not planning on doing that at all, then all we can do right now is hope for it to get high once more so we could just sell it and wait for it to drop.

You absolutely right because the market havent choose side and with the momentum posed by the market the whales are the major market player now and only people who have genuine information about whales accumulation movement is in less danger. Besides, the information by whales alert shows that 1,100 BTC (worth $10,761,214 USD) etc was moved from Zapo to Bitfinex possibly to change the BTC into USDT and theres also a huge chance that the market will be downtrend this coming weekend.

el kaka22

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Buying around these prices is still a bit dangerous because we haven't really settled in what to do just yet. The price was trying to go up last week and back at that day you could have bought and waited for it to keep trying, it eventually broke above and you could have sold. Now it dropped and we all know it will go back above $10k but I am not entirely sure if it will do it right away.

It will probably go up first but it is still a sensitive topic and I am not entirely sure. I am hoping to get some more action before it settles in, like go down and up and down and up for a while so that we could trade a lot better, but if it is not planning on doing that at all, then all we can do right now is hope for it to get high once more so we could just sell it and wait for it to drop.

layoutph

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I am bearish in all my trades, but I am trading ETH against BTC because when USD is too strong against BTC. The pairs of ETHBTC goes up. In this way I am accumulating ETH and other BTC pairs.

slapper

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False signal. Whales have already come in and sold tons of bitcoin in order not to let it get through $10000. Be careful because there's a high chance that bitcoin will go down to $8000 before it can get back the momentum
I have been watching bitcoin recently through a forex broker and most of my analysis is correct
However in a long trend, bitcoin can easily break $10000 and reach $20000 in less than a year. Therefore, right now is a good chance to make some profit with bitcoin

rexxarofmoknathal

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The momentum of BTC market has been so positive in the last few weeks, it seems that BTC is trying really hard to go past the 10k mark but there still are some resistance points. And all of this movement is despite the reduced market cap, given this I think it wouldn't be surprising to see BTC near 12k by the end of the month. The downtrend is closing in even right this second - BTC will succeed eventually

maydna

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Quote from: posi on June 03, 2020, 04:40:06 PM

Quote from: maydna on June 03, 2020, 09:02:39 AM

According to Poloniex, bitcoin price finally hit $9,600, but it is not stay for a long time because, after that, the price was down and back to $9,500. But I see there is a chance for the price to break every higher price, and it will back to $10k soon, but we need to be patient. But we don't know how long the price will stay at a price now because it seems, the price still hard to break every high price. The battle at the market still happens, and we will see how much the price will be in a few hours later.

If you want to buy again, I think you need to use some order buy price so you can buy back if the price is down for more, but if the price can increase higher, then you can make a profit.

I believe that now is that the price of the market have downtrend in the perfect time to buy/invest in BTC/ETH which are the most utility coin we have in the market because the recent downtrend seems to be the effort arbitrage traders which is the reason why the market make a quick come back(uptrend).

Yes, I already buy some at a few hours ago at a price $9,500 range, and I am glad to see that the price now back to above $9,600, and I hope that the price can still increase. But I still worry if the price cannot going strong from now on because the chance to see the lower price will still be there, so I think I will make another plan just in case the situations at the market is changing. I think the downtrend still appear at the market, so we still need to be careful if we want to enter the market. Just make sure that you can calculate or know how much money you want to use to trade.

Kelvinid

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I was happy to see that we are breaking the wall already buy having that short change it truly makes me upset. It may be because I was overthinking for $15k but it seems to be impossible seeing this situation. That $500 fallback isn't a normal scenario for me at this time and that it makes me think how tricky we are today. And we might be surprised if one day that bitcoin price we drop to $8k or even more.

What we have seen this time is something to know how whale's participation will make a huge change in the market.

deisik

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Quote from: chaser15 on June 03, 2020, 04:45:43 PM

And sitting currently at $9,500, it means the resistance is strong and lots of buys happen around $9,000

Sorry for interrupting your reflections on the recent Bitcoin price dynamic

But the sad truth may be that it has nothing to do with either support or resistance levels that probably exist only in our mind's eye (read, they are no more than a figment of our imagination). So the harsh truth is likely that the price can be 1k dollars higher and it can be 1k dollars lower as easily tomorrow simply because some big fish wanted to buy or sell a handful of bitcoins. The fact that the price sits reluctantly around 9,500 is telling -- there exists neither support nor resistance at this price tag, or around it (say, at the brackets of the 9-10k range). If anything, 5-15k price range seems more plausible to me

chaser15

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As expected, after breaching a $10,000, expect that the trend will stop there.

But I wouldn't call it a downtrend. The reason why it broke down is that the majority set up a position around $10,000 level that triggers the sale.

And sitting currently at $9,500, it means the resistance is strong and lots of buys happen around $9,000.

Soon this $10,000 will be the new bottom.

posi

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Quote from: maydna on June 03, 2020, 09:02:39 AM

According to Poloniex, bitcoin price finally hit $9,600, but it is not stay for a long time because, after that, the price was down and back to $9,500. But I see there is a chance for the price to break every higher price, and it will back to $10k soon, but we need to be patient. But we don't know how long the price will stay at a price now because it seems, the price still hard to break every high price. The battle at the market still happens, and we will see how much the price will be in a few hours later.

If you want to buy again, I think you need to use some order buy price so you can buy back if the price is down for more, but if the price can increase higher, then you can make a profit.

I believe that now is that the price of the market have downtrend in the perfect time to buy/invest in BTC/ETH which are the most utility coin we have in the market because the recent downtrend seems to be the effort arbitrage traders which is the reason why the market make a quick come back(uptrend).

beerlover

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I wish it broke the downtrend line, its down once again. Unfortunately bitcoin took a big hit because of all the people who thought it was going up. That is the thing about the futures nowadays, when people all think its going up they take a position that way and the people who know they could make tens of millions of dollars profit from it just take advantage of the situation and drop it.

When you are set out to make tens of millions of dollars worth of profit, selling some bitcoins cheap doesn't sound all that bad because you are leveraged out of your mind to make tens of times higher profit than the lose you just made by selling. That is what happened most probably, I do not have a proof but the long futures liquidated but that is enough proof for me to believe it.

maydna

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According to Poloniex, bitcoin price finally hit $9,600, but it is not stay for a long time because, after that, the price was down and back to $9,500. But I see there is a chance for the price to break every higher price, and it will back to $10k soon, but we need to be patient. But we don't know how long the price will stay at a price now because it seems, the price still hard to break every high price. The battle at the market still happens, and we will see how much the price will be in a few hours later.

If you want to buy again, I think you need to use some order buy price so you can buy back if the price is down for more, but if the price can increase higher, then you can make a profit.

Coin_trader

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Quote from: Becky666 on June 03, 2020, 03:25:21 AM

Quote from: stomachgrowls on June 02, 2020, 02:59:26 PM

Quote from: Becky666 on June 02, 2020, 02:22:55 PM

Bitcoin just prove again that: the right time will come for the proper uptrend of it price and not this short-term rise. Last night, I thought to sell some of my investment portfolios but wasn't sure of the lost long in the rise, I made close to $400 with some of my portfolio. But still, a friend who wasn't given into my advise wake this morning and was surprised watched the market downtrended in a very short possible time. That's was a bulltrap which I saw from the whalealert strategies but got me some Crookes on the table. Greediness won't allow many traders to have the winners cup this year Grin

A big green candle would really have that exchange of big red one. Manipulation? Possible and its always been like this on each time we do see the market do rise up in a fast phase in a short time.

How long should we keep on seeing some sect of individuals called "whales" manipulating the entire market?. Its unfortunate that I don't belong to this sect because I need the profits they too wants. The recent happenings were caused by these sect and people actually lost their profits to them no matter how we paints it that others makes profits. Hacking the cryptocurrency market by this whales will always bring this scenarios back.

This is just my opinion but I believe exchange with leverage are behind this move. If we study the graph in technical analysis view, The price movement was really uptrend then sudden dump happen after a big pump. It is somehow shaking those long and short positions with x10 above leverage. In the past, Some leverage doing this scheme and they really have tons of profit for doing this. Leverage nowadays was vey dangerous since most of exchange are not regulated.

I believe doing x5 and above are very risky so to traders out there. Don't get greedy and stick to low key trading. I'm glad I didn't open any position at that point.

Becky666

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Quote from: Dart18 on June 03, 2020, 03:45:33 AM

Target reached?

Maybe yes, the whales just needed some profits and they have it, so, it was reached promptly.

Quote

Did we just see a big dump because the orders are at $10k sell point?

Wrong mate: the price of Bitcoin was pumped to $10400 and not just $10000 at dot. The retraction of Bitcoin price was as a result of sell orders above the $10k.

Quote

I didn't even get a glimpse of the 10k price.

Next time you should be more vigilante when pump again.

Quote

Did it even took 24 hours before it change back to $9.5k?

Probably yes if we're to count from the initial movement circle.

Dart18

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Target reached?
Did we just see a big dump because the orders are at $10k sell point?
I didn't even get a glimpse of the 10k price.
Did it even took 24 hours before it change back to $9.5k?

Becky666

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Quote from: stomachgrowls on June 02, 2020, 02:59:26 PM

Quote from: Becky666 on June 02, 2020, 02:22:55 PM

Bitcoin just prove again that: the right time will come for the proper uptrend of it price and not this short-term rise. Last night, I thought to sell some of my investment portfolios but wasn't sure of the lost long in the rise, I made close to $400 with some of my portfolio. But still, a friend who wasn't given into my advise wake this morning and was surprised watched the market downtrended in a very short possible time. That's was a bulltrap which I saw from the whalealert strategies but got me some Crookes on the table. Greediness won't allow many traders to have the winners cup this year Grin

A big green candle would really have that exchange of big red one. Manipulation? Possible and its always been like this on each time we do see the market do rise up in a fast phase in a short time.

How long should we keep on seeing some sect of individuals called "whales" manipulating the entire market?. Its unfortunate that I don't belong to this sect because I need the profits they too wants. The recent happenings were caused by these sect and people actually lost their profits to them no matter how we paints it that others makes profits. Hacking the cryptocurrency market by this whales will always bring this scenarios back.

Bttzed03

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I was probably one of first readers of this post yesterday. I thought the support at $9,900 was too high but decided to withheld on posting my opinion because I have no TA to back it up. The principle was, if there's no major catalyst that causes bitcoin to pump then it's most likely a trap set by "whales". It went up too fast, I expected it to come down hard.

davinchi

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When I checked earlier today bitcoin was trading above $10100 levels but just now I checked and found the shocking downfall as right now bitcoin is trading below $9500 levels. Not sure who are all heavily dumping around $10k levels and that too constantly. Who are those whales who still not believing into the new ATH as early as possible. The only consoling thing bitcoin did in last 2 days is, it finished off May month with $9500+ levels which will definitely boost moving average kind of technical analysis to the positive side.

Unlike last 3 to 5 attempts, today bitcoin remained stronger above the $10k levels. I believe $10k will be no more a bigger resistance barrier as bitcoin markets got through it more fluently. The current sudden dip must be a very good opportunity but unfortunately I am left with nothing to buy more.

JeromeTash

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Quote from: Coin_trader on June 01, 2020, 10:11:26 PM

Does anyone here have still open long/short positions?

Luckily i closed my long positions yesterday and took some profit. The correction that took place earlier on today was expected though i thought it wouldn't touch 9300 in a short time. Absolutely gutted for not shorting after taking profit last night.

I know most people who opened up positions at the 10000 - 10200 level with high leverages must have been swept off clean with that correction

deisik

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Quote from: Coin_trader on June 01, 2020, 10:11:26 PM

Expecting a good support will form around 9900 mark

Alas, it didn't happen

Which basically tells us there are lots of open marginal positions waiting to be squeezed and liquidated. If history teaches us something, it is that it doesn't teach anyone anything. So don't be surprised if we will see a squeeze-rinse-repeat scenario executed by BitMEX in the coming days. But probably the crash won't be as strong because some may in fact have learned a few things in the aftermath of the March 12 crash

Topic: Bitcoin broke 10K wall and Downtrend line (Read 365 times)