Bitcoin Bull Break Above $11k And Falling Wedge - page 2.

Baofeng

legendary

Activity: 2576

Merit: 1655

Quote from: exstasie on August 07, 2019, 11:36:07 AM

What a roller coaster! I'm still not sure about the big picture regarding mid term trend. This is not a confirmed bearish reversal yet, although it's beginning to look that way.

^^ This. last night was a make or break, I thought that the bears will taking over and a reversal is imminent. Was mad at not taking the profit,

. Anyways, we could see another bearish reversal if we don't push and break $12k again. And most likely it will be the case in the next 14 hours. Ah, change my mind, I will just continue to hold and see that magical $15k mark next month. So it will be a mental game for me from here onwards.

YuginKadoya

legendary

Activity: 3038

Merit: 1169

Even though there might be a falling wedge once the bull break I guess there is a safe floor that we can sure count on and it will surely break the fall, But again this year is not so certain to just go to the moon either because there is so much possibility that another dip might happen, and I am guessing it is not the $11,000 USD but the $12,000 USD after reaching that height the fall might happen, Because of certain resistance from that level and the $11,000 mark had already passed its resistance and now come another level.

STT

legendary

Activity: 4060

Merit: 1448

I still rate that it left the daily uptrend, it didnt really care about that and just kept bouncing about but it hasnt risen since that point either. The recent high was that daily trend now a ceiling, its not what I'd call negative or positive at this point.

On the daily we have the triple peak and each a decline of the last. Maybe Bitcoin is like an oil tanker, it was positive and 20 miles down the road the momentum will taper out and it'll come to stop. Then it might reverse some and even be negative properly but the 9k prices was more of a resting point so far

exstasie

legendary

Activity: 1806

Merit: 1521

You've got to hand it to the bears. They're defending the down trend line and the $12K level pretty staunchly. Looks like another big failure wick through resistance and an opportunity to start another selloff:

What a roller coaster! I'm still not sure about the big picture regarding mid term trend. This is not a confirmed bearish reversal yet, although it's beginning to look that way.

el kaka22

legendary

Activity: 3654

Merit: 1165

www.Crypto.Games: Multiple coins, multiple games

I guess I don't really understand what makes bitcoin tick and I have been in this world for over 6 years now you know. I mean bitcoin sometimes goes down super fast and sometimes it goes up super fast as well and I look at all these so called "charts" and nobody and no chart could ever predict what will happen, not the time and not the direction, if one chart can get it right for one time then the next time they are wrong, there has been no person and no chart nor any indicator that was always right no matter what.

Price just does whatever it wants and whales just play with it like a fiddle and we are all out here watching it like it is a regular stock market world where we can take a cut for ourselves as well in reality it is just a game for all the rich people out there as always.

leowonderful

legendary

Activity: 1624

Merit: 1130

Bitcoin FTW!

Yet another bart-like pattern after we had a little bull flag at the top where we briefly broke above the top of the flag and then proceeded to fake out and dump several hundred dollars in the process. Took profits right after the bart happened, and it seems we've now got a lower high on our hands with that last pump as well. We're also below the trendline again. Would be cautious longing this area if that's what you plan on doing, size your trades appropriately for the risk here. Very indecisive right now. Chart is on the 5M, GDAX.

sana54210

legendary

Activity: 3318

Merit: 1128

Quote from: ?? on ??

The volume has been a source of concern to most of the speculation I have seen concerning this bullish trend! However, bitcoin has keep increasing in value and we only now need more volume for the bull to remain in control throughout the month of August. Like other years what happened in this month will transform to what is going to happen by the end of this year. If bitcoin is bullish this month then we should expect it to be bullish by the end of the year.

Since bitcoin started increasing this year volume has really not been a determinant for its increase because many analysts has tried all their possible best to look for the main factor that has contributed to its increase and found nothing much on it. We have seen very few volumes being bought on some exchanges but not that high too to attribute it to the increase which is why some feels that the market is being manipulated which I doubt this also.

It is not really that easy to figure out the causes of the surge we do see bitcoin have sometimes but like you said, all that matters is that we have bulls in the market that has succeeded in stepping down the bears and all we need to keep hoping that they will be available for a while for us traders to keep taking advantage of these increase to make money.

Herbert2020

legendary

Activity: 1946

Merit: 1137

the volume isn't "too great" because we are still in the sideways action mode even though it may look like this was a bull break,... and that makes most investors anxious while day traders more active. in other words the investors are trying to wait for the signal (breaking above $12k properly or maybe $13k) before they invest and that makes it ideal for the day traders who are making profit from these 5% ups and downs that keep repeating every couple of days.

exstasie

legendary

Activity: 1806

Merit: 1521

Quote from: leowonderful on August 06, 2019, 09:58:06 PM

We've had a selloff since we broke over $12k last night, and though the bears did manage to pull things down to about $11.2K on Bitmex from what I can see, prices have since recovered to about $11.6k as of right now, although there does seem to be a bit of resistance overhead again. 4H RSI is now sitting near 60, with nothing besides the 12H and 6H being close to overbought at the moment. Things are a bit chaotic at the moment but I wouldn't be surprised if we go for another run over the trendline soon as indicators have cooled down after the dip.

Below chart is of the 15M, pretty surprised the bulls have kept things from sinking further.

Same here. This is a confusing area. Lots of congestion and not clear what's going to happen. If this is a bearish reversal taking place, then a .618 retrace to the $11,900 area (right near that upper trend line) would be pretty typical before more downside.

leowonderful

legendary

Activity: 1624

Merit: 1130

Bitcoin FTW!

We've had a selloff since we broke over $12k last night, and though the bears did manage to pull things down to about $11.2K on Bitmex from what I can see, prices have since recovered to about $11.6k as of right now, although there does seem to be a bit of resistance overhead again. 4H RSI is now sitting near 60, with nothing besides the 12H and 6H being close to overbought at the moment. Things are a bit chaotic at the moment but I wouldn't be surprised if we go for another run over the trendline soon as indicators have cooled down after the dip.

Below chart is of the 15M, pretty surprised the bulls have kept things from sinking further.

exstasie

legendary

Activity: 1806

Merit: 1521

Quote from: exstasie on August 05, 2019, 05:34:23 PM

Directly overhead are two notable price levels: the .618 fib of the entire downtrend, and the downtrend line from $13,800. So we are right near a potential inflection point.

LOL. Bears just had to keep hope alive, didn't they? Tongue

As David pointed out, breaking above that trend line with authority would have been telling. Instead, we're left guessing whether that spike to $12,300 yesterday was a major failure like the spike to $13,200 a few weeks ago.

For now, bears are still in the game. That was a clear failure to launch, followed by a fat selloff candle:

1Referee

legendary

Activity: 2170

Merit: 1427

The Binance charts looks different than for example Bitstamp's or Coinbase's charts, which I value over Binance's USDT crap market.

It's going to be interesting to see where we close in the next 1.5 hours. We wicked slightly above the descending wick to wick resistance, but that's not much worth if we don't manage to close there. A close above the descending resistance will make me less bearish than I was yesterday. If that happens I will close my short (still at a profit) and turn it into a long.

exstasie

legendary

Activity: 1806

Merit: 1521

It seems like most analysts have flipped bullish by now, with most expecting news highs beyond $13,800. I'm open to that possibility, but I want to point out a couple reasons why we should proceed with caution. Here's the daily chart:

Directly overhead are two notable price levels: the .618 fib of the entire downtrend, and the downtrend line from $13,800. So we are right near a potential inflection point.

The current commitment of traders is notable too. Longs are quite high and shorts are low: https://bitcointalksearch.org/topic/m.52072063

So with the 4H-daily momentum indicators in the overbought range, I would be very careful in this area. It might be time to move stops up into profit and hold off buying until either a pullback or pronounced breakout.

STT

legendary

Activity: 4060

Merit: 1448

Think I have to agree, its moved fairly strongly as if breaking a negative trend line. Chart I drew just quickly to estimate how its progressing:

Failing to break that lower support line around 9500 area seems to have encouraged some speculative long action to take from there. Obviously we got various other reasoning based and news and so on but thats how it normally goes.

Whaleagent

member

Activity: 117

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https://whaleagent.club/bitcoin-bull-break-above-11k-and-falling-wedge/

The bitcoin bulls have done it again with a huge bull break above the $11000 level, the $11085 daily resistance and the falling wedge on the weekly chart. This is a huge achievement for the bulls and although the volume isn’t too great, it doesn’t really matter at this point. The price is no way above the daily EMA’s which have crossed bullish.

Topic: Bitcoin Bull Break Above $11k And Falling Wedge - page 2. (Read 326 times)