Bitcoin Market Analysis (Price Action).

figmentofmyass

legendary

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Quote from: BitHodler on June 15, 2019, 06:01:27 PM

I still think that the psychological $10k mark will result in a brutal selloff the moment we're about to test it for the first time. Going from 4 figure to 5 figure prices is such an important difference psychologically that I expect fierce resistance.

that seems intuitive, but it's also probably what everyone is expecting. just like the $6k "resistance" everyone expected, it might go like a hot knife through warm butter.

part of me thinks that bears blew their wad on the $8000s. this bear trap lasted for weeks, and we're only $800 from $10k. i think there's too much pent up buying pressure to reverse there now. higher!

BitHodler

legendary

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Quote from: exstasie on June 15, 2019, 02:01:43 AM

Shorts are mooning along with the price. On Bitfinex, they've risen 30% from the low a week ago. This is a good sign for continued upward pressure.

Do you think the current setup might trigger a massive short squeeze? We haven't had one of these in a long time--all we have had so far were mini short squeezes due to the relatively neutral short/long ratio.

I still think that the psychological $10k mark will result in a brutal selloff the moment we're about to test it for the first time. Going from 4 figure to 5 figure prices is such an important difference psychologically that I expect fierce resistance.

The only thing I find a bit doubtful is that the volumes are heavily lagging behind despite the rush up we have gone through in the last couple of days. People are either waiting for a big move or it's largely thin bot activity we see happen.

exstasie

legendary

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Shorts are mooning along with the price. On Bitfinex, they've risen 30% from the low a week ago. This is a good sign for continued upward pressure.

Price is moving very freely at the moment. All those big red candles from late May to early June? Above this $8,700-$8,800 zone, those candles represent trapped sellers. More gas in the tank. Bullish.

pooya87

legendary

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Quote from: Kemarit on June 14, 2019, 04:42:42 PM

Quote from: pooya87 on June 07, 2019, 03:30:15 AM

Quote from: JeffBrad12 on June 07, 2019, 03:27:34 AM

Bitcoin has already surpassed 8k resistance point again and it looks like we will see another reversal trend from the bearish to the bullish.
I just try to put 8.9k as the next resistance point to the bullish trend of bitcoin.

Good news is needed to make bitcoin can break 9k rate in the future.

bitcoin has not been bearish ever since price went above $4000 although may users insist on staying bearish themselves and go against the tide. other than that we are only seeing a very simply correction here which has nothing to do with being bearish.
as for $9k, i don't think we need any kind of news at all. we are headed that way and it will be broken with time.

I think it was around February when we see that we are slowly getting into the bullish zone already. But still most of the crypto 'experts' says that we are still in the bearish cycle and then that April surge was the final push to get out of it and now we are hovering above $8+++ now. Although I thought that we will see some pullback, but I was proving wrong again. As for that 5 digits, let the market run on it's normal course, if there is a positive news then good. However, it's inevitable sooner or later the market will breach the $9000-$10000, even without any news at all.

we had a rather nice pull back though. as i said in the other topic (expecting drop to $6000) a correction is a must whenever we see a big rise like this but a correction is very different from a crash so we should really try to figure the differences out. for instance a drop down to $7500 was the correction and that kept the market and the rise healthy anything lower than that would have been unhealthy in the other direction! the same way we consider a big rise a bubble, we should also consider a big drop another type of bubble and both are equally unhealthy and unstable.

my point is that you weren't wrong about the pull back, you were only wrong about the size of it.

Kemarit

legendary

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Quote from: pooya87 on June 07, 2019, 03:30:15 AM

Quote from: JeffBrad12 on June 07, 2019, 03:27:34 AM

Bitcoin has already surpassed 8k resistance point again and it looks like we will see another reversal trend from the bearish to the bullish.
I just try to put 8.9k as the next resistance point to the bullish trend of bitcoin.

Good news is needed to make bitcoin can break 9k rate in the future.

bitcoin has not been bearish ever since price went above $4000 although may users insist on staying bearish themselves and go against the tide. other than that we are only seeing a very simply correction here which has nothing to do with being bearish.
as for $9k, i don't think we need any kind of news at all. we are headed that way and it will be broken with time.

I think it was around February when we see that we are slowly getting into the bullish zone already. But still most of the crypto 'experts' says that we are still in the bearish cycle and then that April surge was the final push to get out of it and now we are hovering above $8+++ now. Although I thought that we will see some pullback, but I was proving wrong again. As for that 5 digits, let the market run on it's normal course, if there is a positive news then good. However, it's inevitable sooner or later the market will breach the $9000-$10000, even without any news at all.

BitHodler

legendary

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Quote from: omonuyak on June 08, 2019, 08:02:17 AM

People need to know that corrections most take place on both bearish and bullish market.

Exactly. Most people unfortunately do not understand this and continue to see corrections as a negative event. Instead of buying the dips they wait for a massive pump and then buy the top. Makes sense, right? Cheesy

I sold a bit too early and would love to be presented an opportunity to buy them back. I'm better off just doing what I'm good at instead of trading, which is being a firm hodler.

All indicators that used to make sense no longer do, which reminds me of the 2017 bull run where people were wrong calling top at every $500-$1000 increase. Hodlers were the real winners while many traders sucked balls.

omonuyak

sr. member

Activity: 882

Merit: 269

Quote from: pooya87 on June 07, 2019, 03:30:15 AM

Quote from: JeffBrad12 on June 07, 2019, 03:27:34 AM

Bitcoin has already surpassed 8k resistance point again and it looks like we will see another reversal trend from the bearish to the bullish.
I just try to put 8.9k as the next resistance point to the bullish trend of bitcoin.

Good news is needed to make bitcoin can break 9k rate in the future.

bitcoin has not been bearish ever since price went above $4000 although may users insist on staying bearish themselves and go against the tide. other than that we are only seeing a very simply correction here which has nothing to do with being bearish.
as for $9k, i don't think we need any kind of news at all. we are headed that way and it will be broken with time.

Because of the way some people come into cryptocurrencies trading, they always thinking that when the market is bullish, it should be going up continuously without a little corrections along the line and when that is happening we would began to see comments on how the bullish trend has ended, the market is bearish now and so Fort and so on. People need to know that corrections most take place on both bearish and bullish market.

pooya87

legendary

Activity: 3472

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Quote from: JeffBrad12 on June 07, 2019, 03:27:34 AM

Bitcoin has already surpassed 8k resistance point again and it looks like we will see another reversal trend from the bearish to the bullish.
I just try to put 8.9k as the next resistance point to the bullish trend of bitcoin.

Good news is needed to make bitcoin can break 9k rate in the future.

bitcoin has not been bearish ever since price went above $4000 although may users insist on staying bearish themselves and go against the tide. other than that we are only seeing a very simply correction here which has nothing to do with being bearish.
as for $9k, i don't think we need any kind of news at all. we are headed that way and it will be broken with time.

JeffBrad12

hero member

Activity: 2954

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Quote from: Faysal Fahad on June 06, 2019, 08:16:58 PM

Hello Community; till now Buyers controlling this support zone! Very soon (maybe) we are going to see impulsive bullish candles! (for more details, just follow my previous chart)

Bitcoin has already surpassed 8k resistance point again and it looks like we will see another reversal trend from the bearish to the bullish.
I just try to put 8.9k as the next resistance point to the bullish trend of bitcoin.

Good news is needed to make bitcoin can break 9k rate in the future.

Faysal Fahad

copper member

Activity: 57

Merit: 5

Hello Community; till now Buyers controlling this support zone! Very soon (maybe) we are going to see impulsive bullish candles! (for more details, just follow my previous chart)

el kaka22

legendary

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Merit: 1165

www.Crypto.Games: Multiple coins, multiple games

What charts do not tell you that this drop was caused by someone selling over 200 million dollars in bitcoin and the market had to buy that out which dropped the price insanely fast. That wasn't on the chart, you can't predict that.

How could you foresee someone selling over 200 million dollars in bitcoin to market prices when you look at a chart ? Impossible to assume and that is why bitcoin is never done via charts, you can't predict what will happen looking at the charts and draw some lines on it.

Bitcoin is something that is done via just regular old whales doing whatever they want and getting what they want back from it. Dude managed to sell so much coins but also after the price dropped he managed to get back almost the same amount of bitcoins for far cheaper as well, all proven via blockchain watching and the price is lower however he has a ton of dollars with the same amount of bitcoins thanks to this move, that's it.

figmentofmyass

legendary

Activity: 1652

Merit: 1483

Quote from: Faysal Fahad on June 04, 2019, 06:25:07 PM

I see, the previous support zone (@6870.40) behaved almost similar as this one @7553.38; so it’s very possible we are going to see the same flow I mean, bullish continuation!

so this is based mostly on the 4h candle? admittedly it's a bullish candle (a hammer doji) but i bet it's only a local bottom, after which a bounce will follow, and then further downtrending.

bears made a strong move below the 20dma and we can see a lower high / lower low trend on the daily chart now. if we trade back into the $8000s like your chart shows, it will be a good opportunity to sell tbh.

STT

legendary

Activity: 4088

Merit: 1452

Welcome back, always glad to see people talk through a chart view and we progress in a view of the market and hopefully add some accuracy and confidence to ideas for the trend.

Here is my short term take and where I think it needs to beat to turn back bullish.

From left to right the moving average at the start shows 8 day roughly, losing that as momentum support bought us back to the bottom edge of a channel upwards. We have recently failed that and so I expect 8000 to cap price for now unless we are to regain more bullish price movements. I'm thinking a short with a stoploss is fairly reasonable

Quote

Because; there is nothing like 100% in trading, it’s all about probabilities!

I agree its about identifying areas of significance, a basic view given is less negative then an overly ambitious declaration that over states confidence in a prediction

Faysal Fahad

copper member

Activity: 57

Merit: 5

Quote from: piebeyb on February 06, 2019, 02:23:10 AM

You're giving us all 2 analysis options where prices will go in which direction, whether it's going up or down is something interesting in trading,

Because; there is nothing like 100% in trading, it’s all about probabilities!

Faysal Fahad

copper member

Activity: 57

Merit: 5

Hello My Community; I’m back!

Here is my prediction! Please, don’t be panic if you are concern according to the recent sell moves! According to the BTCUSD chart context on H4 the current support zone is very vital; if we get anything like pin bar pattern that would be really great for the buy site! I believe, buyers are monitoring this zone so carefully!

I see, the previous support zone (@6870.40) behaved almost similar as this one @7553.38; so it’s very possible we are going to see the same flow I mean, bullish continuation!

On the other hand, if market breaks this support level then the market can test the recent-past support level!
Happy trading.

Kemarit

legendary

Activity: 3080

Merit: 1353

Quote from: buwaytress on February 08, 2019, 05:34:36 AM

I think another drop's imminent, and we won't need that strong negative reason actually. 3k is the next psychological line, and if that gives way, stomach in our throats!

I don't know but I have a feeling that we may have reached the bottom, but I wouldn't be surprised if we break the resistance around $3k. So far it is holding good and strong but if it's breach then I'm expecting another massive drop, it might a price that we don't want to see, but we should be strong to face the reality. Others might say its catastrophic but it maybe the final capitulation that we all have been waiting for.

buwaytress

legendary

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Quote from: Herbert2020 on February 06, 2019, 01:51:38 AM

drawing two arrows going in opposite directions is barely an analysis Wink

and regarding the drop i have to say they don't come out of nowhere. at this point there needs to be another strong negative reason for it to drop otherwise it can not. and the support is not at $2915, but instead at $3000 because of the psychological barrier more than anything else and if that is broken we might either see a panic that can drop the price to low levels that you said or we might see a FOMO (another form of panic but in buying direction) like previous times that people see a lower price and start a buying frenzy in which case price can start rising up even and not go any lower than $2900

Sorry to have to agree with this, but I'm not sure there's any value to adding yet another set of charts showing the same arbitrary support lines and pointing out that we're headed either here or there.

Do feel these smouldering low volumes are going to lead to a spike or two soon, but probably just over double digits either way. The upper 5.9k limit's unlikely in the same timeframe, I think another drop's imminent, and we won't need that strong negative reason actually. 3k is the next psychological line, and if that gives way, stomach in our throats!

STT

legendary

Activity: 4088

Merit: 1452

Marking a range is reasonable basic TA however I would point out that a good resistance level is formed by more then one point of contact. The most likely support or resistance will come from multiple previous times a price has closed at that point.

The strongest line I've seen longer term was that 200 week moving average which I didnt even know about beforehand, roughly 3300 and still rising amazingly .

Shorter term we are stuck under 8 day average so it has to build above that to be called positive I think

semobo

full member

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Quote from: 1Referee on February 07, 2019, 05:45:16 AM

Quote from: semobo on February 07, 2019, 02:19:45 AM

traders also one of the reason why we are in the bearish trend so stop trading and your wish for short term profits if you want to make profits in long term with the bitcoin.

That makes no sense. Traders just follow the trend, and the trend has been bearish for quite a long period of time, and it may continue to be like this for a couple of more months.

I get it that people are sick and tired of this bear market, but there is no point blaming a specific group of people for doing something that allows them to make profit. They just utilize the trend that's presented to them, so even if they didn't trade, the market would still tank. Accept the reality.

It really seems that people don't acknowledge the fact that we're going through a bear market. Be happy that you aren't going through a lengthy legacy bear market, because you would be pissed as fuck. Cheesy

If the traders who are doing it as profession making every opportunity to make money,then the chances of getting recovered will get slower right.But the trend may follow for few more months but long term investment on bitcoin by everyone will ignite the fire needed for the bull to run.

1Referee

legendary

Activity: 2170

Merit: 1427

Quote from: semobo on February 07, 2019, 02:19:45 AM

traders also one of the reason why we are in the bearish trend so stop trading and your wish for short term profits if you want to make profits in long term with the bitcoin.

That makes no sense. Traders just follow the trend, and the trend has been bearish for quite a long period of time, and it may continue to be like this for a couple of more months.

I get it that people are sick and tired of this bear market, but there is no point blaming a specific group of people for doing something that allows them to make profit. They just utilize the trend that's presented to them, so even if they didn't trade, the market would still tank. Accept the reality.

It really seems that people don't acknowledge the fact that we're going through a bear market. Be happy that you aren't going through a lengthy legacy bear market, because you would be pissed as fuck. Cheesy

Topic: Bitcoin Market Analysis (Price Action). (Read 433 times)