Topic: Bitcoin on Weekly looks Dangerous (Read 403 times)

Yes agree because continuously it shows lower price so those who wants to get profit are unable to reap the benefit so if it goes more down from 24k$ then holders will surely loss their hopes which will create more decline in value.

September is not bullish because it does not show any increase in crypto coins but its just a start of month may be in few days the situations become well for holders of bitcoin so on the basis of 3 or 4 days we cannot judge the bear or Bull season.

We cannot say that present conditions will remains forever because neither Bull season remains always nor bear season persist for whole life but situations regularly changes just for the purpose of getting fruitful results from both by patience and knowledge.

The resistance is not that much considering we have gone down from there already and very recently, it takes time for resistance to build up. Whereas we haven't been under 25k for months now and the support level there is quite strong, doesn't mean it can't be broken but it requires a lot more money to make us go under 25k than it requires to get us above 28k.

Like I said, that doesn't mean it will not happen but at the same time I like to side with whatever is the easiest for the market, and for the time being it's easier for the market to make it go up, so when that is easier it is something that feels a lot better to me in the end and I think it should be important to keep it going and do a lot better for a while.

At least there could still be some more resistance to the price of Bitcoin in the market for now though don't expect a price increase. Because everyone would definitely be very ready to see an increase in prices if that could happen this month, although I also don't think that could happen anytime soon. But it would be much better if that could still happen this month, but I would be more grateful if Bitcoin no longer experiences a decline to a lower price than now and can still stay at the current price range before the next increase arrives.

So there was a pump in Bitcoin that was due to Grayscale winning the lawsuit against the SEC, which revived the Bitcoin spot in the ETF. So, this is clearly the reason why Bitcoin rallied to $27,500. If we remember, Grayscale filed to convert GBTC to a Bitcoin exchange-traded fund (ETF) last year, in 2022. But the SEC rejected Grayscale's filing.

So what Grayscale did was file a lawsuit against the SEC. So on August 29, 2023, the court issued a decision that the SEC must grant the grayscale application for converting GBTC to an ETF. In short, the court wants the SEC to reverse what they did by rejecting the application that was passed by Grayscale, which requires the SEC to review Grayscale's application again. Therefore,  it is still subject to approval, it won, and the result is positive news.

Source: https://cointelegraph.com/news/grayscale-wins-sec-lawsuit

Yes, I see from the confirmation of the formation of the nearest support and resistance that I think it is time for a reversal (back up), because the price is already at the lowest support point and almost touched the support a few months ago, right now the price is sideways. In my opinion, prices should go back up at least until they break through the highest resistance this month, which is around $27,900. Because clearly Bbisa can see the history from the beginning of 2023 until now there is still no breakout in the previous support area, the trend line shows bullish still dominates. But yes I also haven't seen the perfect confirmation of the current conditions to show a reversal. Yes if in the next few days candle confirmation shows a decline then maybe until the end of this year the price is difficult to reach $35,000. Yes, if investors go back to selling then I can't imagine and definitely the decline is very significant, maybe it could be up to $20,000 more. Honestly I'm afraid it's going to go back down, like you said, it's hard to predict completely, but yes we hope there's an indication of a rise again there, but we'll see.

If bitcoin does not bounce back up from the current level, but instead continues to decline, we will probably see a new bear market. There are already several red monthly candles now, which is not good. Usually September has not been a bullish month for cryptocurrencies, so we shouldn't expect a rise this time around either.

It did return to $27,500. Unfortunately, in the last 2 days or at least at the start of the months, seems to be that the price did decline to below $26k. Now, we are in the $25,700. Although it did hold, perhaps we might see a decline again, just saying. The market sentiments seems to be negative as investors might be selling again pulling the price down.

Or we could be seeing a sideways pattern, maybe tops of $28k this month. So we will see, with how the volatility is, really hard to predict what will be the short term price or at least for this month alone.

This week of course makes us worried because it has dropped more than 14%, although today it can return to $ 26k, but many are worried if the bear market continues, even many analysts believe that the price will fall below $ 20k, we will see in 2 or 3 days if the price will drop below $20k.

So, it went as the plan. Also, the retest to the Fib support level is amazing.

I'm seriously preparing my money in anticipation of a sharp decrease in the price of bitcoin, and it looks like a price of $25k is possible before the month is up. Since the crypto market is currently in the red zone and Bitcoin's price has been falling badly since today, it seems as though nothing can stop it from giving us a discount price of $25k before August end. 

Before the market's price starts to recover, it will be thoughtful to acquire more bitcoin and the other top altcoins. If we are to lose this chance, I'm not sure when a similar opportunity will arise for us to purchase bitcoin at a discount. It is better to start grabbing the opportunity little by little as we can. 

There is no market that only goes up and never gets stable or move down. The irony with Bitcoin is that whenever it goes up people says that its late to buy Bitcoin now and when Bitcoin goes down then there are speculations all around that Bitcoin is going to zero, its all over etc. If you see price of bitcoin few months back, it was around 16k and right now its 29k. I would say Bitcoin is in much better and stronger position at the moment then it was2 to 3 months back.

The end of August is approaching. Bitcoin usually booms in August-September and then drops in October. So yes, this is a very dangerous time, so you need to be especially careful with leverage and futures trades. It is better to trade on the spot. This is my opinion.

As a long-term investor, I think the danger is still there as sometimes it takes Bitcoin a long time to recover. There are times it can recover quickly but it can also fall down immediately. We also don't know what the future awaits in BTC. What if there is a new coin that will be released which is better than in BTC? Or a severe issue in BTC will suddenly came out which can end its life? He might be an investor already because he thinks trading is hard so I don't think his decision will change.

Trading is hard but there are also advantages once you overcome it. One is you can earn quickly. Traders can also choose another coin, so that they can still earn once Bitcoin is not really performing well.

I'm open to the idea of price reaching around $20K again if we see prices break down much further. Have lost interest in price action over recent months due to how low the volatility is, however this usually follows by a dramatic increase in volatility. At the moment that appears to be favouring the bears, unless price is remain range-bound between $25K and $32K until the end of the year.

Ultimately expectations of $40K and $50K this are more or less passing now if $30K can't be reclaimed. It was looking likely a few months ago but now there is little to momentum in the market, even if that doesn't necessarily favour the bears at the moment either. It may well take until before/after the halving before we see prices nearer the highs than the recent lows.

Either way, look forward to prices moving again even if it is to the downside. If price is to re-test below $25K than I'd prefer for it to happen soon rather than in a few months or next year...

PS - There was a Hash Ribbons buy signal last week, but given how much the capitulation signal failed to cause any real miner/price capitulation, I don't think it amounts to much right now. It was more of a case of 30 & 60 MA consolidation that caused the initial bearish crossover and it's resolved itself after a month. It does slightly remind me of the buy signal in July 2020 though which took a few weeks to play out.

I guess it's not dangerous. If the Bitcoin price drops to $21.6k, Bitcoin investors, including old investors, will be very happy because they can accumulate more. But for impatient people, they will panic to see the price drop sharply again. And it would be like the moment when the Bitcoin price dropped to $17k.

Investors' target is to continue accumulating as much Bitcoin as possible for now because in the next year, Bitcoin will experience a halving and usually, the price can increase immediately. And if the price can't immediately increase before the halving or after the halving, that's also okay because they can still be patient in waiting.

We shouldn't panic and keep trying to accumulate more Bitcoins. And if it is true that the price drops to that price level, it will be another good time for us to buy more Bitcoin. So calm yourself down and enjoy the ride

I also believe that regular investing is much better and profitable than day trading. The most important thing is that you keep mentally calm in all situations. Even if the price drops, you can just buy some more bitcoin. This is better than thinking about how the chart looks, worryingly or well. That's time you can spend on something else.

The achieving forty thousand (40k) this year is under probabilities because bitcoin price is fluctuating at price of thirty thousand and twenty nine thousand to twenty eight thousand (30k/29k-28k) at this point, we can not come in conclusion that we shall achieve the price of bitcoin reaching forty thousand this year with full predictions assurance, because their is every tendency that the price of bitcoin can be  lower than our expectations due to the market determinants, so predicting the value bitcoin, we have to know that the price can be revised at any point in time due to information circulation of country that is against bitcoin and is above bitcoin price. Let us not depend on assumptions and take the price of bitcoin as rotational price which can never be constant at a particular point

If we look at the btc chart this week, BTC is still below $30k and we see strong support in the $29k area due to the large number of purchases that made entry at that price. I like you expect relatively low purchase support before the big pumps come along. However, reflection can react quickly in case of sudden strong volume support.

Apart from that I think the biggest resistance point to cross is at the $32k price point because from the start of the year we saw btc hit a high of $31800 after a strong crash late last year. Yes, if your buy level is in the $25k area I think this entry is much coveted by those who missed the low price moments in the previous months.

$30,000 is acting again as our psychological support, and yes it needs to go above that price, and stay above it in order for Bitcoin to go even higher.
The question is what will be the catalyst to that because right now, we aren't hearing that much news with regards to Bitcoin, and the US Stock Market is on decline as well, and we know that these 2 are kind correlated with each other. Overall, there aren't news or anything right now that might cause the price of Bitcoin to go up.

We saw Bitcoin pumped a bit a few days ago, but is now slowly declining again. August is considered a Ghost Month by some people, so I guess we expect more of a sideways movement. The final 4 months will be the most exciting months. What I expect to happen in the next weeks? if there will be no news that might cause the price of Bitcoin to pump, we might see it's price decline gradually, but yeah I agree as well that the price of Bitcoin seems dangerous. Bitcoin to $16,000 again!!!

Nobody predicts the price of bitcoin accurately because when looking at Bitcoin price rotating I believe that the price of bitcoin is not constant and it have any measure to be say that it have escape down fall or rising up, so when we are say such things that means we believe that bitcoin price can be going up and nothing will bring it down. Bitcoin have not escape going down to twenty five thousand (25k). I want us to know that the price of bitcoin is not constant and it's rotational and I believe the price what affects the increment is when the market of bitcoin promising, and what determined the increment of the market is when demand is high, and same time we can experience the down fall aspect of bitcoin, because when looking at the falling rate of bitcoin you notice that what triggers it is when we lack investor and the supply is higher than demand, so that affects bitcoin price.