Bitcoin price bouncing from 200 Week MA

dragonvslinux

legendary

Activity: 1722

Merit: 2213

Quote from: Wong Gendheng on June 13, 2023, 09:30:14 AM

Today the price can rise even though it is only 1%, but the thing that makes us not panic is the price not dropped below $ 25k and can return to $ 26K, I'm sure the end of the year the price will skyrocket again so that the best thing we do is continue to buy and Don't stop until we can't buy anymore.

More relevantly though, last week price closed below the 200 WMA around $26.4K for the first time since March. While price could still reverse back to the upside, based on the topic and poll, I've locked it as clearly for now this moving average hasn't supported price, even if it did for a few weeks prior to recent lows. If anything, it now looks like price is struggling to reclaim this MA as well as the 20 Week MA...

Wong Gendheng

sr. member

Activity: 1428

Merit: 252

Today the price can rise even though it is only 1%, but the thing that makes us not panic is the price not dropped below $ 25k and can return to $ 26K, I'm sure the end of the year the price will skyrocket again so that the best thing we do is continue to buy and Don't stop until we can't buy anymore.

woez

member

Activity: 492

Merit: 48

Quote from: dragonvslinux on May 29, 2023, 04:07:30 AM

What are your thoughts? Do you think the local low is in after the recent bounce from $26K to $28K, or does Bitcoin have further to correct before continuing to the upside?

For the past few days it has been difficult to read the market, it can suddenly change in an instant. I myself see it from the 4-hour chart only and from the caddle stick pattern from the previous 4-hour chart. For prices, there will usually be a change on Monday or next Tuesday, BTC will be above the price of $ 26,533.

justdimin

hero member

Activity: 3164

Merit: 675

www.Crypto.Games: Multiple coins, multiple games

Quote from: tokeweed on June 08, 2023, 08:39:15 AM

The 200 WMA meme "as solid support" is starting to falter as shown with how BTC went down below it with ease last year and stayed below it for months. We haven't seen it happen before. And now it's starting to look that it's going down below it again. :/

I don't really know what's gonna happen but if BTC is to go sideways like I guess most of you think is gonna happen then going below it and staying below it for a couple of months or more is inevitable.

I think it is important to remember that what it will do and what it should do are different things. I mean it should be keeping that as a big support and it has been like that for a long time but the crypto price is something that can wildly move and it will not listen to what the market says sometimes. Even if none of us sell, there will be people whose shorts expire and sell which cashes out and drops the price, triggering all kinds of stop loss orders and selling points.

This is why we shouldn't really be worried about it all that much, it shouldn't be this low and it will recover and go back to what it was quickly. Just like how it went under 26k and then quickly went back above it again, that's how the market reacts when it does something it shouldn't have done.

KiaKia

sr. member

Activity: 728

Merit: 388

Vave.com - Crypto Casino

It doesn't look like a strong support anymore, but some are saying that the real trouble is at 25.5k, well I won't expect too much from this but I have a good feeling that it will be a good buying opportunity if we go below, it's just that the bear market will stay much more longer than we all hoped for.

You will be ahead of others if you understand what is happening with the crypto market, I made bad decisions years ago because I couldn't understand what was going on, if Bitcoin losses this strong support it won't stay below for long, such opportunities don't ever last for long.

tokeweed

legendary

Activity: 3976

Merit: 1421

Life, Love and Laughter...

Quote from: yhiaali3 on June 06, 2023, 08:32:41 PM

The price still maintains the “200WMA” so far as support, which is a good thing.
Also, despite the drop that occurred yesterday due to the huge negative news in the market about Binance and Coinbase, Bitcoin quickly returned to its position above 27k$, and this is a great positive sign.

What I want to say is that what happened today and yesterday gives us two important lessons. First, all analyzes can change due to a sudden event, and the second indicates the strength of Bitcoin. It was expected that Bitcoin would fall more than that as a result of the big negative news, but it surprised everyone and returned quickly.

Don't think so. The 200 WMA meme "as solid support" is starting to falter as shown with how BTC went down below it with ease last year and stayed below it for months. We haven't seen it happen before. And now it's starting to look that it's going down below it again. :/

I don't really know what's gonna happen but if BTC is to go sideways like I guess most of you think is gonna happen then going below it and staying below it for a couple of months or more is inevitable.

phantailaptopbl

member

Activity: 150

Merit: 10

Quote from: tygeade on June 07, 2023, 01:12:23 AM

Quote from: Yatsan on June 05, 2023, 10:05:31 AM

Really hard to make a position at this moment. Price move sideways as usual but I guess a more volatile one. Price would reach $28k then fall $27-26.6k. Also with speculations of market price reaching $20k to fill the CME gap. Gigen that there are many speculations which revolves around this industry, I think it would be much better to wait until a more visible trend line appears before maaking a long position. But since the price is on sideways, it is quite good for scalp trades; jist manage the risk of how prices move at this moment. One thing I have observed as well are altcoins reaching their highest price since March and April on the current year. But I doubt things would be consistent; it is more of a bull trap.

All these bad news making it go under 26k doesn't phase me at all, it just doesn't mean anything on the long term. I get that it looks like it goes against the direction it should be going but that doesn't mean that it will not recover.

Yes, it has gone down a bit and that's upsetting to a lot of people who wanted to see it do well but that doesn't change the fact that we are going to end up with a good return, we WILL come back with even a better return, I do not know when that will happen, will it be this month or next month or maybe by the end of the year, I have no idea when that will happen but I know that it will happen and that is why I am not worried about these falls. There is nothing wrong with bitcoin, it's the market that's overreacting to every small thing.

Keep pushing on going at last end in fight only I mean it may not be right away tomorrow, but it looks as if people are not worried about anything at all and willing to let it go down, there is no "wish" to keep it high, I mean sure maybe wishing but nobody spending their money for it , Which is why its obvious why we are dropping so easily. Obviously the whole Binance and SEC thing had a huge part in this, but there weren't any big buyers or buying rush before that neither .

tygeade

legendary

Activity: 2086

Merit: 1058

Quote from: Yatsan on June 05, 2023, 10:05:31 AM

Really hard to make a position at this moment. Price move sideways as usual but I guess a more volatile one. Price would reach $28k then fall $27-26.6k. Also with speculations of market price reaching $20k to fill the CME gap. Gigen that there are many speculations which revolves around this industry, I think it would be much better to wait until a more visible trend line appears before maaking a long position. But since the price is on sideways, it is quite good for scalp trades; jist manage the risk of how prices move at this moment. One thing I have observed as well are altcoins reaching their highest price since March and April on the current year. But I doubt things would be consistent; it is more of a bull trap.

All these bad news making it go under 26k doesn't phase me at all, it just doesn't mean anything on the long term. I get that it looks like it goes against the direction it should be going but that doesn't mean that it will not recover.

Yes, it has gone down a bit and that's upsetting to a lot of people who wanted to see it do well but that doesn't change the fact that we are going to end up with a good return, we WILL come back with even a better return, I do not know when that will happen, will it be this month or next month or maybe by the end of the year, I have no idea when that will happen but I know that it will happen and that is why I am not worried about these falls. There is nothing wrong with bitcoin, it's the market that's overreacting to every small thing.

yhiaali3

legendary

Activity: 1848

Merit: 1982

Fully Regulated Crypto Casino

The price still maintains the “200WMA” so far as support, which is a good thing.
Also, despite the drop that occurred yesterday due to the huge negative news in the market about Binance and Coinbase, Bitcoin quickly returned to its position above 27k$, and this is a great positive sign.

What I want to say is that what happened today and yesterday gives us two important lessons. First, all analyzes can change due to a sudden event, and the second indicates the strength of Bitcoin. It was expected that Bitcoin would fall more than that as a result of the big negative news, but it surprised everyone and returned quickly.

GeorgeJohn

hero member

Activity: 1498

Merit: 711

Enjoy 500% bonus + 70 FS

Quote from: gunhell16 on May 30, 2023, 12:44:02 AM

If I look at the movement of the value of bitcoin today on the chart, bitcoin can increase by 29k$ to 30k$, we will know that tomorrow. Because of the graph, only two things can happen, either the value decreases or increases.

In the image of the graph, traders seem to be able to see if Bitcoin's price value is going up. But when there is a recession in the US because of inflation, that's where a recession can actually occur. If that's the case, you can drop 23-25l$ to be fully priced.

one thing about bitcoin is that the price is not regular or constant in the market you can see a price of Bitcoin to be at range of 20K and tomorrow you will see the price of Bitcoin to be 40K or below 20K, so I believe that Bitcoin price is not constant and they can never be constant it only increases due to demand and supply, if the demand is higher than the supply it is very obvious a
It can be constant, and it's understandable that if the price of market of Bitcoin Accelerate higher that means demand is high, but if it is the supply, that's automatically higher than demands, the price of bitcoin will stablize or decrease.

coolcoinz

legendary

Activity: 2814

Merit: 1192

Quote from: adaseb on June 05, 2023, 09:41:36 PM

Again we broke thru the 20WMA. However it’s still the beginning of the week and we can still close above the 200WMA. However even if that happens I don’t think it’s due to the weekly average holding support.

Like Fibonacci or Elliot waves, these types of indicators don’t work well when there is a fundamental event like today with the binance news. Maybe if it wasn’t for this news we would be at $27k but instead are in for a lot of regulatory uncertainty.

Events like that where we break it to the downside and dont follow through later (fakeouts) are common in bitcoin and don't really matter.
I can give you 2 good examples of such move. One was the silk road crash, when the news broke out that the site was seized and its owner arrested, the other one was the famous covid crash. Both times it did not change the long term trend.

IMO daily price doesn't matter at all and it's pointless to keep watching it.

dragonvslinux

legendary

Activity: 1722

Merit: 2213

As an update, price is now currently back above the 200 Week MA and after so far reversing most of yesterday's sell-off already, despite another lawsuit issued against Coinbase:

While not confirmed as a support level until the candle closes end of week, on the 6hr chart there is certainly volume to support bullish demand:

Even on low-volume exchange like Bitstamp this is the most volume in a 6hr candle since mid-March. Personally I like the fact that price is currently reclaiming not only the 200 Week MA, but also the 20 WMA, as the latter is the MA that price was supported by in February at $20K (even if also was the 200 Day MA at the time). While price may well still go lower in the coming days, it's good to see the buying pressure at least.

In other news the SEC must be fuming. The timing for these lawsuits was during a corrective period for Bitcoin where the bulls looked weak and could easily be an opportunity to take advantage of bearish selling pressure. Anyone in the know what have been shorting the market prior to these announcements, but so it's starting to look like a mistake as price reverses back to the upside with bullish volume.

dragonvslinux

legendary

Activity: 1722

Merit: 2213

Quote from: adaseb on June 05, 2023, 09:41:36 PM

Again we broke thru the 20WMA. However it’s still the beginning of the week and we can still close above the 200WMA. However even if that happens I don’t think it’s due to the weekly average holding support.

Indeed. It's starting to look like a short-term topic, even if it remains possible to reclaim with average by the end of the week. Personally, I'm not so convinced right now.

Quote from: adaseb on June 05, 2023, 09:41:36 PM

Like Fibonacci or Elliot waves, these types of indicators don’t work well when there is a fundamental event like today with the binance news. Maybe if it wasn’t for this news we would be at $27k but instead are in for a lot of regulatory uncertainty.

Without this news that certainly created a sell-off, I was never convinced that the 200 WMA would hold as support, nor $25K for that matter. I think price would have therefore broken below eventually, even if recent news has accelerated this reality. To me, the real volume & MA support is around $23K, this is where most of the volume is and where the 200 Day MA has gotten above.

palle11

sr. member

Activity: 2366

Merit: 332

Whenever there are fundamental news, the price direction is not certain. This week we have seen some breaks spontaneously and whether that will stand or not is still at nobody's decision. Today the price recovery is gradually building up , perhaps their could be panic from the binance happenings that may still push price down in the course of the week. I expect MA at the longtime to show a clear direction but not this week, we can expect more unstable pricing for this week.

adaseb

legendary

Activity: 3808

Merit: 1723

Again we broke thru the 20WMA. However it’s still the beginning of the week and we can still close above the 200WMA. However even if that happens I don’t think it’s due to the weekly average holding support.

Like Fibonacci or Elliot waves, these types of indicators don’t work well when there is a fundamental event like today with the binance news. Maybe if it wasn’t for this news we would be at $27k but instead are in for a lot of regulatory uncertainty.

TravelMug

hero member

Activity: 2632

Merit: 833

Quote from: Captain Corporate on June 05, 2023, 05:42:58 PM

If we keep pushing this much then we are going to end up with trouble one way or another, I mean it may not be right away tomorrow, but it looks as if people are not worried about anything at all and willing to let it go down, there is no "wish" to keep it high, I mean sure maybe wishing but nobody spending their money for it. Which is why its obvious why we are dropping so easily. Obviously the whole Binance and SEC thing had a huge part in this, but there weren't any big buyers or buying rush before that neither, so we can't put the whole blame on that. We need some sort of hype, a market rush so that people would be more willing to buy, when that doesn't exists, there is really nothing that would make the price go up and this is why I believe that we shouldn't be worried about it neither, just let it be as it is currently, eventually it will get better.

And I guess the OP didn't take that in consideration, and so as much as we are bullish about bitcoin, there are events like SEC vs Binance that will really affect the price negatively. And now we are in the $25k'ish, although I expect the price to go down hard because of this negative news, at least the market is still holding. But let's see, I have a feeling that this is just a temporary effect and soon we might see the price going back to $27k again. As for SEC and US government, they are turning to be anti-crypto now and it starts with their attack on exchanges like Binance or in the past months, Coinbase.

Captain Corporate

hero member

Activity: 2086

Merit: 575

If we keep pushing this much then we are going to end up with trouble one way or another, I mean it may not be right away tomorrow, but it looks as if people are not worried about anything at all and willing to let it go down, there is no "wish" to keep it high, I mean sure maybe wishing but nobody spending their money for it. Which is why its obvious why we are dropping so easily. Obviously the whole Binance and SEC thing had a huge part in this, but there weren't any big buyers or buying rush before that neither, so we can't put the whole blame on that. We need some sort of hype, a market rush so that people would be more willing to buy, when that doesn't exists, there is really nothing that would make the price go up and this is why I believe that we shouldn't be worried about it neither, just let it be as it is currently, eventually it will get better.

STT

legendary

Activity: 4088

Merit: 1452

I voted yes but phrasing moving average as support is not especially correct, its not a solid amount of volume but more about momentum. If we run contrary to this large tide or wave, it should mean we do bounce or retract but its not any absolute support by itself I think.
I'd rather look at the closing week price for Feb and going back a few other times this has been the peak since we fell especially in June last year. So now that area should be support, its about this price 24k or so.

imamusma

hero member

Activity: 1386

Merit: 731

Leading Crypto Sports Betting & Casino Platform

Quote from: justdimin on June 05, 2023, 01:35:03 PM

Obviously, it is because we have stayed on that price for a very long time now but in case the price fell off to $21k, I wouldn't totally say that it was a disaster since it was just a $6k drop and there are much worse than it e.g a $15k or $10k drop but people will just use to it eventually and will realize that it was a special opportunity given to them. Don't worry, the $36k that you assume is only easy for BTC.

Remember we already crossed $30k last time but even if not $36k, let say $35k is only the max we get for a while, I will still consider this a bullish move. A real bearish move is when the price moves in a downward position. There are inflations but I think it's also the reason on why people invest in crypto.

There should be no worries, but some people may have to adjust their investment plans during a correction.
I'm hoping to do some accumulation at the early of the month especially after the bitcoin price undergoing correction from the Binance case, yes $25k is support which I consider weak for now and I'm waiting for $24k to come. The bitcoin price is still moving sideways and of course not everyone will think this is negative.

About of $35k, I don't think I'm expecting it hit very soon before the $30k resistance is hit again. Let's hope the market does better ahead of the halving, it is very likely.

justdimin

hero member

Activity: 3164

Merit: 675

www.Crypto.Games: Multiple coins, multiple games

Quote from: redwine49 on June 04, 2023, 07:44:02 AM

Quote from: hugeblack on May 31, 2023, 05:13:40 AM

Stability above 30k as it was a support level for a long time is the problem, so I think we have reached the breakeven point where the price cannot exceed the range of 26.3k as a bottom and 32k as a top, even the news coming from the Federal Reserve no longer moves the markets significantly, so without any news I don't expect anything to happen, at least for the next three months.

we will see what happen next. no, i think this is the support level 27k if we fall below 21k it will be disasster. as long as bitcoin can't break 36k i remain bearish.
the USD inflation rate is 5% per month. this is not good for crypto too and tether is rock and roll starting from january this year, while the other stablecoin reduce their number of tokens

Obviously, it is because we have stayed on that price for a very long time now but in case the price fell off to $21k, I wouldn't totally say that it was a disaster since it was just a $6k drop and there are much worse than it e.g a $15k or $10k drop but people will just use to it eventually and will realize that it was a special opportunity given to them. Don't worry, the $36k that you assume is only easy for BTC.

Remember we already crossed $30k last time but even if not $36k, let say $35k is only the max we get for a while, I will still consider this a bullish move. A real bearish move is when the price moves in a downward position. There are inflations but I think it's also the reason on why people invest in crypto.

Topic: Bitcoin price bouncing from 200 Week MA (Read 280 times)