Bitcoin Up Move Incoming - page 4. | Bitcointalksearch.org

yudi09

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Quote from: Natsuu on October 04, 2023, 02:12:07 PM

I expect it to be a fake move. For me this early month of October coming to early November, we might see price still trading lower. And then late November coming to December would be an upmove. For me we're still in a bearish trend. unless there's good economic news that would drive BTC's price higher to $32K with a fast bullish candle, only then I can tell that my initial analysis would be wrong and more likely to be on the upside.

That's how my analysis works. Embracing uncertainty. If this..then this... We're only adapting with the current market condition.

The current market action in 7 days can be seen that the graph starting 1 Oct is already above the price that occurred in the last four days of September. Market price movements don't just happen like a magician performing an act in public. Market price movements and declines can occur in different ways depending on how much demand there is.
Developing news is one of the causes of rising and falling prices, but basically rising and falling prices really depend on supply and demand.
The bitcoin market is currently trying to reach the $28k price support. If sales levels are still high, it is difficult to increase.

Nrcewker

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Quote from: goaldigger on October 04, 2023, 04:59:08 PM

This could be the start of the reverse trend, and Bitcoin needs to sustain this momentum or else another false breakout. Let’s continue to monitor the price trend because we might see more green candles this Month as most of the indicators are showing a great uptrend. If there’s more good news to support this then we can easily reach that $30k mark again.

Yes more green candles are surely expected this month. After one or two weeks, the outcome can be seen more clearly. The chart provided by the OP have some mixed results to be honest. But yes as we can see some great green candles, so it will lead to positive news only. Moreover we also know that next year will be the most important year for Bitcoins, so yes by the end of this month Bitcoins have to cross 30k usd mark. Let’s hope for the best now.

davis196

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It's perfectly fine for the price to get back to 30K USD. The problem is that there's won't be any support for a price pump above 30K.
At 30K many traders and some HODLers will start selling BTC, which will push the price down to 25-27K USD.
A small price pump with 2-3K dollars isn't such a big deal. Bitcoin is volatile and such price pumps and drops are something normal.
I don't expect any major pumps in the BTC market by the end of 2023. The market will be pretty quiet, unless there are some bad news about Binance or another big centralized crypto company goes bankrupt.

Dave1

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Quote from: goaldigger on October 04, 2023, 04:59:08 PM

This could be the start of the reverse trend, and Bitcoin needs to sustain this momentum or else another false breakout. Let’s continue to monitor the price trend because we might see more green candles this Month as most of the indicators are showing a great uptrend. If there’s more good news to support this then we can easily reach that $30k mark again.

That is the best question, we have twice or thrice reach $31k, but it seems that we can't have that sustainable run. It seems that short term speculators are making a sell in this price point, just to get some profits. So obviously, the price goes down hard again and then we goes on a another months of moving on a sideways pattern. But we can't do anything about it, I mean we are in the bear market so the chance of another great sustainable run is slim. Although if we look at bitcoin's past historical logs, October seems to be a good month and it might coincide with the technical analysis of the OP.

Yaunfitda

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Quote from: Tytanowy Janusz on October 04, 2023, 09:14:23 AM

Quote from: ImThour on October 04, 2023, 08:53:16 AM

Let me know what do you think is about to happen.

This looks good, beside Fib, the short-term downward trend that has been going on since June has been broken. It should be noted, however, that the movement is not supported by volume, and there is strong resistance ahead at the levels 28.5k-29k, which may constitute the frame of the H&S formation.

Yeah, volume is weak for this run, however, it's good that we have seen some movements above $27k or even as far as going to $28k. So I guess the first resistance level will be $28k and if we go there, we will have to see if it can maintain its course or totally collapse again as just like any other retest that we have in the last couple of months.

Quote from: Tytanowy Janusz on October 04, 2023, 09:14:23 AM

So we have to be careful, but the situation is certainly better than in recent weeks.

We need to be very cautious, but for long term holder, I think still good to do and continue our DCA. But for short term traders, it's going to be very difficult on how to squeeze some profits down the line or at least for this month alone.

arwin100

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Quote from: naira on October 05, 2023, 02:57:49 AM

Quote from: ImThour on October 04, 2023, 08:53:16 AM

As the topic title says, here is a Daily Timeframe chart that shows how Bitcoin broke the resistance trendline and is now at a great 0.33 Fibonacci support level.
It will be going up for sure from here and the first target will be the 0.66 Fibonacci Level i.e. $29.4k and then $31k.

If I'm not mistaken among the crypto community, usually the month of October is often called Uptober, which is proven by the October cycle. Indeed, there were several Octobers that were in fact bearish. Regardless of the basis for this increase, I think the speculation out there is a reference to the tradition that investors in October always show aggressiveness in accumulating, whether in Bitcoin or altcoins. I hope that this trend really happens, provided that we also need to prepare ammunition to take advantage of every increase or decrease that occurs. Bitcoin adoption continues to skyrocket, indicating that Holdling preparations are increasingly promising.

There's a high possibilities that this uptober you called happen if there's big event awaited by many investors and since halving is coming for sure this is the event where people think about to accumulate. So maybe its slowly starting to happen that's the reason why we see some upper trend movements towards bitcoin. Although it price reverse a little bit but I'm confident that we can see more of it and maybe it can break to $30k on next month.

Month of November and December maybe an exciting month since this might be a deciding factor by majority to see if they can see some good price to set on next year since if good actions happen in this month maybe this is one of the reason why a bull run will be triggered to happen on first or second quarter next year.

naira

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Quote from: ImThour on October 04, 2023, 08:53:16 AM

As the topic title says, here is a Daily Timeframe chart that shows how Bitcoin broke the resistance trendline and is now at a great 0.33 Fibonacci support level.
It will be going up for sure from here and the first target will be the 0.66 Fibonacci Level i.e. $29.4k and then $31k.

If I'm not mistaken among the crypto community, usually the month of October is often called Uptober, which is proven by the October cycle. Indeed, there were several Octobers that were in fact bearish. Regardless of the basis for this increase, I think the speculation out there is a reference to the tradition that investors in October always show aggressiveness in accumulating, whether in Bitcoin or altcoins. I hope that this trend really happens, provided that we also need to prepare ammunition to take advantage of every increase or decrease that occurs. Bitcoin adoption continues to skyrocket, indicating that Holdling preparations are increasingly promising.

Silberman

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Quote from: Fundamentals Of on October 04, 2023, 09:17:47 PM

This is the daily time frame. Zooming out a little might suggest us a different possibility. I am not expecting a breach on $30,000 anytime soon, not even within the month. But I hope I'll be surprised. The month opened with a bullish note. It was just the second day of Uptober when the price went beyond $28,000. There was a correction immediately after that. The rise wasn't sustained. I was expecting that. Hours ago there was another attempt to be back at $28,000. It wasn't successful. I'm expecting the price to just dance around this level.

There is a slight, almost imperceptible upward movement on the charts, but it is too weak to be called a trend or even a correction, the 30k resistance level has been a formidable opponent and most likely this is going to remain the case for a long time, and while this could be exasperating for traders, this is great news for long term holders as they can buy bitcoin for a relatively stable price on the upcoming months and prepare themselves for the upcoming halving.

adaseb

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Those aren’t fib levels, the main fib levels are 0.382,0.50,0.618,0.768 etc. I have never seen anyone use these fib levels.

Also fib doesn’t work well for crypto I find. It might work long term such as daily or weekly but on a lower time frame than that it doesn’t work. It works best for stocks usually on the higher time frames.

LogitechMouse

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Price movement history.

From 2019-2022, the price of Bitcoin during the month of October always goes up month to date, so there's a high chance that it will happen again this month. In the last 13 years, 9 times Bitcoin has gone up during the month of October. Bitcoin must surpass the $30,000 price resistance, so that we might see something different towards to it. I mean Bitcoin has been moving sideways for quite some time already. Many are just waiting for some catalysts that might've push the price either up or down. Well, we're only a few months away from the Bitcoin halving to happen (estimated to happen in April next year).

The bad thing though is that, in the last 2 years, the price of Bitcoin during the month of November, and December is down. I will not be surprised if it will happen again this year, but nevertheless, I expect a bullish movement towards the price of Bitcoin at least this month.

Sebas.tian

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I think, $31,000 is possible for investors to see because the market is still displaying green candle to keep investors hope alive by continue holding their Bitcoins for that particular price of their choice to come to pass when the price hit higher. Based on what am observing from the chat, show that bearish season is about to disappear from the market for bullish season to roll in for those that invested in a low price to begin to get ready to supply when the price increase higher again. Since we have experienced $30,000 in this year 2023, I believe something good will definitely happen before the end of December that will make investors to accept that next year will be a massive bullish for both long term investors and short term investors.

Husires

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Reaching the $30,000 level is very important before the end of the year. All Moving Averages give a strong buy signal, which means that we will test 31,400 again, but given the state of the economy, the momentum occurring, and the lack of new variables, there is nothing that leads me to believe that there is something different now from what happened in 13 /July, where the price approached 31,500 before returning again to decline.
We are moving away from repeatedly touching the bottom, but it is not a bullish signal yet.

Fundamentals Of

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This is the daily time frame. Zooming out a little might suggest us a different possibility. I am not expecting a breach on $30,000 anytime soon, not even within the month. But I hope I'll be surprised. The month opened with a bullish note. It was just the second day of Uptober when the price went beyond $28,000. There was a correction immediately after that. The rise wasn't sustained. I was expecting that. Hours ago there was another attempt to be back at $28,000. It wasn't successful. I'm expecting the price to just dance around this level.

STT

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Longest term trend I have is a channel and we're near the top of that channel right now which means I think we'd have to break out and out perform prior BTC action for the last year or so to do immediately better in the price. That is possible but Im also looking at negative markets and wondering for the motivation on BTC doing better then that negative backdrop. I wouldnt guess on stellar performance just yet, I think if we stay in this area thats our positive move because often we lose gains so I would like to just retain them.
Draw a line in the sand at 27314 and if we keep above that level as our daily closing low, call it a positive market. As for how well we do I dont know but I do think still quite a bit more neutral then people hope for.

OgNasty

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I hope you are right. I was expecting to end the year closer to $40K so I would expect an upward move to happen soon. It seems like the price isn’t following the hype with the halving in the way, but it is still a little bit early. Once the talk around the halving gets louder I think we’ll see increased investment and a rising price.

Wiwo

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We are gradually climbing out of the resistant levels and since the last two months the price of Bitcoin has been forced to stay down throughout the period with a lot of attempts to break even in the downtrend manner, but thank goodness Bitcoin was able to make another market mark since the beginning of this new month of October and this is something that we must commend the market for such a positive outlook for this month and if all things being equal, Bitcoin may make a new market benchmark mark that may see us even moving above the most speculated price limit of 31k that many analysts are predicting for the month of October.

So let's keep our fingers crossed to see what becomes the outcome of the current market realities and how best we tend to handle all of that stuff as regards to bitcoin market and its speculations, and how best we can fake position either it is it buying or selling position and we apply the DCA techniques.

goaldigger

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This could be the start of the reverse trend, and Bitcoin needs to sustain this momentum or else another false breakout. Let’s continue to monitor the price trend because we might see more green candles this Month as most of the indicators are showing a great uptrend. If there’s more good news to support this then we can easily reach that $30k mark again.

Natsuu

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Quote from: ImThour on October 04, 2023, 08:53:16 AM

As the topic title says, here is a Daily Timeframe chart that shows how Bitcoin broke the resistance trendline and is now at a great 0.33 Fibonacci support level.
It will be going up for sure from here and the first target will be the 0.66 Fibonacci Level i.e. $29.4k and then $31k.

Let me know what do you think is about to happen.

I expect it to be a fake move. For me this early month of October coming to early November, we might see price still trading lower. And then late November coming to December would be an upmove. For me we're still in a bearish trend. unless there's good economic news that would drive BTC's price higher to $32K with a fast bullish candle, only then I can tell that my initial analysis would be wrong and more likely to be on the upside.

That's how my analysis works. Embracing uncertainty. If this..then this... We're only adapting with the current market condition.

taufik123

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Quote from: Don Pedro Dinero on October 04, 2023, 10:53:13 AM

Quote from: ImThour on October 04, 2023, 08:53:16 AM

It will be going up for sure from here <...>

What degree of probability do you assign to the rise? Charts, however logical they may seem, can always fail. I tend to think quite probabilistically, even though I don't rely on charts as I invest for the long term, but I trust someone's prediction if he gives a percent estimate of the next market movement according to his analysis more than someone who says that the price is going to go up for sure, which would be the same as assigning a 100% probability. We have to think that there is a world outside the analysis, and a negative news can pull the price down.

Each analysis has its own probability and it cannot be determined only from a technical analysis.
There is no 100% probability, that every analysis will definitely have some errors or discrepancies with the current price reality.

There will be other factors that affect the probability of an increase in bitcoin prices such as Fundamental Analysis,
government regulations and several other influences.

You may rely on long-term investment, it is the best and there is no need to read the chart in detail.
All you need is to enter at the right time and then hold with a certain price target and certainly have money reserves to buy back.

But be aware that every investment or trade has its own risks.

Seeing how the Bitcoin market conditions in Q4 are currently, it is quite optimistic that significant price movements will occur soon.
October will be a reversal month that could be the beginning of Bitcoin reaching ATH again next year.

Tytanowy Janusz

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Quote from: Don Pedro Dinero on October 04, 2023, 10:53:13 AM

What degree of probability do you assign to the rise? Charts, however logical they may seem, can always fail. I tend to think quite probabilistically, even though I don't rely on charts as I invest for the long term, but I trust someone's prediction if he gives a percent estimate of the next market movement according to his analysis more than someone who says that the price is going to go up for sure, which would be the same as assigning a 100% probability. We have to think that there is a world outside the analysis, and a negative news can pull the price down.

news that appears out of the blue and changes the fate of the market, called a "black swan", is an unpredictable phenomenon that no one ever includes in statistics because it is unpredictable. The probability you are talking about, which you see in the analyses, relies on statistics (e.g. A falling wedge is a technical analysis pattern with a predictive accuracy of 74%. The pattern can break out up or down but is primarily considered bullish, rising 68% of the time.)

In other words, when someone gives the probability, it is not because he predicts that an unpredictable phenomenon may occur with a 30% probability XD

Topic: Bitcoin Up Move Incoming - page 4. (Read 555 times)