BTC breakout - page 2. | Bitcointalksearch.org

magneto

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Quote from: okala on February 16, 2018, 12:55:00 AM

Quote from: Crytptohack on February 14, 2018, 08:18:10 AM

BTC broke above the 9017 resistance point which was a low produced on January 17th, 2018 from the GDAX exchange.

The next resistance level is 9499 which was a high point on Feb 3rd before the last drop.

Why is this important? Because BTC will be producing higher highs and higher lows which is the definition of an uptrend. This suggests that the previous low MAY have been the bottom price for 2018.

I say _may_ because BTC is still in the downwards trend channel. Once it breaks out an over the upper trend line, I speculate that it's off for a bullish (and volatile) run for 2018.

$9,499 has been broken without mush resistance and the bears do not put up much figh at that level. A's at the time of making this post bitcoin's price is $10,107! I see the next fight around $10,250 if here is broken then I will believe that the bullish trends has commence.

Yep. We're currently down a few hundred dollars from today's high, though. I think that markets are still preparing for a full on bull ride, and right now it's just not ready for that kind of action yet.

Support at $10k hasn't been fully established yet, for bitcoin to continue its way up.

Give it some time, though. We're in the classic adjustment phase and when that passes, we'll see some bullishness once again. Short term speaking, I can see alts going down a bit from the high. Right now bitcoin dominance is still below 40%, it'll correct itself soon.

okala

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Quote from: Crytptohack on February 14, 2018, 08:18:10 AM

BTC broke above the 9017 resistance point which was a low produced on January 17th, 2018 from the GDAX exchange.

The next resistance level is 9499 which was a high point on Feb 3rd before the last drop.

Why is this important? Because BTC will be producing higher highs and higher lows which is the definition of an uptrend. This suggests that the previous low MAY have been the bottom price for 2018.

I say _may_ because BTC is still in the downwards trend channel. Once it breaks out an over the upper trend line, I speculate that it's off for a bullish (and volatile) run for 2018.

$9,499 has been broken without mush resistance and the bears do not put up much figh at that level. A's at the time of making this post bitcoin's price is $10,107! I see the next fight around $10,250 if here is broken then I will believe that the bullish trends has commence.

Crytptohack

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Quote

upload them to imgur.com i find it much easier to use and it always shows up easier than other photo sharing sites.

Thanks for the tip, I used Imgur to host the images. (I did see the chart that I initially uploaded, it appears and disappears)

Crytptohack

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Here is an update from this evening, 19:00 PST.

I have a Heikin Ashi overlay on the candlesticks which makes the trend on the chart easier to see, Green - bullish, Red - bearish. There is a little algorithm in the Heikin Ashi overlay, so each bar does not always represent one day.

You can see that BTC easily took out the 9017 and 9499 levels. (Price is from the GDAX exchange) It is creating higher highs and even though it is in a bullish trend, it is still not out of the downwards channel.

Here is a 4 hour chart with the 10K level loaded in. I put it in because it is a significant 'round' number which would typically be a resistance point.

There is some pretty good volume in this bullish leg, something that was missing from the previous bullish trends since the peak in December 17. (Some big $$$ is making it's way into BTC)

If BTC should continue the bullish trend, the upper trend line is near 11K which would definitely be a resistance area. IF it does bounce off of the trend line, 10K should be support. It's all speculation, so we shall see.

The low price for BTC in 2015, 16 and 17 was in January. In 2018 it _MIGHT_ have be in February, the 6th to be exact.

serjent05

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Quote from: tomahawk9 on February 15, 2018, 10:51:29 AM

It seems like the market only needed a little push to go past the previous resistance level, and I'm pretty sure that push was the beginning of the Chinese New Year (it is not a coincedence that the recent spike in the price matches the date of the CNY).
I'd dare to say that we might be on the verge of a new bull run, though it might be too early to say.

Quote from: fulmetal08larz on February 15, 2018, 10:22:54 AM

If this momentum with BTC price rising, it is possible that we may see another $15k breach by end of February.

I'm with you, perhaps we're being bullish, but I think a $5k increase in the next couple weeks doesn't sound that crazy if the uptrend continues, especially if FOMO kicks in.

It is reasonable considering the previous ATH of Bitcoin. Increasing 5k on the next couple of weeks can be expected. I believe whales had completed its accumulation stage and now wants to cash out profit so they will probably do the best they can to hype Bitcoin so that FOMO will kick in. The best time to do it because of the upcoming lightning network update. FUD gone, hype is increasing, FOMO kicking in together with the scalability issue solved. What else to expect?

tomahawk9

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It seems like the market only needed a little push to go past the previous resistance level, and I'm pretty sure that push was the beginning of the Chinese New Year (it is not a coincidence that the recent spike in the price matches the date of the CNY).
I'd dare to say that we might be on the verge of a new bull run, though it might be too early to say.

Quote from: fulmetal08larz on February 15, 2018, 10:22:54 AM

If this momentum with BTC price rising, it is possible that we may see another $15k breach by end of February.

I'm with you, perhaps we're being bullish, but I think a $5k increase in the next couple weeks doesn't sound that crazy if the uptrend continues, especially if FOMO kicks in.

cynical

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Quote from: fulmetal08larz on February 15, 2018, 10:22:54 AM

If this momentum with BTC price rising, it is possible that we may see another $15k breach by end of February. Good news are spreading everywhere now and new players are entering the market. The chart is already showing bullish divergence and the whales are already creating waves in the market.

Its funny how the market reacts to good news, people get more confident and dont want to miss the rolling snowball,

While looking at the last week on cpoinmarketcap the price has risen for over a week now and has come a long way from a low of nearly $6000 last week to €9904

we could be looking at the snowball making its run downhill Wink

BrewMaster

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Quote from: Crytptohack on February 15, 2018, 12:21:50 AM

The chart that I posted previously has some type of error and is not showing (It was before). I did a quick search and I found that the photo is size limited, so I reduced the size but still have problems re-uploading it. I'd like to post up another updated chart b/c the price hit $9745 on GDAX which surpassed the $9499 level.

upload them to imgur.com i find it much easier to use and it always shows up easier than other photo sharing sites.

Quote

If the bullish trend continues, I'd suspect a pause at the 'round' number of 10k. The upper (descending) trend line is around 11.1k or so and this would definitely be a resistance point.

i also think $10k may be "weird" with some ups and downs like always. as if bitcoin is playing jump rope with the price.
but above that i don't think it will go around $11k,... it may go up so much faster because of how FOMO always works with bitcoin.

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Quote from: timerland on February 15, 2018, 12:55:16 AM

Quote from: Crytptohack on February 14, 2018, 08:18:10 AM

BTC broke above the 9017 resistance point which was a low produced on January 17th, 2018 from the GDAX exchange.

The next resistance level is 9499 which was a high point on Feb 3rd before the last drop.

Why is this important? Because BTC will be producing higher highs and higher lows which is the definition of an uptrend. This suggests that the previous low MAY have been the bottom price for 2018.

I say _may_ because BTC is still in the downwards trend channel. Once it breaks out an over the upper trend line, I speculate that it's off for a bullish (and volatile) run for 2018.

Bitcoin has already broken both of these resistances.

I think that we're off to a good start. The rumors that people were generating about the Chinese New Year seems to be true at the moment. Obviously right now, if we can hit $10k, then the uptrend will pretty much be confirmed.

Even if BTC goes down, I doubt that it'll break the $6k low. That January low should stay there as the year's low for at least a few more months as bitcoin continues to recover. This is why you never sell into FUD, guys.

Agreed on breaking resistance, although I would probably still be conservative on chances of maintaining that resistance. I recall buying volumes over the past 2 weeks suggesting for a sustained uptrend only for lines to retreat again.

But if I take the general sentiment to be self fulfilling, then there's absolutely a swing in opinion across most speculators I'm following and that would carry prices through 10k within this month, if not by the weekend.

@op, volatility? That's the constant!

fulmetal08larz

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If this momentum with BTC price rising, it is possible that we may see another $15k breach by end of February. Good news are spreading everywhere now and new players are entering the market. The chart is already showing bullish divergence and the whales are already creating waves in the market.

timerland

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Quote from: Crytptohack on February 14, 2018, 08:18:10 AM

BTC broke above the 9017 resistance point which was a low produced on January 17th, 2018 from the GDAX exchange.

The next resistance level is 9499 which was a high point on Feb 3rd before the last drop.

Why is this important? Because BTC will be producing higher highs and higher lows which is the definition of an uptrend. This suggests that the previous low MAY have been the bottom price for 2018.

I say _may_ because BTC is still in the downwards trend channel. Once it breaks out an over the upper trend line, I speculate that it's off for a bullish (and volatile) run for 2018.

Bitcoin has already broken both of these resistances.

I think that we're off to a good start. The rumors that people were generating about the Chinese New Year seems to be true at the moment. Obviously right now, if we can hit $10k, then the uptrend will pretty much be confirmed.

Even if BTC goes down, I doubt that it'll break the $6k low. That January low should stay there as the year's low for at least a few more months as bitcoin continues to recover. This is why you never sell into FUD, guys.

Borisov

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In General, I open you a secret) Bitcoin by the end of the week breaks 10 and is fixed there. all this will talk about the reversal of the trend and many who are hidden will enter , thus the price will go even higher! so who else thinks that we will go down to 7, that is mistaken, it was necessary to enter then-when such chance was given to you!

Crytptohack

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HodL!

The chart that I posted previously has some type of error and is not showing (It was before). I did a quick search and I found that the photo is size limited, so I reduced the size but still have problems re-uploading it. I'd like to post up another updated chart b/c the price hit $9745 on GDAX which surpassed the $9499 level.

If the bullish trend continues, I'd suspect a pause at the 'round' number of 10k. The upper (descending) trend line is around 11.1k or so and this would definitely be a resistance point.

As mentioned, hedge funds and pro traders are also watching this market and they like trends, either up or down. There is room to run in the current trend, so I'll speculate that more trading $$$ will be pouring in, at least for the time being.

pooya87

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Quote from: rayk on February 14, 2018, 11:51:13 AM

I think it can't break $10K and we will see another dip, down trend will probably continue till maybe summer. I hope it will break resistance levels and go new higs.

would you mind explaining why you think this is possible?

because the way dips work is usually in a way that price rises, tests the resistance if it doesn't break it then there is a fall. if it breaks the resistance that alone is like a global signal for buying, that is why they call it "breakout"! price rises fast after that at least for a while. and $10k is that resistance.

not to mention that as OP said bitcoin is starting to have higher highs and higher lows which is indication of a uptrend.

richardsNY

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Quote from: rayk on February 14, 2018, 11:51:13 AM

I think it can't break $10K and we will see another dip, down trend will probably continue till maybe summer. I hope it will break resistance levels and go new higs.

It's too much of an exaggeration to consider a down trend to be a realistic forecast. It might not be able to break through $10k initially, maybe not even with a second attempt, but eventually it will if the short term demand is there. Currently we have gone through $9.5k which might indicate that the market is ready for a further bump, but we'll see what happens. I don't mind the market to remain below $10k for a longer while, and I don't mind the price to jump over $10k for good. I am prepared for whatever the market comes up with, so I am good.

JL421

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Hell yeah it's finally happening after more than 2 months bitcoin is rising again I'm so happy right now i just have a feeling that price might fall again one more time , i saw on coindesk or somewhere that people are purchasing more bitcoin than normal there is a chance they sell it and it causes a downfall again I'm not completely sure about thia news

eminemcookie

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The resistance around 9k had already been tested on 2/3 occasions before being broken, I actually perceive that to be a stronger sign than if it were to be broken at the first attempt. It shows that the market is managing to regain strength despite facing adversity and that gives me hope that we can keep breaking through resistance levels for a while yet. I think if/once we break 10k there won't be much resistance back towards the 12-13k price level.

rayk

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I think it can't break $10K and we will see another dip, down trend will probably continue till maybe summer. I hope it will break resistance levels and go new higs.

Crytptohack

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Quote from: hase0278 on February 14, 2018, 08:46:17 AM

Quote from: Crytptohack on February 14, 2018, 08:18:10 AM

BTC broke above the 9017 resistance point which was a low produce on January 17th, 2018 from the GDAX exchange.

The next resistance level is 9499 which was a high point on Feb 3rd before the last drop.

Why is this important? Because BTC will be producing higher highs and higher lows which is the definition of an uptrend. This suggests that the previous low MAY have been the bottom price for 2018.

I say _may_ because BTC is still in the downwards trend channel. Once it breaks out an over the upper trend line, I speculate that it's off for a bullish (and volatile) run for 2018.

I am glad that you have presented a good speculation there but on what grounds do you base your facts on? Is it only because of price movements in the past few months? If that is the case then your speculation have low chance of it happening since bitcoin price cannot predicted merely by looking at charts and past price movements alone. It needs to also be backed by good and bad news(upcoming ones) and other factors for a more accurate guessing.

This was answered already by the person that replied, but yes I am specifically using technical analysis as a basis to form my opinion/speculation. My facts are the price levels on the charts over the last few weeks, specifically since the February 6th low. (Which I also speculate was the low for 2018. Why? Because of the volume around the spike low, it was the highest since the December peak)

With hedge funds and large banks involved with BTC, there are a lot of traders looking at the charts and speculating accordingly. They have large amounts of capital to accumulate positions and they typically look for trends on the charts. I know that a lot of people have not learned technical analysis and most do not need to, especially if one purchases an hodL's. But it is useful to find lows for purchasing, even if you are not a trader.

I know that reading price support / resistance levels are hard to visualize on a forum, so here is a 4hr chart that I am looking at.

peter0425

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Quote from: YuginKadoya on February 14, 2018, 09:40:10 AM

As of now the Price of bitcoin is $9,218.82 USD and as you say that the next resistance level would be at $9499 and I really think we can break through from that resistance And if your speculation was base on the TA chart it can be pretty accurate but unless there were negative news that happens again or a continues people spreading a lot of FUD in the community.

Exactly, it will be just a matter of days to break the $9499 is that's what the chart is pointing. Why? Breaking $9K was not to be expected at this early, speculators says that it will happen after the celebration of Chines New Year. Is this another bull trap again or this for real?

In my view, this is the start of the rally that we all have been waiting for. Right before the end of the Chinese New Year, it will break and test $10K and never look back. That's how I see it.

Of course, FUD will always be present in this market, its how we respond and react to them that will make the difference.

Topic: BTC breakout - page 2. (Read 700 times)