Bullish outlook for BTC - will it last?

splacque

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Quote from: magneto on September 11, 2018, 06:29:24 PM

Quote from: dennisch123 on September 02, 2018, 01:52:20 AM

RSI at 62, major trend lines crossing soon around $7600, then a dip to $6500 and then moon?

That's what this article says: https://www.cryptonewsinc.com/a-bullish-start-of-september-for-bitcoin-will-it-last/

Agree or disagree?

The prediction about the dip was pretty accurate. At the time, I expected that to happen as well, even though some people within the market thought that it was going to be a long term trend reversal.

I probably disagree with the prediction regarding the rebound, however.

Personally, it's more likely at this point to see prices continue to dip until a new bottom is found or $6k support is tested again, compared to prices going straight up "to the moon". With such bearish sentiments still remaining in the market, it's almost impossible for a bull market to emerge at this stage. Expect sideways movements and small corrections in the next few months.

Yeah! And so far so good, we have traded below the $6500 region for some days now and I certainly believe that an bounce from here at all would likely be a short term bounce as long as we are still below the trend line and based on the falling wedge, the chances of the market going a little bit lower than where we are presently is kind of certain, but we will get to see over time. Any break below $5860 should definitely be sending us quickly to as low as $5k or a bit lower.

zazarb

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There is no real answer for this question. In this market you can only predict but you will never be hundred percent correct. And it is not looking like bull market are happening right now.

TravelMug

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Quote from: millensharon8 on September 15, 2018, 09:01:35 AM

Quote from: Efiraboy on September 15, 2018, 07:26:24 AM

Quote from: talkbitcoin on September 07, 2018, 03:36:52 AM

the overall outlook for bitcoin is bullish and it will remain that way but in the short term it is currently impossible to predict what kind of market we are going to have unless price can break some of the major resistances such as $8000 for example then we can be more confident about the trend that bitcoin is following. for now it is sideways with a very strong bottom at $6k.

The overall outlook of bitcoin may be bullish as people certainly want it to be bullish, but nothing is actually guaranteed or certain yet at this moment. Sure, the $6k region has been holding and a new trend starting from there, might actually help see if the trend line will end up being broken upward to start a new trend or not.

Certainly, all we have is the time and trend to know where the market leads eventually but seeing the quick reactions of bear recently, I would not be too optimistic.

Right! A small movement in the market right now is not a depiction of bullish movement. Moreover, the only way I will be very bullish right now is if we close weekly above 7k.
Secondly, the bears are still very strong and sometimes these days, trading the market requires a little bit of carefulness with how fast the bears can strike. Time though is all we have now.

Of course, a +/- 5%-7% is not a clear depiction of a bullish movement. There are thousands of traders around + the whales who can moved the price is either direction. We don't need to jump and get excited for a sudden bump because it can be wipe out in matter of minutes, just remember what had happened a few weeks ago, $6500-$7300 and then boom, in just 30 minutes all weeks of hardwork pushing the price to that level is gone!!!

For it to say that bearish trend is at least at the tail end is that bitcoin touch $10K and sustain that price along the way.

millensharon8

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Quote from: Efiraboy on September 15, 2018, 07:26:24 AM

Quote from: talkbitcoin on September 07, 2018, 03:36:52 AM

the overall outlook for bitcoin is bullish and it will remain that way but in the short term it is currently impossible to predict what kind of market we are going to have unless price can break some of the major resistances such as $8000 for example then we can be more confident about the trend that bitcoin is following. for now it is sideways with a very strong bottom at $6k.

The overall outlook of bitcoin may be bullish as people certainly want it to be bullish, but nothing is actually guaranteed or certain yet at this moment. Sure, the $6k region has been holding and a new trend starting from there, might actually help see if the trend line will end up being broken upward to start a new trend or not.

Certainly, all we have is the time and trend to know where the market leads eventually but seeing the quick reactions of bear recently, I would not be too optimistic.

Right! A small movement in the market right now is not a depiction of bullish movement. Moreover, the only way I will be very bullish right now is if we close weekly above 7k.
Secondly, the bears are still very strong and sometimes these days, trading the market requires a little bit of carefulness with how fast the bears can strike. Time though is all we have now.

Efiraboy

jr. member

Activity: 73

Merit: 1

Quote from: talkbitcoin on September 07, 2018, 03:36:52 AM

the overall outlook for bitcoin is bullish and it will remain that way but in the short term it is currently impossible to predict what kind of market we are going to have unless price can break some of the major resistances such as $8000 for example then we can be more confident about the trend that bitcoin is following. for now it is sideways with a very strong bottom at $6k.

The overall outlook of bitcoin may be bullish as people certainly want it to be bullish, but nothing is actually guaranteed or certain yet at this moment. Sure, the $6k region has been holding and a new trend starting from there, might actually help see if the trend line will end up being broken upward to start a new trend or not.

Certainly, all we have is the time and trend to know where the market leads eventually but seeing the quick reactions of bear recently, I would not be too optimistic.

dennisch123

newbie

Activity: 131

Merit: 0

Quote from: pooya87 on September 02, 2018, 10:35:29 PM

i am not really good at TA because i don't like it but what you said doesn't make any sense to me at all!
you are basically expecting this slow and strong rise with a decent buy support to go to $7600 and the whole process would take a long time. then you expect it to have a huge drop, it is not just the size, the size of the drop is not that big it is huge because you are expecting a drop way below a major resistance at $7000!
if there is a bull run then there will be enough buy support to keep the price above $7k and if there is not, a drop back to $6500 is NOT going to be followed by "the moon"!

I had to revisit my own post, when you look at the chart and the lines I've drawn they cross at $6500 at the end, so there will most likely be a big break out at that point.

Mark 13 October on your calendar and revisit this post to see how (in)accurate it is.

dennisch123

newbie

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Merit: 0

Quote from: magneto on September 11, 2018, 06:29:24 PM

The prediction about the dip was pretty accurate. At the time, I expected that to happen as well, even though some people within the market thought that it was going to be a long term trend reversal.

I probably disagree with the prediction regarding the rebound, however.

Personally, it's more likely at this point to see prices continue to dip until a new bottom is found or $6k support is tested again, compared to prices going straight up "to the moon". With such bearish sentiments still remaining in the market, it's almost impossible for a bull market to emerge at this stage. Expect sideways movements and small corrections in the next few months.

I'm not sure where I pulled this $6500 from now that I think about it. I must've felt bullish at the time

$6800 was crucial and once that gets broken it could just as well go to $6000 - $5800, heck even $5100 would be possible.

What bothers me right now is that all the alts are dropping while bitcoin is remaining stable in the $6100-$6300 range.

The reason if bothers me is because what IF bitcoin does crash to $5000, what affect would that have on all those alts....

EDIT:

Had to revisit that article, now i see where this $6500 comes from, it's at the end of this narrowing triangle where the lines cross, so eventually that could still be the point where it eventually breaks out, right now that line is at $6100-$6200, but it's a ascending line.

dennisch123

newbie

Activity: 131

Merit: 0

Quote from: Kakmakr on September 06, 2018, 02:02:01 AM

If rumours are true and there are some whale dumping 1000's of coins on major exchanges, then we are going to see a slight decrease in the price of bitcoins, until the market absorbed all those coins. Angry

I cannot understand why a whale will intentionally want to crash the price, by doing it in this way. I would have rather used OCT trading with more privacy and zero slippage, but I figure this person wants to intentionally hurt the price. Huh

It would be sad, if this was true. Angry

How can't you understand why people want to crash the price intentionally?

Hint: Illiquid market.

magneto

hero member

Activity: 1666

Merit: 753

Quote from: dennisch123 on September 02, 2018, 01:52:20 AM

RSI at 62, major trend lines crossing soon around $7600, then a dip to $6500 and then moon?

That's what this article says: https://www.cryptonewsinc.com/a-bullish-start-of-september-for-bitcoin-will-it-last/

Agree or disagree?

The prediction about the dip was pretty accurate. At the time, I expected that to happen as well, even though some people within the market thought that it was going to be a long term trend reversal.

I probably disagree with the prediction regarding the rebound, however.

Personally, it's more likely at this point to see prices continue to dip until a new bottom is found or $6k support is tested again, compared to prices going straight up "to the moon". With such bearish sentiments still remaining in the market, it's almost impossible for a bull market to emerge at this stage. Expect sideways movements and small corrections in the next few months.

talkbitcoin

legendary

Activity: 1372

Merit: 1032

All I know is that I know nothing.

the overall outlook for bitcoin is bullish and it will remain that way but in the short term it is currently impossible to predict what kind of market we are going to have unless price can break some of the major resistances such as $8000 for example then we can be more confident about the trend that bitcoin is following. for now it is sideways with a very strong bottom at $6k.

Ava Duvall

jr. member

Activity: 154

Merit: 1

Quote from: Ebeano on September 06, 2018, 03:40:38 AM

No one can say.
Butcoin is highly volatile and so unpredictable.

That's true, but everyone know what they are getting into.

Renai0925

full member

Activity: 268

Merit: 100

It's really tempting to believe in this news but basically it has been like this since bitcoin has dropped a lot in price. It goes up then down constantly so that's ok but to moon after a drop to $6500 is asking for a lot but a very welcome comeback nonetheless.

buwaytress

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Quote from: ubercool on September 06, 2018, 04:37:32 AM

Quote from: Pursuer on September 06, 2018, 04:15:34 AM

similarly the 111kBTC had the potential to become similar but the market did not react to it. part of speculation is speculating that drop but also waiting to see if you were right about it or not.

I was also thinking about the 111kBTC and Had put shorts at 7.3k

I was just lucky I guess but the market is highly volatile so should wait for the time.

But see, the market may not have reacted to the 111k BTC news, but at the back of their mind they were certainly thinking about it. Whale's gotta be wise right? People would be thinking about that 111k BTC wallet even though it would have been (or rather, was) a drop in the ocean of daily trading volume haha and that just maybe, maybe, helped them make the sell decision.

Quote from: ?? on ??

I think the bullish trend will last throughout the year without facing any significant pull backs. The community has finally backed Bitcoin up to get it to the level where it is right now after the fall which was caused by rejection of ETF. Don't think the support will end so prematurely.

Not sure which Bitcoin charts you've been watching buddy. This latest pullback was significant, and wasn't the first time this year. Wise bets on it not being the last.

It seems irrational, but only if you haven't accepted that we entered a long period of stabilisation and we're nowhere close to being out of the woods.

LimePleasant

newbie

Activity: 64

Merit: 0

As much as I don't ever follow any technical analysys, I do try to find reason for every major price movement even in the current bear market and am very sure after some time Bitcoin will return in full glory.

lamcouz

member

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Merit: 10

Hey man you are definitely right. Some newbies thinks that trading is like a walk in a park which is not. Lot of traders lose lots of money, sometimes they lose more than what they've initially put in.

vgk88

full member

Activity: 728

Merit: 130

I also think that this collapse may be the last before a major rise. I think that by the New Year the price will be good. I think the price will be at least 10,000 for the New Year.

ETHTachometer

newbie

Activity: 52

Merit: 0

I am very noob with the trade analysis and the terms used in it. I saw a lot of them during the recent bearish trend and tried to figure out the terms myself but sadly, there was no luck. I hope someone here would be generous enough to explain the whole scenario to me. I am still learning, please be kind!

BTCHeadstone

newbie

Activity: 80

Merit: 0

I don't think the pull back that the article is talking about valid for the bullish trend which we are in right now. According to wave's theory the bullish trend will continue till there's significant change in the volume of Bitcoin market and since the volume is quite stagnant right now, I don't find a reason why it should see a dip to $6,500.

Sandus_Cryptolover

jr. member

Activity: 482

Merit: 3

Quote from: dennisch123 on September 02, 2018, 01:52:20 AM

RSI at 62, major trend lines crossing soon around $7600, then a dip to $6500 and then moon?

That's what this article says: https://www.cryptonewsinc.com/a-bullish-start-of-september-for-bitcoin-will-it-last/

Agree or disagree?

Most times TA doesn't really work much in predicting the outcome of the prices of Bitcoin or altcoins. Best best is to leverage on the price lag to make few profits. Against all, Bitcoin will always give profit depending on when you get in.

Monyong

newbie

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Merit: 0

The market situation is fluctuating, but Bitcoin has the advantage of being able to maintain its positivity and that is because the nature of bitcoin volatility is very high so bitcoin will definitely rise again

Topic: Bullish outlook for BTC - will it last? (Read 534 times)