Overview of the Market - page 2. | Bitcointalksearch.org

slaman29

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Quote from: TheUltraElite on July 09, 2021, 01:14:12 AM

Quote from: MusaMohamed on July 08, 2021, 08:25:48 PM

Technically speaking, Bitcoin is in down trend. Technically only. Because chart can be manipulated and down trend is a preparation for future uptrend.

Charts are only 50-50 correct/incorrect. The real movements will only be seen when the time comes and not before that, otherwise every analyst would have been a millionaire. A deep downtrend can drive the market even lower so we cant comment absolutely but relatively only.

And they are only as correct or incorrect as the guy who builds them. The problem people forget about charts is that most people build them to prove what they think they want to see, not the other way around of building a chart and then studying it for clues about what should happen next.

And these are clues at the most, not even firm signals.

Tessnik

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The general cryptocurrency market is on a downtrend lately and bitcoin has relied on around $32k and $34k have shown that the bull market is gathering its momentum for the next bull run. The bear market is over bitcoin is in a total recovery phase.

TheUltraElite

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Quote from: MusaMohamed on July 08, 2021, 08:25:48 PM

Technically speaking, Bitcoin is in down trend. Technically only. Because chart can be manipulated and down trend is a preparation for future uptrend.

Charts are only 50-50 correct/incorrect. The real movements will only be seen when the time comes and not before that, otherwise every analyst would have been a millionaire. A deep downtrend can drive the market even lower so we cant comment absolutely but relatively only.

Quote

When everyone think Bitcoin will rise and rise without stop stations, corrections towards $100k, it has serious corrections that lasts since May.

Corrections are the rule. As a general thumb rule if bitcoin rises beyond its all time high then it is just a matter of time before the correction hits. Again the opposite happens but with a slower rate.

And I would not bank on 100k USD at such an early date. My current target for bitcoin will be to consolidate a level above 45k USD.

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So when people think Bitcoin bull run in 2021 is over, it will return.

Bull market or bear market, you cant deny the mainstream acceptance that bitcoin is gaining at this time and that is the difference of this year from previous years when bull trends had started but quickly dropped.

MusaMohamed

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Quote from: bonghip on July 07, 2021, 06:04:37 AM

Bitcoin now testing the uptrend line and need to hold above the uptrend line. We may see another retest of the resistance area. The decision time is coming and we will see a breakout soon either side. If #Bitcoin breaks in upward direction then we will see a good pump towards $38,000-$39,000. The major support on downside after the breakout is $29,000-$30,500.

Technically speaking, Bitcoin is in down trend. Technically only. Because chart can be manipulated and down trend is a preparation for future uptrend.

When everyone think Bitcoin will rise and rise without stop stations, corrections towards $100k, it has serious corrections that lasts since May.

So when people think Bitcoin bull run in 2021 is over, it will return.

michellee

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Hopefully, that will happen this month but if we check on the market, the price does not break $35k but down to the lower price we see this hour, the price is back to $32k. But the chance to back to $33k or more still there and we only need to wait and have patience. But we do not need to feel sad if, somehow, the price can not back to $40k this month because bitcoin will still have more times to increase in the future.

Desmong

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Quote from: Ayub83 on July 07, 2021, 04:07:36 AM

For the previous few days, Bitcoin has been stabilising between $31,000 and $40.000. The bulls are presently trying a rebound after the bears failed to keep the price below the range's support. The relative strength index's positive divergence suggests that bullish momentum is building.

Like we all know that indicators lags a lot and also using a single indicator to analyze the market is a poor way of seeing what the market has to offer. It would be much better to use couple of indicators to presume the future move of price, using just one which is likely to give false indication of market direction.
Looking as the way price is falling and rising is a sign of gaining momentum before the continuation of the bullish market.

TheUltraElite

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Quote from: bonghip on July 07, 2021, 06:04:37 AM

Bitcoin now testing the uptrend line and need to hold above the uptrend line. We may see another retest of the resistance area. The decision time is coming and we will see a breakout soon either side.

Agreed, the bulls are testing the levels and there is possibility of the uptrend to start. I believe everyone has passed on from the PTSD of some millionaires bearish on bitcoin and some countries banning mining and so on.

However as of this time bitcoin is down by -4.26% at 33k USD. The 32k USD support level should hold hoping that there has not been another big negative news.

Some people has cashed out these levels of 35k and 40k which is why price failed to rise beyond that. Are we still having some 2017 pump buyers still on the market? Probably yes, foolish enough to buy at 20k when it was the first all time high of that range.

Price close to 30k USD is defenitely a point of buying. But be cautious, crypto once it starts falling the FUD pours in and dumping crosses all limits.

Ararbermas

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It's been how many attempts actually, and i hope on this moment it will succeed to keep holding after making progress or it will continue to increase more instead as it's showing green again in the market as of today. because you know it always sliding back to the support., maybe mostly traders nowadays really take the opportunity to gain quick profits because of the consecutive results after the improvement.. I hope it's different now..what i mean they should stop dumping when there's a small improvement so that it can jump higher again.

bonghip

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Quote from: Ayub83 on July 07, 2021, 04:07:36 AM

For the previous few days, Bitcoin has been stabilising between $31,000 and $40.000. The bulls are presently trying a rebound after the bears failed to keep the price below the range's support. The relative strength index's positive divergence suggests that bullish momentum is building.

Bitcoin now testing the uptrend line and need to hold above the uptrend line. We may see another retest of the resistance area. The decision time is coming and we will see a breakout soon either side. If #Bitcoin breaks in upward direction then we will see a good pump towards $38,000-$39,000. The major support on downside after the breakout is $29,000-$30,500.

Ayub83

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For the previous few days, Bitcoin has been stabilising between $31,000 and $40.000. The bulls are presently trying a rebound after the bears failed to keep the price below the range's support. The relative strength index's positive divergence suggests that bullish momentum is building.

Topic: Overview of the Market - page 2. (Read 232 times)