Will BTC follow the same pattern in February 2018?

barbara44

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Quote from: hugeblack on April 24, 2018, 03:20:32 AM

In my mind, the Bitcoin traded in a "symmetrical triangle" more than "same pattern".
This triangle has a stabilizing point at $ 8000 and its peak at $ 9700 and bottoms at $ 6,000 and $ 7,000.
The stability point will move from the $ 8000 barrier at the break of $ 9700 to $ 10,000, peaks at $ 12,000 and bottoms at $ 9000.
So if the price does not break the $ 9700 barrier will remain at $ 8000 levels.

Bitcoin is not following the same pattern because in 2017 in the month of February and March the price was going high and the market was bright but in this year the price had been going low relative to last year. However the price these days is increasing regularly and for our profit we are looking daily at the market to find a way out by monitoring the value so that we can reach towards selling process for the well of our economy.

naidray

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Quote from: BitcoinNewbie15 on April 21, 2018, 08:12:46 PM

Quote from: boled on April 21, 2018, 12:39:45 PM

I think will hold bitcoin longer, regardless of the price this month, I will wait until $ 50k, I have not dared to trading scalping. honestly, i can't read your analysis, but I see something positive from your writing. can you give an idea, among what price should we buy?

From what I have gathered, his post is predicting that the price will continue a downtrend like it did in Feb, and we may go lower than the low of 6k.

Yeah, we are all simply looking out for the same thing anyway with the way the market is going and the buying momentum is gradually dying down. However, we may still have some days before we would really know how this would end as things may turn out slow a little bit before then. So far, the chances of breaking lower are increasing with the indicators and normally, we would get to see a reversal, but how long this reversal would be way down, is pretty much what no one can say.

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Quote from: thecodebear on April 23, 2018, 11:56:55 PM

Quote from: pooya87 on April 23, 2018, 11:04:32 PM

Quote from: timerland on April 23, 2018, 10:45:16 PM

I do think that BTC is probably overbought at the moment.

i strongly disagree.
bitcoin has been underprice for a very long time now. and what we are seeing these days is merely bitcoin going back to its real value.

Quote from: timerland on April 23, 2018, 10:45:16 PM

I'm bullish on bitcoin long term, but honestly I don't see bitcoin's $6k level being the bottom of this bear market. More likely than not, prices will dip below that support temporarily before forming a bottom and making a recovery upwards. This current rally isn't the rally that will end up being a bull market either. We need some more time for that.

this rise is so strong that it doesn't seem to be dropping at all, and even if a correction happens and we see a drop it won't be back to $6k or below. a correction would be back to $8500 after testing $10k and only if it couldn't break it.
otherwise if it breaks $10k we may even see a surge and a bubble then a correction back to $11.5k

yes. agreed. It will not fall back to $6000s. The whole sentiment of the market has shifted to be positive now after being so negative the past few months. A correction of a thousand dollars or so will be incoming at some point, but people will be ready to buy any correction and not let the price slide down anywhere near the lows of the crash. I think we'll probably see a correction before $10k back to the 8000s before then pushing up and taking on the $12k resistance in late May. It seems pretty clear going by the charts that the 6000s was the end of the price discovery for the bottom of the market, as the price stayed there for two weeks and nothing happened - no further drop as volatility slowed way down until it became obvious bitcoin wasn't gonna drop anymore and there was that huge surge back to $8000 in less than an hour, and since then the bear market was over and it's been steadily climbing. Of course steady climbing means a correction is coming soon, but it will just be a small correction to slow things down, not to re-test the lows of the crash.

Bitcoin is following the same pattern since several days and it does not seem for few days but the graph is pointing towards positivity and wants to touch something else according to its demand and supply rule as now days we are observing we can say that throughout the year 1018 the value will keep going upward. We have to discuss present and not about past because looking forward is our benefit always.

fabiorem

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Quote from: Jating on April 23, 2018, 10:33:25 AM

I like your optimism dude. But let's see first if we can get back at $10K levels before we can even talk $12K.

10k was tested several times during the last rise, and 8k was regarded as the user support level for a long time.

What the market was searching for was a bottom, and the bottom was found: it was 6k. It cant go any lower than that, as we had four bottoms already.

I think the price will go straightfoward to the double of the bottom, that is, 12k, then it will try to find a new bottom for consolidation, which, I hope, will be around 10k.

Tigerw

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Quote from: thecodebear on April 24, 2018, 01:56:39 PM

Quote from: dothebeats on April 24, 2018, 01:34:27 PM

Seems overbought to me, though it's kinda fascinating that the price hasn't taken a beating yet despite the fact that we've been into continuous gains for 2 weeks now. Naturally, there would be a form of correction along the way but for the case of bitcoin right now, it's as if it just ignores any selling pressure and the overall market sentiment until now is still positive. We'll see by the end of this week whether traders are still going to make a push or some will call it and collect profits.

Though also plenty of altcoins have gone up a lot more than bitcoin these two weeks. So we could see people take altcoin profits by selling back for bitcoin and pushing the price even further up.

it can be said quite differently, since Bitcoin is being sold, and Bitcoin is being bought. And this is what gives rise to Bitcoin's demand in the market. This, in turn, increases the stabilization of the market and we can hope for a promising future for the crypto-currency market.

Greenkarki

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Just read through the article/news from www.ccn.com. An investor (bull) predicts that the value would hit $11500 very soon. https://www.ccn.com/bitcoin-price-will-top-11500-soon-says-crypto-bull-predicted-recent-crash-and-rally/

But according to Coin Desk, "BTC can drop before $10000". It says that if the current upturn continues, the bit coin could rise to $10,300. On the other hand, if they can not keep up, they could fall to $8930 or $8550.

Hope at least this trend does not be as like in Febrary 2018. The recent growth has brought in too many investors into it recenty. Hope the stable growth remains same and healthy.

thecodebear

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Quote from: dothebeats on April 24, 2018, 01:34:27 PM

Seems overbought to me, though it's kinda fascinating that the price hasn't taken a beating yet despite the fact that we've been into continuous gains for 2 weeks now. Naturally, there would be a form of correction along the way but for the case of bitcoin right now, it's as if it just ignores any selling pressure and the overall market sentiment until now is still positive. We'll see by the end of this week whether traders are still going to make a push or some will call it and collect profits.

Though also plenty of altcoins have gone up a lot more than bitcoin these two weeks. So we could see people take altcoin profits by selling back for bitcoin and pushing the price even further up.

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Seems overbought to me, though it's kinda fascinating that the price hasn't taken a beating yet despite the fact that we've been into continuous gains for 2 weeks now. Naturally, there would be a form of correction along the way but for the case of bitcoin right now, it's as if it just ignores any selling pressure and the overall market sentiment until now is still positive. We'll see by the end of this week whether traders are still going to make a push or some will call it and collect profits.

khaled0111

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I am not an expert in analysing charts but what any one can notice is that it is following the same pattern.
Let's hope it will not go that way otherwise we will loose alot of money especially that many people started buying because they think prices will rise and Bitcoin will recover.
I am an optimistic person thus I think Bitcoin will not fall again, there is no reason why that may happen.

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Quote from: boled on April 21, 2018, 12:39:45 PM

I believe in bitcoin, I can not make an analysis, but I believe in the market, I make more estimates of price by looking at the volume market, and your analysis is very helpful, thank you.
I am actually still confused, what is the connection between bitcoin and altcoin, why the change in bitcoin prices is seen to always have an effect on altcoin prices, like these two days, bitcoin prices go up, and almost all alt uptrend as well, including Ethereum.

at the end of this I read in each of my predictions, there is a similarity trend where as Bitcoin ride Alt ride up, I think because the movement of Bitcoin itself is not stable and still uptrend stage after reaching the lowest point last month. and I think all will be reversed if Bitcoin is as stable as it should be.

hugeblack

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In my mind, the Bitcoin traded in a "symmetrical triangle" more than "same pattern".
This triangle has a stabilizing point at $ 8000 and its peak at $ 9700 and bottoms at $ 6,000 and $ 7,000.
The stability point will move from the $ 8000 barrier at the break of $ 9700 to $ 10,000, peaks at $ 12,000 and bottoms at $ 9000.
So if the price does not break the $ 9700 barrier will remain at $ 8000 levels.

thecodebear

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Quote from: pooya87 on April 23, 2018, 11:04:32 PM

Quote from: timerland on April 23, 2018, 10:45:16 PM

I do think that BTC is probably overbought at the moment.

i strongly disagree.
bitcoin has been underprice for a very long time now. and what we are seeing these days is merely bitcoin going back to its real value.

Quote from: timerland on April 23, 2018, 10:45:16 PM

I'm bullish on bitcoin long term, but honestly I don't see bitcoin's $6k level being the bottom of this bear market. More likely than not, prices will dip below that support temporarily before forming a bottom and making a recovery upwards. This current rally isn't the rally that will end up being a bull market either. We need some more time for that.

this rise is so strong that it doesn't seem to be dropping at all, and even if a correction happens and we see a drop it won't be back to $6k or below. a correction would be back to $8500 after testing $10k and only if it couldn't break it.
otherwise if it breaks $10k we may even see a surge and a bubble then a correction back to $11.5k

yes. agreed. It will not fall back to $6000s. The whole sentiment of the market has shifted to be positive now after being so negative the past few months. A correction of a thousand dollars or so will be incoming at some point, but people will be ready to buy any correction and not let the price slide down anywhere near the lows of the crash. I think we'll probably see a correction before $10k back to the 8000s before then pushing up and taking on the $12k resistance in late May. It seems pretty clear going by the charts that the 6000s was the end of the price discovery for the bottom of the market, as the price stayed there for two weeks and nothing happened - no further drop as volatility slowed way down until it became obvious bitcoin wasn't gonna drop anymore and there was that huge surge back to $8000 in less than an hour, and since then the bear market was over and it's been steadily climbing. Of course steady climbing means a correction is coming soon, but it will just be a small correction to slow things down, not to re-test the lows of the crash.

pooya87

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Quote from: timerland on April 23, 2018, 10:45:16 PM

I do think that BTC is probably overbought at the moment.

i strongly disagree.
bitcoin has been underprice for a very long time now. and what we are seeing these days is merely bitcoin going back to its real value.

Quote from: timerland on April 23, 2018, 10:45:16 PM

I'm bullish on bitcoin long term, but honestly I don't see bitcoin's $6k level being the bottom of this bear market. More likely than not, prices will dip below that support temporarily before forming a bottom and making a recovery upwards. This current rally isn't the rally that will end up being a bull market either. We need some more time for that.

this rise is so strong that it doesn't seem to be dropping at all, and even if a correction happens and we see a drop it won't be back to $6k or below. a correction would be back to $8500 after testing $10k and only if it couldn't break it.
otherwise if it breaks $10k we may even see a surge and a bubble then a correction back to $11.5k

timerland

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I do think that BTC is probably overbought at the moment.

This bull run will most likely end at around the $10k mark, when the resistance is too strong for the market to push through. Then the correction will probably take us down to $6k to test the support and see if it holds up within a few months. In February, the resistance was at $12k where bitcoin couldn't push through which caused the dump back to $6k. I don't think that resistance is that high this time.

I'm bullish on bitcoin long term, but honestly I don't see bitcoin's $6k level being the bottom of this bear market. More likely than not, prices will dip below that support temporarily before forming a bottom and making a recovery upwards. This current rally isn't the rally that will end up being a bull market either. We need some more time for that.

thecodebear

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and just this hour Bitcoin has made the move above $9k!

JanpriX

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Buy The F*cking Dip

Well, from my understanding on the above chart, I'm hoping that the market will not follow with what happened last February. And if it indeed happen, those longs will be rekt hard and more panic will ensue into the minds of the people. If we follow that trend, we'll break the $6k support and will see the deeper $5k area.

Everyone's hoping that we are out of the dangerzone and many anticipate the return of the most sought bull, including me. But, it is better to take extra care in trading with this kind of market. Anything can happen, as always.

crzy

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Quote from: fabiorem on April 23, 2018, 07:53:51 AM

I think not. We are going straight to 12k, then we will have some correction.

Yeah, its not gonna happen easily correction will happen again because big investors will take profit and will dump the market again. The price are stable on $8k and hopefully this is the last support of this year. Cheesy

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Quote from: BitMaxz on April 23, 2018, 05:15:43 PM

For now, the price of bitcoin is stable around $8500-$9000 and I think more good news will come that could trigger the price to increase much higher.

I think that,after the we hit 9k and the price actually consolidates around this mark, something that could trigger the next increase to 10k or 12k will be mass emotion rather than good news. I think FOMO will kick in hard when people realize "the price is getting closer to $10.000, I better buy/invest now!".

Obviously, good news, bullish articles, and the overall positive sentiment around BTC right now could potentially trigger another big increase in the price in the following days/weeks, but I wouldn't discard the power of mass emotion, especially from newcomers and investors.

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The movement price last February looks like the same as this month well for me we don't actually what will the price after the end of this month.

The possibility that I know could happen after this month the price will increase much higher because more investors are coming. So the movement of the price can be changed and instead of downtrend it might be increased more and hit back to $10k.

For now, the price of bitcoin is stable around $8500-$9000 and I think more good news will come that could trigger the price to increase much higher.

Just like what happens in block halving where people didn't expect that the price will continuously increase until December 2017.

So if there is good news about bitcoin expect that the price will become more expensive.

thecodebear

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In a word, no.

That double test of mid-high $11k earlier this year was one of the big bull traps after the fall and hitting the bottom. Now we settled back on the bottom for a bit recently and momentum has shifted to being positive. So right now is nothing like February. Bitcoin is in a completely different position now. The "oh no the world is ending" sentiment is gone now as Bitcoin has turned the corner on the crash. The price may very well bounce off $9k if it doesn't break it soon, and head back to around $8000. But that'll just be a nice consolidation to build up momentum to break through $9000. It's not gonna start sliding back down like it did during the height of the bear market, those times are over for now.

el kaka22

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Who really knows at this stage, but it actually seems more like it. However, it is still too early to conclude but from the look of things, we broke from a downtrend, but it is also not the first time we did, we still dived straight back into it eventually. Also, the market is having a rising wedge at the moment with the overbought conditions and we all know how that usually ends up turning out in most markets. So, for me, I feel we just keep our arms crossed and just be at alert.

Quote from: BitcoinNewbie15 on April 21, 2018, 08:12:46 PM

From what I have gathered, his post is predicting that the price will continue a downtrend like it did in Feb, and we may go lower than the low of 6k.

Probably there could be no chances for you to be having a right predictions as history may repeat but not withe exact levels. It is complete meaningless to predict the market movement only with history because news and events alone driving market not just the history of data.

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Quote from: ?? on ??

I think price of btc will be increase $30000 this year

obviously, It is possible in this year because many investors are entering into the market so demand and supply is increasing soon so automatically it will going to be peak in end of the year.
But many peoples are said every month some fluctuation is possible in Crypto market so Bitcoin is maintain a 15k to 20k USD in end of this year.

Jating

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Quote from: fabiorem on April 23, 2018, 07:53:51 AM

I think not. We are going straight to 12k, then we will have some correction.

I like your optimism dude. But let's see first if we can get back at $10K levels before we can even talk $12K.

However, as per OP we are going to cross $8800 before seeing a price correction. In actuality, we have crossed $9K already before seeing a minor dip but I think its achievable in the next coming days (the $9K barrier).

So I would say that the price could at least test $10K before seeing another retracement and then consolidating again for another run at $12K-$13K. But then again, even though we are seeing a massive gains in the last week or so doesn't mean that we can't make a sudden reversal, everything is possible, but I do hope that the bearish trend is somewhat weakening.

arpon11

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I have this tought too and I think bitcoin is going to go up now than before. We are going to have more of the bullish trends than the bearish at the end of this month and from there every think is going to resume again like last year that may push bitcoin above $15,000. Next month is going to also be another month to watch.

batang_bitcoin

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Quote from: fabiorem on April 23, 2018, 07:53:51 AM

I think not. We are going straight to 12k, then we will have some correction.

Thinking also that it's not going to be the same with that month. I guess that's the biggest correction that bitcoin will go through for this year and the correction can possibly happen again next year when bitcoin is surging back to it's highest seen price. I'm not that so damn good in technical analysis but coming from a big rise that big correction is expected and vice versa.

Quote from: ?? on ??

I think price of btc will be increase $30000 this year

Everyone seems to believe with this prediction and let's all hope that it will as nothing is impossible now.

fabiorem

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I think not. We are going straight to 12k, then we will have some correction.

hase0278

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Quote from: AakZaki on April 21, 2018, 12:54:10 AM

What do you think?

Your points are valid and I also think btc will continue it's downtrend, reaching a low price within july this year unless there is a news that will prevent it from happening. For now I don't see bitcoin being bullish soon because there is no news around that will drive the price up despite the market being overbought already. I don't think we will see consolidation though, just pure downtrend and then another price movements after that.

haroldtee

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Technically speaking, the chances of a reversal is becoming glaring unless we can get to see some news that would change the course of action which for now, there isn't.

Firstly, you have made some pretty good points and just to add to it, asides that we are in an overbought market, the MACD shows a bearish divergence, RSI shows the buying momentum is getting low which also shows some divergence as well, and the most of it all, we are in a rising wedge which a break lower from it would validate reversal.

Nevertheless, we cannot say how long we are going to be reversing, since there could still always be a retest of the resistance that we could not break. So, we may have three options, we are going to consolidate a while with the reversal before further moves OR we go lower as you have mentioned, OR we get to see some miraculous moves while squashing the rising wedge for upward movement. Only time will tell and trend is always your friend as a trader!

boled

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Quote from: BitcoinNewbie15 on April 21, 2018, 08:12:46 PM

Quote from: boled on April 21, 2018, 12:39:45 PM

I think will hold bitcoin longer, regardless of the price this month, I will wait until $ 50k, I have not dared to trading scalping. honestly, i can't read your analysis, but I see something positive from your writing. can you give an idea, among what price should we buy?

From what I have gathered, his post is predicting that the price will continue a downtrend like it did in Feb, and we may go lower than the low of 6k.

this I consider as a hint to add bitcoin collection as an investment tool, I am not a daily trader, so when there is a hint that there will be correction, then I always hope to add again, albeit a bit. and bitcoin today is a nice trend.

Quote from: AakZaki on April 22, 2018, 09:24:11 PM

Quote from: boled on April 21, 2018, 12:39:45 PM

I think will hold bitcoin longer, regardless of the price this month, I will wait until $ 50k, I have not dared to trading scalping. honestly, i can't read your analysis, but I see something positive from your writing. can you give an idea, among what price should we buy?

As we all know that I post is a 4 hour TF prediction, and I think the pattern will only show a small correction section. and I also believe that long-term weekly TF shows something bright. and all Alt seems to be adjusting the Bitcoin price itself especially BCH, ETH and Alt others.

Quote from: BitcoinNewbie15 on April 21, 2018, 08:12:46 PM

From what I have gathered, his post is predicting that the price will continue a downtrend like it did in Feb, and we may go lower than the low of 6k.

I do not expect Bitcoin to fall lower than you say, because as I say for the long term it will be bright.

Quote from: ?? on ??

I think price of btc will be increase $30000 this year

it will definitely be the desire of all traders around the world, and I personally hope to be higher than you say. Cheesy

I believe in bitcoin, I can not make an analysis, but I believe in the market, I make more estimates of price by looking at the volume market, and your analysis is very helpful, thank you.
I am actually still confused, what is the connection between bitcoin and altcoin, why the change in bitcoin prices is seen to always have an effect on altcoin prices, like these two days, bitcoin prices go up, and almost all alt uptrend as well, including Ethereum.

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Quote from: boled on April 21, 2018, 12:39:45 PM

I think will hold bitcoin longer, regardless of the price this month, I will wait until $ 50k, I have not dared to trading scalping. honestly, i can't read your analysis, but I see something positive from your writing. can you give an idea, among what price should we buy?

As we all know that I post is a 4 hour TF prediction, and I think the pattern will only show a small correction section. and I also believe that long-term weekly TF shows something bright. and all Alt seems to be adjusting the Bitcoin price itself especially BCH, ETH and Alt others.

Quote from: BitcoinNewbie15 on April 21, 2018, 08:12:46 PM

From what I have gathered, his post is predicting that the price will continue a downtrend like it did in Feb, and we may go lower than the low of 6k.

I do not expect Bitcoin to fall lower than you say, because as I say for the long term it will be bright.

Quote from: ?? on ??

I think price of btc will be increase $30000 this year

it will definitely be the desire of all traders around the world, and I personally hope to be higher than you say. Cheesy

Baofeng

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Very valid point mate. I also been looking at the previous patterns and I'm seeing at upper bound of $13K if the pattern will follow the Feb 2018 as you have pointed out.

Of course there will be a bump a long the way, many resistance and mental barrier before reaching at least $13K levels. So I say that its going to exciting as it seems that investors have renewed their "love-affair' with bitcoin so let's see how it pans out and hope that we can overcome and get to at least 5 digits at the end of the month or early May.

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Quote from: boled on April 21, 2018, 12:39:45 PM

I think will hold bitcoin longer, regardless of the price this month, I will wait until $ 50k, I have not dared to trading scalping. honestly, i can't read your analysis, but I see something positive from your writing. can you give an idea, among what price should we buy?

From what I have gathered, his post is predicting that the price will continue a downtrend like it did in Feb, and we may go lower than the low of 6k.

boled

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I think will hold bitcoin longer, regardless of the price this month, I will wait until $ 50k, I have not dared to trading scalping. honestly, i can't read your analysis, but I see something positive from your writing. can you give an idea, among what price should we buy?

AakZaki

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Same development to be viewed in Feb 2018 (5900 $ - $ 11700) vs
Apr 0.67% 2018 (6400 $ - xxxx $). If the growing wedge development follows
Feb 2018 then BTC -0.05% might cross upto round 8800 $ earlier than going down

Confirmations:
RSI is above 70 (Over bought) in 4hr timeframe
Stochastic is above 90 (Over bought) in 4hr timeframe
Fibonacci retracement is above 0.382

There is a threat that BTC -0.05% might cross upto 9000 $ if Apr 0.67% 2018 BTC -0.05%
respects the Fib 0.5 that is similar as Feb 2018.

What do you think?

Topic: Will BTC follow the same pattern in February 2018? (Read 351 times)