Will bulls push BTC back above $12K in the next few hours?

exstasie

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Quote from: TravelMug on March 06, 2018, 10:16:57 PM

Ok. I guess the questions have been answered because we suddenly dip below $11K. I really don't know what really happen and I can only speculate that investors are just cashing out.

Investors are always cashing out. What's changed is a lack of new demand. Just yesterday from Bloomberg: Google Searches for Bitcoin Drop to Lowest Since October.

When price is rising, demand is seemingly endless. When price is dropping? Not so much. Tongue

Quote from: TravelMug on March 06, 2018, 10:16:57 PM

Although I'm still very bullish that $12K is not that hard to break, but I'm proven otherwise. The bears have somewhat regain control so I guess we need to wait at the end of the month to see that mental barrier of $12K can be broken.

Yes, the ball is in the bears' court now. Sellers are in control. Now we wait to see where bulls react. We need a couple weeks time to see how the chart develops.

New lows and a pronounced failure of this consolidation should give us a week or two of solid downtrending. Target in the $8,000 area and potentially much lower after a bounce.

If we can form an intermediate low here at $9,280 or above (Bitfinex), then we are still in "bounce selling mode" until we see bulls form a higher low. But at least we won't have confirmed a firm downtrend.

TravelMug

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Ok. I guess the questions have been answered because we suddenly dip below $11K. I really don't know what really happen and I can only speculate that investors are just cashing out.

Although I'm still very bullish that $12K is not that hard to break, but I'm proven otherwise. The bears have somewhat regain control so I guess we need to wait at the end of the month to see that mental barrier of $12K can be broken.

exstasie

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Quote from: exstasie on March 05, 2018, 03:57:34 PM

Bears still trying to make something happen at this log trendline:

Bears really smacked price down off that log trend. The inverse H&S is no more. It's rare to see the pattern recover after this kind of failure:

It's probably time to think about selling the bounce if you weren't already stopped out. A confirmed lower high failure on the 4H chart will bring back previous targets in the $8,000s.

skorupi17

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Quote from: pooya87 on March 05, 2018, 11:52:57 PM

it seems like $12k resistance is a big harder to break than anticipated here. price went to the previous high in last cycle of trying to break it ($11700) and now it is struggling. so far the good news is that the "dump" after it was not as big and it seems like $11k is holding nicely.
if it reverses up today and gets near $12k, it will be broken. otherwise we may see another downtrend possibly not going below $10k this time though.

Yes, in fact, Bitcoin did not even touched the $12k level the entire month of February (based from CMC). I assume that the $12k will be broken this month of March or early April(this is based from my analysis, obviously). The good holding of the current price is a good sign of a soon bull run IMO.

pooya87

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it seems like $12k resistance is a big harder to break than anticipated here. price went to the previous high in last cycle of trying to break it ($11700) and now it is struggling. so far the good news is that the "dump" after it was not as big and it seems like $11k is holding nicely.
if it reverses up today and gets near $12k, it will be broken. otherwise we may see another downtrend possibly not going below $10k this time though.

1Referee

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Quote from: Crytptohack on March 05, 2018, 05:07:41 PM

I'm not sure if BTC will be following the price action of last year, but if it does, a bullish run before summer may be in the cards...

Don't think so, and it wouldn't make sense since the market at this point is much further than the market was last year before the bull run started. I think if we manage to steadily go up this year, we have done exceptionally well already, and perhaps there may be a smaller bull run as well. My personal target for this year is to at least hover over the $20,000 level and that's really it. My target last year wasn't even close to the $3000 level, and look at where we stand right now. It also depends on the developments that we might see happen this year. I think that an ETF or more LN progression will be a contributing factor as well. At the end of the day, a trigger is all we need, but the only question remains, what will be that trigger, and when will it kick in.

JCO05

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Quote from: AICoin_Official on March 05, 2018, 04:59:55 AM

BTC has been gathering momentun since price failed to break above $12K on February 20 and 21, will BTC make it this time though we haven't seen enough volumes to support the uptrend for now.

It is already on the 12k mark at this moment. Surely, crashes eventually are expected so holding will be necessary. MMaybe the continuous increase will happen on the last quarter of this year, the same with what happened last year. Bitcoin had a rough start this year qhich can be still felt at this moment. The best thing to do still is to invest and hold because huge pumps are on its way.

DonQuijote

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♠ ♥ ♣ ♦ < ♛♚&#

$12k could be a good break for btc

Crytptohack

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HodL!

The last major high that BTC needs to get through on GDAX was 11.7K or so. If BTC breaks through and holds for 3+ days, it will be producing higher highs and higher lows on the daily chart. (The definition of an uptrend)

I'm not sure if BTC will be following the price action of last year, but if it does, a bullish run before summer may be in the cards...

bitcoin31

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At this moment the price of the bitcoin increase at 11,500 dollars and maybe in the next few hours only the price become 12k dollars.
So hurry up because the price increasing again and that's good because not only we 12 k dollars we see also 20k this month.

exstasie

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Quote from: AICoin_Official on March 05, 2018, 04:59:55 AM

BTC has been gathering momentun since price failed to break above $12K on February 20 and 21, will BTC make it this time though we haven't seen enough volumes to support the uptrend for now.

Looks like it, but price is still hovering at the neckline of the H&S I've been posting about. Once we break the 2/19 high and hold above the neckline, I'm confident we can set our sights significantly higher than $12K. There is a lot of resistance and some major fib levels in the $14,500-16,000 area. That's my general target zone.

Bears still trying to make something happen at this log trendline:

olubams

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Quote from: Bardman on March 05, 2018, 09:08:27 AM

Well, there haven't been any relevant news about bitcoin or cryptocurrencies lately so on that side nothing is driving the price. We did break the huge downtrend from 17th of december of 2017.

It has been trying for the past few days to break the 11.7k resistance level, if it does it could go up to 13k since there isn't much resistance between 11.7k and 13k.

There have been news every time just that the news are not big enough to make the necessary push and influence price as we all wanted it to be and that is why it seems that there are no relevant news. News on its own is not responsible for the increase in price rather its the reaction to the news. There is a news sometimes last week about Poloniex acquisition that's a big news bevause of the amount that came in which was rumored to be $400 million but because the market absorbed it, it fails to influence price.

albos

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12k is easily done. What is hard is to break it and go up to 15k. It will be harsh for near future I think.

TravelMug

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Of course bulls can push the price to above $12K but the questions still remains, it is going to be sustainable or a dramatic crash is to be expected again?

In my opinion, this test to $12K is critical, but I don't think that we can gather enough momentum as of the moment. Trading volume is low, no incoming positive news and in the worst case scenario a simple FUD will make the market shaken again resulting to another dip.

Idrisu

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Quote from: AICoin_Official on March 05, 2018, 04:59:55 AM

BTC has been gathering momentun since price failed to break above $12K on February 20 and 21, will BTC make it this time though we haven't seen enough volumes to support the uptrend for now.

Actually the volume is low and must of the volume indicators are showing ranging trend and I think we may need big whales to push bitcoin above $12,000. The price has tried to go close to that three time now and fail and I believe that level is a high significant level and if that resistance is break we may began to see the type of movement we witnessed in December this year.

richardsNY

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If we manage to break through $11,780 today or tomorrow, I am pretty confident that we will at least test the $12,000 level. Do I think we'll be able to break $12,000? Maybe. Do I think we'll maintain the $12,000 level if we do so? No. I am not yet confident that the market is ready for a next push, which is why I value a solid $10,000 base level over a further increase that won't be maintained at all. Technically, aside from SegWit adoption increasing, there is not much different justifying the market to increase further. I think it's safe to say that the next bull run will need to be related to LN, otherwise we'll be experiencing a slower year, but one that still may be able to breach the $20,000 level later on.

mike4001

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yes

but maybe no

AnonBitCoiner

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Eloncoin.org - Mars, here we come!

Quote from: AICoin_Official on March 05, 2018, 04:59:55 AM

BTC has been gathering momentun since price failed to break above $12K on February 20 and 21, will BTC make it this time though we haven't seen enough volumes to support the uptrend for now.

But I don't think bitcoin will reach 12,000$ in fee hours.May be it will happen tomorrow or day after tomorrow.Now the bitcoin price is fluctuate in the range of 11400-11560$.I had holding some bitcoin to sell,if the price reaches 12500$.I will sell my some of the holding bitcoin for the family trip.

airdagon

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This price is seen As free as a bird, easy to increase and easy also down. but, are you sure of your statement? to push the figure to $ 12k in the next few hours is impossible. but, at least we need a few days for it.
I also know that Do not count the ball goals until time ends.
we'll see how. it's just a matter of time and trust only.

talks_cheep

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No, not gonna happen. The volume has gone down over 50% since January, there's no more "Kimchi Discount" effect anymore, the whole excitement and euphoria has died down. We're on a slipper slope going DOWN, not up.

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