Topic: x - page 3. (Read 1168 times)

Hi everyone,

I am just looking to build up my wallet by increments of a few hundreds. I put in 3000€ via a site called Bitstamp. I noticed it can go from that to 3600€. Should I convert to euros now when it's still at 11800 and buy it back when it hits 10000 or 9000?

Back to the previous range, if it went 12k to 10k and then repeated that'd be not even especially bearish by itself but 2k is a good trade.    Still seems to be keeping its head above the waves and has to be taken as bullish I think.   If we can form some kind of lower high then we could speculate that will let us break down later.    I would guess we are going to be in a range again and lots of guessing but not that much movement.



Its not exactly neat but it is rising, be negative when it breaks 10500 might be the safer thing to say

Good to see you back. You still sound bearish. Sizable downside, to where? Still aiming for the $7,000s?

Nothing is official until the June 2019 high is broken, but the break of $10.5K is an early signal of a new bull market for me. I think we'll see a test of $10K again, maybe a short-lived wick into the $9,000s but ultimately I don't think we're returning to the May-June trading range again.

Are we ready for the sharp decrease yet, seems it never continues either side though I'm going to keep expecting it to go down tbh because we've left the trend and last time I was waiting for this it took its sweet time happening also and we did fall big eventually.   A few times its done that, anyway quite a large reversal today which I was watching for yesterday also tbh.



So its not an engulfing bar or anything neat like that.   No new lower low even within recent history and we should be waiting for the daily bar to close but I think its below stall speed which is enough reason for speculators to do their thing and pull money to a more attractive price point.   But maybe the OP idea is not complete yet, I think its done enough upwards and tried enough times already.
9236 just so happens this moment thats a good level to watch to pivot either way on this move today towards substantial or not.

Which will likely take 6-12 months before they can test their version of cash app and another months of bug finding.  Many PayPal users could be buying BTC yesterday that made the spike and then the drop happens.  Many speculations about what Paypal would do because they are hiring blockchain engineers.  They might just have their own blockchain for USD for the Cash app like system. If it seems the case then it might not be a catapult.

I'm not starting to see an argument for $10.7K rejection, based on the bull channel (that I recently adjusted to draw from the 3 points of support):



While I still believe that if $10.5K is broken price is more likely to sail to $12K in a hurry on high volume due the ascending triangle target, admittedly this bull channel is a more accurate pattern than the very much imperfect triangle with the fakeout that previously occurred. Bull flags aren't as likely to break to the upside as ascending triangles either.

Either way, a rejection from this level would be one hell of a bull trap, and we all know Bitcoin likes to provide considerable bull & bear traps that only hindsight can see.

I hadn't heard about this, thanks for pointing it out. According to Coindesk:


So basically replicating what Cash App has? Probably a smart move. I'll admit I was surprised at how big BTC is for Cash App's business. Paypal might have taken notice and doesn't want to fall behind as far as P2P payment app features go.

I agree that official news of Paypal integration after all these years could provide a catalyst for a pump. However if they are just now hiring engineers for this, they won't have anything ready for many months.

Well, we have tried to go above $10k too many times and we have managed to go back down under $10k too many times again, this has happened millions of times so I can't really say I would be shocked if the price doesn't fall under $10k again the next time we move beyond it.

However I think this time it is getting a bit harder to go beyond $10k because the attention is not going towards higher levels but to prevent going lower, and when there is so much buy orders between now and lower you know that people do not want to get low once again. This means if we go beyond $12k and $15k levels that means it will be a lot harder to drop down and that is awesome. However do not forget the power of people who are shorting as well, they have the cash to drop the price very quickly as well.

If the recent news about PayPal become true then there's a chance we'll see 15 thosand this year. It's really difficult to predict anything because Bitcoin has its own way where the price reacts to some news and ignores the other and all that people do is try to explain the price action after it happens.

An example of it are crosses on the charts. When Bitcoin reacts to it every single analyst says it's because there was a cross on 1h 4h 1d, and so on. But sometimes it completely ignores crosses.

And just like that, we're back above the 50-day MA again!



Stocks go up, Bitcoin goes up. Not much else to say, really. The S&P 500 made a big bullish engulfing throughout the day, right back into the previous range:



Head fakes everywhere.....

My thoughts exactly.


We got that third close, that for me confirms the 50 Day MA as resistance. It's an awkward situation, there are clear and distinct macro sized bull flag / bullish ascending triangle patterns, but other indicators such as the 50 MA, as well as the RSI, are pointing towards a bearish correction, that based on past data could indeed go quite deep - even if it doesn't need to. Chart patterns are not in confluence with traditional indicators, at current price levels this isn't the time to be going long or short imo.

Closing today below the 50 Day MA ($9,400 ish) would be even more bearish, but closing above it, followed by moving above $9,600 level (last weeks high), would return most of my bullish sentiment on this time frame, without needing to break $10K in a hurry either. I think the consolidation could last sometime longer though, based on recent price action moving sideways, but we appear to be getting closer to a decision, slowly but surely, no doubt with a few more fake-outs before a genuine decision in price movement.

That said, the Weekly candle didn't end that badly. Many were expecting bearish follow through after the drop the week before (such as myself), but it simply didn't happen.

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+1 for the contribution and your accurate prediction so far however, that of the ascending triangle

That will be as per expectation because all we need right now is breaking $10,500. I'm not expecting there should be few more people still left from booking profits by having targets around $10k levels because only due to those kind of traders and investors we are having $10,000 to $10,500 as the biggest psychological resistance levels. Once those people clearing off their position then we can easily keep moving up.

This was exact my expectation after seeing this June month started with bitcoin prices above $10k levels but things are going complete unpredictable due to ongoing pandemic. Consequences of halving are yet to be experienced; but, we must need pandemic hassles need to be settled down before that.

If anybody got that power to foretell me on exact numbers then probably I will try to compete to get listed on forbe's list . Do not be tired on seeing range bounded market; if you find skills to make use of them on your trading then you must be the happiest person for having such a market condition.

Well something close to your prediction ,as we almost fall to 8k$ level that time but lucky Bitcoin price sustain holding $9k.

How many times do we need to look down when there are some views up?

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Bitcoin may not fall under 9k again because we are now sustaining the level in which what the Halving of 2016 brings in this same season.


This seems to be legit and yeah after multiple up and down at 10k level?possibilities are there.

I'm in this camp. If the market breaks above $10.5K then yearly resistance will be broken; shorters and sellers will pile back in; technical traders will begin favoring the long side; investors sitting in cash on the fence will buy back in. All of these point to strong upside momentum. In my opinion, the chances of failure at $10.8K are quite small. It'll be clear sailing until we get into the vicinity of the June 2019 blow off top.

If the June 10th pivot at $10K is broken, that will likely trigger some panic buying and we could see a break of $10.5K relatively quickly. I'm not sure how likely that is at the moment as the price action on the daily chart isn't particularly bullish.

We're about to get a 3rd daily close below the 50-day MA, hinting at a bearish mid-term trend reversal. The last time this happened was in February shortly before the crash to the $3,000s. Before that, it was in November 2019 before the month-long downtrend from the $8,000s to the $6,000s.

There are some analysts who predict that if 10 thousand gets broken once again the price will not stay there but overshoot by more than OP is predictiong. It could be 12-15 thousnad this time.

It's very possible that this move will be followed by a sharp correction, just like OP is predicting but a small move right above 10 thousand would break the long term bearish resistance that stopped Bitcoin at 10500 in March, 10000 in April and again 9900 in June. Closing a day above 10000 today could start a FOMO rally.

Right now, we are neither seeing a sharp increase and we are not seeing any decrease neither, nothing is happening and it is scaring me. I have been involved with bitcoin for longer than most people and I can honestly tell you that I haven't seen it staying this still for a long time, maybe on the early days it was like this for a while but ever since 2014 there wasn't much standing stable for this long without moving much.

Definitely there was stable times before but it was usually 200-300 dollar level of spread between the prices, so if it was like $9.2k to $9.5k movements between each other I would totally understand but the spread dropped down as much as 50 dollars nowadays which is unheard of in at least 3 years and probably more like 5 years. Let's hope what OP said will come true eventually.

This is close to 10day that you make this prediction but bitcoin has not do well. It has been limited and trap down in a range tend. Bitcoin is moving towards were we have been having bad market and that is in July and August of months years.

I thought we already had the sharp rise, I did daily bars on this but the OP chart you can see start of June its sharp because it declines right back down again.   We since went sideways alot so now people unsure, I think its tired and needs some reset to occur.



I've not drawn in the trigger point or the support that might fail but its quite obvious how often we've formed lows in this area.   Add in the 50 day MA, its not a situation we can ignore without apprehension.   Various time frames always differ in bias and I cant judge so well further out till I see strength tested and we've done little but imo we've wasted enough time idling here.

There is no sharp increase in the past week,so where your predictions comes from?

Price is likely to stay in $9500 for few more weeks then only we can find whether it will move upward or downward but it more likely will go upward since it has not such bad news to pull down the prices.

From the view I have I think price is still going to be up. A daily time chart is still showing a positive movement up to above $10,000 but until after this week for that confirmation to clear up.