Bitcoin Forum

Right now, price is consolidating around 15K USD, do you believe that a new uptrend will be started soon and a new ATH is just a matter of time?

As usual, I would like to share the analysis from Kuang Ren with you, please feel free to leave your comments below:

BTC:
The continuous narrow-range oscillating move in the past 3 sessions helps BTC price remain above $13,000 and make the final decision on its direction. Momentum for further downward move is insufficient as BTC price has already dropped by more than 40%. Therefore, a decent uptrend is on the way. 

The 2 lines as circled act as the resistance levels. BTC surged to the first resistance with gently increasing volumes, the rally is expected to continue and price will find another resistance at $16,500.

LTC:
The fact that “candy bonus” is cancelled turns the bullish LCH into a bearish factor, causing a continuous choppy move of LTC today. Judging from daily chart, however, LTC formed a short-term bottom pattern at current level, and a rally can still be expected.

ETH:
ETH acted as the pioneer during the upward move yesterday, which made me believe that ETH would lead the overall uptrend. Volumes of today for the rally, however, were in a continuous shrinkage, indicating that bullish momentum is still limited. A temporary judgement can be drawn that the rally is caused by the previous lower shadow with huge volumes, which makes it difficult for ETH to move in an independent way, meaning that price action of ETH will still be connected to that of BTC.

BCH:
BCH continues its oscillating move after the rally, such moves were observed after last round of price surge, indicating that main funds invest heavily on BCH. Besides, since the dump of BCH chips is not observed on daily chart, main funds are believed to come from the same group. Hold on to your positions.

Original by Kuang Ren, translated and posted by AICoin Jami.

 

No, of course not, the price has already passed that mark by more than two times, first it went from $14000 to more than $15000 in five hours.

Now it increased by more than $2000 in less than a day, it is now standing at aproximately $16300 each.


Litecoin will keep going up for a while, it is a very good alternative in order to keep using bitcoin functionalities without using any other shitcoin.


Low fees, active developer, fast transactions, what else could we ask for?

I believe that $12.5K is the ABSOLUTE floor. Good luck!

+1

MOST say they will buy at 10K. This means people will try and get ahead of the crowd. 11k to 12.5k seems to be the bottom.

it seems that it is, the price is only moving between 15,000 and X.

I dont know why it is happening, but that is the real question of why the price is very stable right now.

and it has been happening since the futures from the CBOE.

i don't think $15,000 is a floor at all. in fact, we were below that level just a few hours ago after a $2,000 drop overnight! :)

i'm guessing the $10,700 test was the first wave in a bullish consolidation. a big triangle or an ascending wedge, perhaps. the panic seems to have subsided for now, but you know bears are going to try for the typical head-and-shoulders pattern. they always do! as long as that head-and-shoulders pattern fails to materialize, i'll be buying more next month. but i plan to buy below $15,000!

I do not believe in a consolidation at $15,000 because it is clear that the big capital that moves bitcoin will have no objection to playing with the price of bitcoin at will, so that as today dawned at $16,000, tomorrow could drop to $10,000 without any problem, because throughout this year the bitcoin became a pump and dump scheme and this I do not think it stops until completely ruining the bitcoin.

Why? It's because basically every market in the world experiences slow times at the end of the year, which goes up for Bitcoin as well. On top of that, there isn't really a direction the market can follow at this point, so it actually makes sense to see ping pong movements within a certain range. I have the impression that people complain about this market to lack any direction, but everything is better than seeing the market tank back to $11-$12k, right? I am sure that people will only realize what kind of achievement it is to remain hovering around current levels, when we tank back to aforementioned levels....

I believe the floor right now is $14k, there is no way that it could go down further because it only happens before holidays when lots of people are selling. Right now it will regain its value overtime and reach further because after a fall it will boost up and go for a higher price.

No I seriously doubt that 15k will be the final floor of BTC. Given its volatility, anything can happen even a correction to $5k

If that's the case, I do not know. Honestly, I cannot predict an increase in the price of a currency. In this case, it is Bitcoin. All I know is that any cryptocurrency will basically increase the price. But what I mean is the most popular cryptocurrency and is widely known by people. I can only mention some very well-known cryptocurrencies such as: Bitcoin, Litecoin, Ethereum, Dash, Zcash, Waves, and so on. Regarding the price of Bitcoin, we will never know when the price of Bitcoin will go down and how much the price of Bitcoin will go down. It could be more than you mentioned, or less.