Bitcoin Forum

As you can see, price started a correction immediately after hitting 16.5K later today, do you think BTC will break above such level soon or it will do it later after gaining enough momentum? Feel free to share your comments below.

As usual, analysis from Kuang Ren for today:

BTC:
As mentioned in my previous analysis, the key $16,500 level will be the major resistance, coincidentally, pressure caused by dumping chips emerged after the highest price just hit that level later today.

Volumes on daily chart shrank, which made it less likely for BTC to break above such level. Overall, strength from bears is weakening, meaning that BTC will exchange time for space around $16,500 and continue the oscillating move around those 2 lines as marked.

Altcoins:
XRP started another wave of upward move this morning, a lack of momentum seemed obvious during the rally, meaning that current strength of momentum can’t set all locked positions at the high level free.

Even if price sets another new all-time high, it could be a fake break, which makes it inappropriate to chase high from current level. For XRP holders, however, reducing your positions at high level is recommended.

NEO Price has moved up to around former major resistance with decreasing volumes after going live on huobi.pro, which makes it unsuitable for speculative operations for now, let’s wait and see.

The oscillating move of BTC price will create chances for altcoins, you should guard yourself from the impulse to chase high.

Altcoins being strong during previous sessions can be our targets for short-term and quick operations once chances for short-term rally emerge.

Also, altcoins remaining in consolidating patterns at low level and showing signals for being under the control of main funds will launch their independent upward moves sooner or later.

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

And  who is this Kuang Ren with such a wisdom?  ???

16.5 will be breaking easily at the end of 2017, even a blind can see that every one is waiting for 2018 to make a new jump in price and knowing that will make smarter investors begin to buy just before 2018. Its now sitting at 16300 and its still holiday, wait till live is back to normal and cash flow hit the exchanges again.

Yes, theres a lot of resistance at this level, but it will keep trying to push up.

With the current price fluctuations the price is clearly between $16k and $16,8k at the moment.
I dont know why it is always between those rates. it is pretty annoying to see that each hour it is on $16 or just $16,8k.

You should buy bitcoin

there are currently a couple of things going on.

it is the holidays and there surely is much less activity in the market, making things different than normal times.

there are also a lot of "FUD-residue" which means people see any kind of rise as an exit opportunity not a begining of a rise and that creates virtual resistances.

I think btc will increase $30000 in next year

Sounds like another player in Mortal Kombat? LOL.


In my view, $16K is another barrier that we need to overcome now, everytime we reach that price, lots of dump followed immediately, I guess investors really do think that its the been time to dump their coins. However, the dumping opens up another perfect opportunity for others to buy bitcoin once more. So its gonna be a tug of war, up until the end of the year. 2018 will usher a big boost on bitcoin, specially that there's a looming fork + Lightning Network.

Let's see, for me getting $10K is already good to close out the year, moving to $13k-$16K will be a added bonus. And I'm excited what 2018 could bring to the table I'm one of those who thinks that this is another crazy year for all of us.

Bitcoin has already hit $19.000 previously. Now it's a bit hard to get back to that level, but I think it's still possible. There is enough time for a last recharge in power to take the price back to $19.000 or even $20.000 before 2018.

The interesting is that the price doesn't fall hard, so it has strength, that is a fact, there is resistance to let it under $16.500, but we can break this resistance and bump it, maybe a fast bump, but a unique and fast opportunity to sell for $19.000-$20.000.

Nope I guess that can only happen after this year, if you look at the past years bitcoin is consistent for going down in month like December and January, and the reason for that is because lots of users sells for holidays.
And it cannot go over $19k or $20k in just 4 days, even a $17k is hard to reach as of its current situation right now.

I think it's interesting how the drop/correction after hitting that point of resistance was pretty small in comparison to the recent corrections we've been seeing. We dropped around 10-13% and then started seeing some rise back up to the 15,000 area. I think after this drop, we'll see a strength in BTC and watch it bypass that first level of resistance and maybe hit one at around 18k.

Like always, for steady price time has to pass, after which price can rise or fall. So far after some time price of bitcoin was always rising, but who can tell for how long will it continue to do so. Maybe this was top price that bitcoin could hit, but honestly i hope its not and i doubt it is. Price will stagnate for now, and after new year i expect to see rising again.

It seems that the floor is going to be in there.. I dont know why, but the price is always fluctuating between $16k and $15k.

Well it touched a little bit more than $16k today on the morning, but it seems that a lot of people who have weak hands are trying to dump as many bitcoins as they can.

I really hope to see the price going up before the weekend.

I think that this is going to be the new all time high for bitcoin, not for so many time, but the price is stable right now, it seems that it doesn't want to go up, and it doesn't either want to go down too, the price is being hardly manipulated right now.
Lets see how it goes during the next week, that is all that i can say

Some time ago there has been a decline in bitcoin prices, but look now that everything has proven to have improved and the price has returned to a positive trend. This has proved that by the end of the year bitcoin always get a positive sentiment. I'm sure there is still time to see the bitcoin prices are much higher than today, there are still 4 days and we can see what will happen later. Maybe I would be pretty sure to say that the increase in bitcoin prices will increase by about 10 to 20 percent over the next few days. Everything that looks impossible turns out to eventually become a reality.

A huge one at that tbh, knowing that we've reached $16000+ yesterday only to be brought back down to sub-$15000 in a matter of a few hours. The $20000 mark is yet another barrier in which we would be stuck behind at for a long time, just like the $5000 mark back in October that took us a month or so until we breached it all. Add to that fact that the bears seem to be awake from their long-time hibernation and this could be an ultimate showdown between uptrend or downtrends.

I am not sure that bitcoin could reach $16,5K in this short of time but we still have a few days more before the new year and who knows the price increases and reach that price. it will be a good thing for us because we can celebrate new years with the higher price of bitcoin and we can sell it to make a big profit. many of us waiting for this price after we got a deep crash for the price and many of use make their prediction until how higher bitcoin will reach later but we still don't know when the time comes and only wait for a while.

Well, I have already seen BTC rising more than 30% of its price in one day or so... Everything can happen here. Also, I don't believe some people withdrawing few amounts of BTCs into fiat for holliday reasons would make the price drop a lot. I think the drop was caused by big traders and they will want to make profit again soon, so after they buy cheap BTCs it's interesting for them to bump it to sell high. I still expect it happens this year, let's see...

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What may have built these resistance levels? Any clue or analysis for this?

Yes, really annoying, 1 hour before, 16.8K, nice, later 16K, sad, one more 1 hour later, 16.8K, well, that's just meaningless, we just want to cheer for gains, right? Hahaha

Though not so much, I do own BTC, thank you for your advice, haha.

I think retail traders may have no such power and influence on BTC price, some institutional traders are going short, your comments？

You mean it will increase by $30000 or to $30000? Haha, whatever you mean, it's a bullish wish though, nice.

Well, you must buy BTCs below 10K, right? No big deal if price moves with 15K -16K for you,good luck.

Will you sell part of your BTC chips to lock your profits when price gets to 20K or a little higher?

Well i would first see how do we get to 19-20K , i.e what momentum

Well, seems like people in this forum are basically positive about the target at 19K, after all, people spend their money during Christmas holiday, they need to earn it back, you comments?

I would sell part of it if Bitcoin reaches to $19.000-$20.000... Depending how things go on and if price continues going up I would wait a bit more and sell, then on the right moment I would use 50%-70% of the amount in fiat earned with this operation to buy Bitcoins again, but cheaper...

Not $16.5, but it seems to be $15k for me. Bitcoin has been moving within the $14k-15k range from a few days now. It has just hit that $16k above target once in these days. So i think it is proving to be quite a challenge for Bitcoin to reach the $16k above level again now. And because of that, it will be around $14k for a while and then it might pass that mark again, but we'll have to wait for that now.

Bitcoin will increase $30000

Well, it appears bitcoin is still suffering from the recent bitcoin market correction. $16.k as a resistance level for bitcoin is not issue, bitcoin to stabilize that is the issue because is currently selling below $13k today.     

Seems like 13K is holding for 2 weeks already as a new support. Help it will rebound and gain some momentum. Break for 16K with a good momentum will shoot us straight to 20K

Im my opinion 15k will be a resistance level for 2-3 weeks or may be more

Not anymore.. it seems that the actual resistance is $13k at the moment, the price is not going down by more than that amount of money. This is a huge wall, and you can check it by yourself on GDAX; the price will go up in the next few days.

I believe the high price of bitcoin is one of its weaknesses, so for me that would be a great barrier for itself to incourage more investors since some altcoins now are good for investment.