Bitcoin Forum

Yeah, BTC breaks above 12K today, though I don't buy it when it' around 10K, I don't regret it since I'm not quite so sure if price has touched the real bottom, whnt do you think?

Also, today I brought an original analysis from a Chinese analyst Kuang Ren, you're free to leave your comments below:

BTC:
As you can see, lower end of the range is around $13,000, which seems difficult to be broken though we’ve seen an expansion in volumes.

Such wave of uptrend opens a window for us to dump chips after a sharp dip with expanding volumes.

Do Not chase high as we’ve seen no signs of weakening momentum from bears. Decision on further operation can be made when price re-tests the bottom.

Original by Kuang Ren, translated and posted by AICoin Jami. You can find the real-time price information and news here: https://www.aicoin.net.cn/chart/D331D4E2

if we're comparing it to its history,i do not think it will be the time for bull.
because Bitcoin need an altcoin to make another movement,
at this point,it should be another bull trap created by the bears.
it need to stabilize itself first and moving sideways before making another movement.
what we're waiting for is a 'real dump' before another upward.

I couldn't really tell knowing that there are still large sell walls on several exchanges that needs to be either pulled out or eaten up by bulls. We are still at risk of being brought down given that we're only a couple hundred dollars above a crucial support level. If that gets beaten down, then we go downhill yet again.and might even reach $8000 as the lowest point of the crash. $13000-$14000 would be a comfortable region before the bulls take a strong push.

Well there were many people calling a drop to 5k when we briefly saw 9k so it seems after the recovery to above 12k the bears could be losing a bit of control.

I guess only time will tell but I think the bottom has been & gone.

That is really the only thing that I can read out of the charts at the moment: The rapid downtren has stopped, at least for now.
But it's really too early to say in what direction we will be heading the coming weeks.
Just three days ago we were approaching to levels of about 9K.
Bitcoin is a fast living business, now more than ever.

I really don't think that the bulls have already awaken, to be honest. I'd say wait it out and see if we can get to $13,000. The price has somewhat stalled from $11,300-$11,800, so we are still not out of the woods yet. The rapid downtrend may have been temporary put to a hold, but I'm still wary, I have a feeling that we need something to at least break the $13,000-$14,000 before we can have a sigh of relief. Although it's nice to see that it turns to green and rebounded, there's a slim chance that another FUD will pullback the price to a significant levels. The bears sentiments is also around as you can see that the price continues to fluctuates. So its waiting time and but when the bears started to wake up and pour their cash again, I'm expecting a big rally in the future.

yes i think so , the price will remain at around $12,000 to $14,000 for longer time , not sure till when exactly . the real bullish will happened in the next few weeks as people looking for the silent time where market stuck and shock it spontaneously.

take the risk to but at $12k now but the consequence you need to hold it a little bit longer when the market on the unexpected direction down to the lowest.

i actually read something pretty interesting that day when the price was dropping that i have been repeating ever since.
the thing about this 5K and that ballpark speculation is that each time there is a drop, everyone comes out and makes these very exaggerated dropping speculations and that good example was from exactly a year ago the same time when price went up to $1200 and then fell to $900+. by that time the same people were predicting $500-$600 as the bottom and price never even lasted more than 20 minutes at $900 before jumping back to $1000+ and going to $1200 very soon.

now we had the same thing. the same people, different price but same percent drop and same dumb low speculation ;)
they say live and learn, i don't know how much it is true when it comes to bitcoin.

There seems to be no momentum from either side right now which shows signs of uncertainty. Therefore I do agree that the bears' momentum has stopped at these levels, but the bulls are also not so determined to buy.

I feel as though the bottom has been and gone and we won't retest 10k. In fact soon I think we'll be back above 15k and at worst be testing similar levels to where we are now (13k), as was the case just around a week ago before the FUD storm.

It is not a bulltrap anymore, this is another pump situation, and if you do not like it, just sell all your bitcoins,
no one is forcing you to keep them for a while. The price will go up, and it doesn't matter what.

The bears are being pushed back and the bulls are taking over again. The bears could not force the price any lower than they did and now they cannot keep the price down. $13k is achieved and soon it will be $15k or more.

not necessarily uncertainty or sideways since there has not been any kind of drop ever since the recovery from the drop discount.
this can very well be an accumulation phase for getting ready to start the next rally upwards. and with the volume still pretty high i'd say it makes sense. if we see a testing dump we can take that as the indication of the beginning of the rally.

I guess we spoke to soon as the bears are clawing back and bulls being pushed away. $13K was achieved already however, it looks like are taking significant dips as the price is going below $12K now. But just like a lot of you guys, I'm still optimistic that this isn't a bull trap as other's have suggested.


I guess this is just a dumping dump? Really hope that it is so that we can rally and push the price to like $15K which I feel comfortable with.

Those yesterday's bull run is now facing little correction as bitcoin prices are again falling below $12,000 price levels but fortunately it is not continuing and we can see prices are sustaining around $11,800 price levels. It could be the signals for prices to bounce back toward $15,000 price level as I am also seeing the momentum from bears is weakening and bulls are gaining strength for another big rally.

I'm sure bitcoin prices are getting ready for testing $15,000 to $17,000 price levels in coming weeks as the news from some countries regulations are settling down as new adoptions are about to start again. I'm expecting more exciting weeks ahead.

I think that we're going to be dumped back to around $11k, which the real support will be revealed around there. Then we'll be bought up to around $13k and more and whether or not it keeps going up from that point will depend on news from the media about regulation of bitcoin from governments. That seems to be the single biggest influencer of bitcoin price at the moment, since the bans from governments have caused this dump basically.

If some governments decide to support the cause of bitcoin or issue their own crypto, markets can be easily hyped and in no time you'll see people saying bitcoin to $100k, 1 mil, etc. etc.

Just be careful trading, don't believe the FUD nor the hype. Make your own informed decisions, and you'll probably make a profit.

Even though there is really nothing to worry about, but the market is still not looking valid for a bull run yet unless a news come to stir that up. The buy walls are still not that strong and the bears can still strike anytime again. Nevertheless, I believe we have at least gotten to a spot where there is a strong support holding the bears from pulling the market down below $9000, so that is good enough until they get washed off totally and the bulls start their thing. Expect a fast one from FOMOs though.

Basing it on Elliot Wave Technique this is just a minor wave or a push back created by the recent low point it had which is the 9200$ level. This minor up trend is a little profit taling event set to make Bitcoin test a much lower support which maybe be around 6000$-7000$ level. Another thing supporting my analysis is that the Volume os lagging with the recent breakout making it a false breakout as it is right now under 12,000$.

I am pretty confident that we did reach the ultimate bottom, but on the other hand I wouldn't really be surprised to see one of the larger exchanges dip below the $10,000 level for a brief moment again. Thing is that people have set their target at that level to buy at, and especially when it comes to people not yet having had the opportunity to buy there due to them not having had any funds on exchange. If people have taken the time to wire money to their exchanges, and I'm pretty sure they did, we will likely see the effect of that in the coming week. I don't expect a major breakout, but at least a bit more upwards potential from current levels, where of course the volatility will remain as strong as it has been for the last weeks.

I mostly agree with the analysis that the "real bottom" is still not in, however, my stance is based on the observation of earlier Bitcoin bear markets, and the current upward mini-trend could last for some days or even weeks more.

If the price behaves like it did in 2013/14, then we should see a retest of the lows in about 1-2 months, and before, the price could "shoot" up to 14 or even 15K levels. Minor corrections on this way to the upside are totally normal.

Another scenario I see possible is a failure to cross $13000, followed by a retest of the $9200 low, followed possibly by a lower low of about $8000, and then a new bounce that could reach $14-15K again. Although this may sound bullish, it is perfectly compatible with a bear market, as there are no signs for higher highs (>20K) at this moment.

i partly agree to that, and i think where in a long long phase of consolidation not only for bitcoin but also for altcoins, i percieved a lot of shorters, to hoard a lot of btc in preparation for the big pump later. but for now its more safer to buy and hold for a month or two! :D