Bitcoin Forum

Over the past 12 hours, Bitcoin and Ethereum have risen by more than 6 percent in value, but some analysts are still not convinced about the short-term trend of the crypto market.

Generally Positive Sentiment
The quick recovery of Bitcoin and Ether, the native cryptocurrency of the Ethereum network, has led the general sentiment of the market to become more positive.

Ether, which plunged by nearly 20 percent on August 14, showed strong movements today, increasing from $250 to $280.

Ethereum Classic, Litecoin, Ripple, NEO, and other major cryptocurrencies also surged in value and volume on August 15, recording 5 to 10 percent gains in a relative short period.

However, the corrective rally recorded today was not as strong as investors expected it to be. In consideration of the steep drop in value the crypto market recorded over the past 72 hours, investors predicted a more strong bounce from previous levels. But, Bitcoin, Ether, and Bitcoin Cash, which recorded solid gains in the last 12 hours, have started to demonstrate a downward trend once again.

Willy Woo, a well respected cryptocurrency investor and analyst who predicted the price of Bitcoin to drop below the $6,000 mark since May of this year, recently said that the market will likely experience another drop before its next mid-term rally.

Woo specifically said that Bitcoin will likely test the $6,000 support level once again in the near future, even if Bitcoin recovers beyond the $7,000 mark and the market sees a convincing rebound.

“Leveraged short positions now near all time high. Anyone got a spare $35m in their trade account? Should be enough to trigger all those stops for a payday,” Woo said, referencing his previous statement made on August 13:

“The 3rd dead kitten. Fractally speaking, I’m framing this last down leg as an oscillation around the main move. The green line is just magic crayons for short range TAs to determine, the retest target and rate of decline are the things I’m watching. NVT only mildly supports this.”

Where Does the Market go Next?
Based on the analysis of Woo, a likely scenario for Bitcoin and the rest of the crypto market is to record another major drop in the near future, bottoming out at a lower range of prices, and demonstrating stability before initiating a proper mid-term rally.

The lack of momentum, volume, and stability in the market has decreased the probability of a mid-term rally in the near future, and as BitMEX CEO Arthur Hayes stated before, the market will not be able to support a huge spike in price with its current price trend.

More to that, the increasing dominance index of Bitcoin, the most dominant cryptocurrency in the market, shows the lack of confidence of investors in high-risk high-return investments, which generally means the market is unstable and hugely volatile.

It is possible that Bitcoin continues its corrective rally towards the $7,000 mark and records a strong bounce before the next fall, but it is also possible, if BTC fails to secure momentum in mid-$6,000, that it falls below $6,000 once again.


source: https://www.ccn.com/bitcoin-and-ethereum-rise-6-as-market-rebounds-during-dark-skies/

Now, Its just frustrating for all the investor of crypto currency. Yes, We all know the market is very much volatile but it's been a long time since we all are facing this. The rises make us feel at ease for a certain period of time only. Hope the positive changes happen only.

Though Alt market seems to be recovering fast but Bitcoin has been lurking around 6,200$- 6,500$ level for quite some time now. In my opinion, that is mostly because of the community backing it up and keeping their trust on it. Meanwhile, a lot of the investors are trying to get to the Alt market to get a minimum profit out of there which might have helped it to stop bleeding for now.

I think no movement can be taken seriously unless btc breaks the resistance situated at 10k, 12k and 16k mark, when btc will break these resistances then we can easily say that reversal has occured and bulls are dominating and btc is moving towards new all time high levels.

I think the market is playing exactly as it is written in this piece..

"itcoin is currently priced at $6460, with 24 hour volume leveling around 3.5 billion USD. The ranging at current levels has continued as market sentiment remains indecisive. The lack of clear direction could be attributed to the looming deadlines for SEC approval of ETF’s proposed by ProShares. 💆‍♂

ProShares hosts one of the largest assortments of ETF’s in the entire marketplace. They will be considered as a strong candidate in the eyes of the SEC and public alike to host the first Bitcoin ETF. 💪

That being said, many speculators believe these ETF’s may be denied 😫. This is due to the consensus opinion that VanEck money management firm will receive the first nod of approval from the SEC to host a Bitcoin ETF. VanEck, along with crypto startup SolidX, would offer their ETF product with physically backed Bitcoin which differentiates their offering form anyone else currently in the application process. A decision for the VanEck ETF has a deadline of September 30th set in place by the SEC.📅

From pure speculation and analysis of strategic placements of these ETF’s and the companies proposing them, we have come to form the opinion that both Proshares ETFs will be denied this week as the SEC will most likely give the nod to VanEck by the end of September.🎉

We expect major volatility around the announcement on the deadline of the 23rd. With the current ranging of $BTC, we are approaching trading this chop cautiously. In our opinion, ranging will continue until the decision of the ProShares ETF’s are made public.

At that time we will address all of you with our thoughts on the SEC’s decision and what the resulting price action will indicate."

Source: unknown

According to Elliott Wave's theory, we were in the 4th wave of a market which was the correction and a bearish trend which is highly synthetic. Once the 4th wave is gone it starts the next wave which indicates to a reduced volume in market and the bullish trend to start. If everything goes according to the theory then we are likely to see the bullish trend very soon.

So this is the way I must say. You know it is a constant thing that the market will surely change every time. I hope this time the rise stays longer time.

It's just a simple fluctuation of prices that always exists, but all cryptocurrency is in a very bad position now. This is a bad stability and a serious rise in price is still very far, I believe.

and Ethereum started its downfall again.

after the huge dump that we saw recently ETH had a small recovery which brought its price back up to $300 but because of lack of interest and because of a huge amount of Ether being dumped every day the price could not last up there for long and it once again started going down entering the $200 range again.

That’s a very good news. I have been tired of listening the various issues of crypto market and price dropping of coin. I wish this rise continues and we will have a stable market

That's highly possible but I think we are approaching in 4th quarter of 2018 when usually the "BULLRUN" was happen i hope it would not affect the current situation since the time is unfavorable to us But i'm not losing my instinct the Market is on the road to recovery. 

In the outgoing week, bitcoin was again in dangerous proximity to the minimum of 2018, but its weighted average rate stopped at $ 6221.Following the bitcoin of the month experienced and other cryptocurrencies, which led to a record this year to reduce the total capitalization to $189,6 billion the last time such figures were recorded in November of last year.This year the bullish trend will not show itself.

This is really good news for market based on this if the price of coin little increase people will be motivated and may helpful for investors.

Yes, It's positive changes made us hopeful for the future but the predictions are too much frustrating for us to handle. At the very first of this year, the news was so much positive about the market now it's all getting negative. Hopefully, this year bring some good rises in the price.

We all might know the fact of the changing situation of crypto currency. This will happen continuously, what we need to do is to have some patience for the market to grow itself up. Yes, As per the prediction suggest it could also happen but I am really very hopeful to stay calm right now and for future too.

bitcoin and ethureum this two are very popular coins of the market but the problem is it prices growth rate is bit down these days and some of the experts are claiming it as a bad sign so I would request the investors to not get influence by the ill news spreaders market will be on it's track very soon

you are right but bitcoin will turn around immediately. because it is more potential and secure. if analysis last year price list you can easily understand this. its price will upward more than $8000 and make more profit.

bitcoin are more potential i think its price should be upward. it's made by advanced blockchain technology thats it is more reliable and people are more interest to invest here. it will increase price more than $8000.

you are right but bitcoin will do something good in future because it is more popular and reliable. it is committed to better perform and last year price list just says that it will be increase their price more than $8000.

Many people was shocked watching the fall of two giants like bitcoin and ethereum. But still we keep hope on them as they are most promising coins of the industry. I hope the losses will be recovered soon.

I think this is just a simple price volatility. The market is still not optimistic. It is still fragile. At present, it is not correct to judge the market showing signs of recovery. We still need to wait patiently. I hope the bull market will return to the end of this year.

To be honest, I can't see the signs of strong market growth. All the rises are temporary rebounds. Every time the rebound will have a bigger decline, I think that regardless of whether the market is up or down, don't worry about it. You should wait until the arrival of the bull market.

Thank you for sharing, once again confirming that my intuition is correct, the market will fall again, let us continue to wait, what is done now is futile, if you do not want to lose more, then continue to wait.

The write-up is on point, the rise is unconvincing and we are now back to seeing red, the point of stability for Eth is presently below $300 with no sign of bull run anything soon.

As I understand bitcoin and Ethereum is very good coin. I know that it will rise. I believe it will increase more in future. Those who get huge profit if people hold this coin.

Thank you for giving this information to us, once again I remind you all that what I think is true. The Coin Market will fall again, let's continue to wait and continue to wait patiently. Whatever we do now will be in vain, if you don't want more loss and loss, then wait until one day the coin price is normal again.

It is a very good news for me because I have invested in Bitcoin and Ethereum. And for a long time waiting for the price increase so that I can get the highest price.

Good news for investors at Bitcoin and Etherium. I am also an investor in Bitcoin, so hopefully this percentage of the increase will surpass the previous condition within a very short period of time.

the market in General is very fast as it grows and falls, and I can say that today it falls,and tomorrow sharply and up,so here and Vice versa everything can be,many depends on whales,as they say it will be:)so we can say they all manage and manipulate,and we can see tomorrow the growth,as well as the fall.

This sounds good based on this market needs such types of news and it will motivate people and encourage them if the price slightly increases at this moment.

Actually this is really great for market and such types of news is really important for us because it will encourage people more and if the price little increase then it will be great.

It is normal that the price can increase any time. For a long time the prices were very low, so hopefully the price of ETH and BTC will conduct our profit levels within a very short period of time.

That's a great news. The price of Bitcoin and ethereum has increased by 6% in the last 12 hours. This might be an indication of ending of bearish market. Let's wait to see if the price of Bitcoin and ethereum increases more.

Finally a bit of positivity in the market. Even though the rise is 6% it is still more than enough to bring a bit of hope to the people.

Yeah i also agree that this is a very small increment. They are constantly falling for a long time. But i am waiting for the fifth wave of the year. I think it can fix the losses of the market.

It may be possible for BTC to reach $7000 in this wave but it may not only upper wave, some shakes we will see as well. The market is unpredictable. We just can watch and decide.

This is a good news indeed for the people in the market. Even though 6% is small, but at least it is a rise. Let;s hope this is the beginning of good news.

That's a Light of hope for improve cryptocurrency and move out from this worst down market. And that's should be good for crypto world.

I think we should give them some time to turn around the table. All the coins having a bad time so they need time. I hope we can see a positive scenario at the end of the year. Hoping for the best.

That's pretty good news for crypto world and it will be rise more than 6% in future and that should be expectable for cryptocurrency.

Yes, the current market seems to be depressed, but there may be a bigger increase behind it. These are all possible. What we have to do is wait patiently and invest in your optimistic coin.

I saw some news where it's shown that the price of the bitcoin and ethereum has been fallen down rapidly. But I believe that it would be increased again.  :-\ So, my perception is true.

People are freaking out after seeing so much of fall of cryptocurrency recently. So, most of them started selling their altcoins which is making the situation worst. I think they will be happy after seeing this.

The only parties will be happy to see the bullish trend of crypto will be those people that still hold their altcoin. Most of them are getting scared and they will never get their ROI again consider they must put more money to enter the crypto market again. That methods is so bad in  my opinion.

Yes, the market situation that is too long in a state of correction makes many people force to sell their altcoins to reduce the risk of losing. I think that this will continue for some time to come so the decline is likely to strike again.

There are many people those who thought that the price would not be increased again and sold their cryptocoins. I think people should have to keep patience to increase. I hope now they will understand.

The recent market situation circulating cryptos which were seeing a slump has finally stopped as it seems. But for how long it will stay stable like this, there is no answer to anyone. However, if this trend continues to stay stable like this then the next trend which have a better possibility of being bullish will start from here for both the Bitcoin and Alt market.

Crypto was in down market value for a long time and it's turn up a little from there. And it's will be continue with all crypto and crypto will be grown up again.

6%, not much for this kind of market, but still a lot when it going down.
just some little light, but I still hope it can soon rise again as last year. cause I'm getting disappointed.

Not it's really didn't affect me small change over days. It's really bad that crypto just going in downtrend. In the last some days BTC show some good signal but again down. Many was expecting for ETH over 1500$ and BTC over 20k$. But seems like market will go even deeper.  :(

The current condition of bitcoin and ethreum is not good but rising their value will give the user and investor a little bit peace and confident. But how long it will stable that is important but it will bring comfort for the investors .

A six percent means nothing in crypto, those are the usual movements of rebounds due to a excessively quick fall on the week before, but have no meaning mid term.

That is a great note and was a pleasure to read. Currently btc is still a king and ETH is in a big struggle, ETH to BTC rate is pretty low. However, once the alts will raise it should pump the ETH, or vice versa.
Also good trend is that if BTC is growing, then most of the ALTS growing, not BTC alone, which is a pleasure to see.

I hope so, but as what you have said, it is a constant thing so we cant predict that the market will stay longer. There will be a circumstances where the market could probably change.

It is very alarming that most people right now are totally lost their investment due to the very low drop of the prices in the market. But showing signs that some pumps are planning to rise in bitcoin and ethereum, will give hopes to the investors.

What was "generally positive sentiment" has polarized itself but quite unnecessarily so

Large holders and opportunistic traders are shorting the market to no end which is great for anyone who wants to buy in cheaply as the winter probably won't be nearing spring for a little while yet

It seems that this topic has been lying still for too long.  We saw the end of the bear market and significant growth since January 2019. Now in July, bitcoin remains at  $11k and eth at $ 300.