Bitcoin Forum

RSI at 62, major trend lines crossing soon around $7600, then a dip to $6500 and then moon?

That's what this article says: https://www.cryptonewsinc.com/a-bullish-start-of-september-for-bitcoin-will-it-last/

Agree or disagree?

Do not bother about a whether bullish trend will last. Leverage on making save profits in stata

i am not really good at TA because i don't like it but what you said doesn't make any sense to me at all!
you are basically expecting this slow and strong rise with a decent buy support to go to $7600 and the whole process would take a long time. then you expect it to have a huge drop, it is not just the size, the size of the drop is not that big it is huge because you are expecting a drop way below a major resistance at $7000!
if there is a bull run then there will be enough buy support to keep the price above $7k and if there is not, a drop back to $6500 is NOT going to be followed by "the moon"!

You should not think about this as the market is very much volatile. There is no surety of Bull Run or bearish run. Moreover this year is very much volatile and such prediction will not benefit you most. Think about investment opportunity and make investment.

If rumours are true and there are some whale dumping 1000's of coins on major exchanges, then we are going to see a slight decrease in the price of bitcoins, until the market absorbed all those coins.  >:(

I cannot understand why a whale will intentionally want to crash the price, by doing it in this way. I would have rather used OCT trading with more privacy and zero slippage, but I figure this person wants to intentionally hurt the price.  ???

It would be sad, if this was true.  >:(

The cryptocurrency market is f***ing pathetic. One piece of bad news sends it into a tail spin towards $0. Can you imagine if this news hit a fiat currency like the EUR or USD? There would be absolutely no change in valuation. Imagine if there were 3-4 of these bad news in a row? It would probably send Bitcoin down to $1,000, knocking 90% off the market capitalization. Can't wait to get out of this pathetic market.

Unfortunately what we have can't be readily described as a bulle run! Its quite sad that the market isn't yet finding its steam! shuffling between $6000  and $7000 is not something anyone would appreciate now! this is really affecting the altcoins and its not  funny with some of us! how can one recover loses incurred in such a bear market?? the pain is just increasing by the day and I hope we find a course to rejoice soon enough! From the constant short rises and falls its difficult to think of the bull run of last December! Quite sad. But  life will never seize to amaze us, the next trend my just be it

Isn't this perfect for traders? They earn with volatility.
And I highly doubt few bad news effect would sum up. The only one selling because of the news are those who are new in the market. I think I would only sell certain currency if a news about exploited blockchain would come out, or something like that - technical problem.
Anyway good luck with your exit and see ya in next bull run. ;)

the bold part is wrong.
experienced traders and newbies both sell based on news. the difference is in the timing of them. the experienced trader sells when he sees a negative news and signs of a drop based on speculation and he sells when there still is time.
the newbie on the other hand sells based on panic and based on the fact that price has already fallen and he does it way too late when price is near the bottom.

and selling is not "exiting", selling is taking advantage of the opportunity (for the first group) and is losing money (for the second group). a speculator or a day trader increases his wealth this way and a newbie decreases it.

And see how things just quickly fall apart after one day, as usual without rhyme nor reason. Already see a news article about some AI bot supposedly predicting this crash before it happened but we're all back to square one, or square zero or whatever, with no better idea about where we're headed. Was it the Goldman Sachs exchange being dropped? Was it the dormant 110k BTC wallet that suddenly struck panic? Whales taking a dump?

If you haven't realised that the bull might not be here for a long time yet, now's the time to let that sink in.

The channels I'm following that got this right set their shorts on 7300, but even they didn't foresee the drop to 6200, with TP around 6900. No news could have preempted this slide, if anything sentiment was largely bullish across the board.

Seems a bit like luck to me, but yeah definitely not the newbies only doing the selling.

These bottom theories are not over. It's been 10% more lost today. I hope this is really the last loss.

No one can say.
Butcoin is highly  volatile  and so unpredictable.

Instead of this, it will be better if we make better investment plans and good strategy in order to invest them. Also predicting for a bull run or if the market is still bearish is tough call because the market is so volatile.

It can only last if investors/traders maintain a certain level of positivity.
But it won't be for long.... considering the high volatility nature of bitcoin.

Another whale dive, the bullish trends got burned by this or those whales who always kill the market, people who know how to take advantage of their
big capital are really doing it well, just by few news and everything got burned into square one again, now we are seeing a downtrend which seems to
continue a little more, we need some good analysis and patience to hold on.

No one can predict what will happen to the coin market. As it is in the panic period to eliminate the garbage coin not worth going. And maybe the following days will be better  ;D ;D. Have a good day.

it is rarely about predicting a certain trend in the market, specially in short term and when it comes to bitcoin. it is about reacting to the market as fast as possible. for instance yesterday's drama with Goldman Sachs and  the altcoin dump that was mainly centered on ETH and that article talking about its doom which even made Vitalik make a comment on it, was a big ass sign saying there is going to be a big ass drop.
the whole point is how different people react to that kind of sign. it became obvious around the time when price was about $7000-$6900 a sell then would have been a good idea.

similarly the 111kBTC had the potential to become similar but the market did not react to it. part of speculation is speculating that drop but also waiting to see if you were right about it or not.

There is no absolute answer regarding this. In this market you can just predict or assume but there is no certainty regarding this. At the same time the market is very much volatile this year and so you should not rely on such prediction.

I was also thinking about the 111kBTC and Had put shorts at 7.3k

I was just lucky I guess but the market is highly volatile so should wait for the time.

The value has dropped significantly I'm the past few hours.
And the current bear trend seems to be getting worst.

I just think this is a simple and straightforward way to that. This is actually time for traders to make profit in and out despite the drop in price.

For a bullish coming up, I'm not looking at that yet because price are just speculative.

Previous year was even more volatile than this one. Since few motnhs we have a steady price action between 6k and 7.5k wich in my opinion should me more encouraging for new investors.

Dipped to $6,400 and let's start expecting now that its going to be the moon?

Well, I'd say that we still have to be conscious and don't be too hopeful for the bulls yet. We don't have any strong indication that we're about to be there soon. I thought we're totally out of the bear market but its visitng us again and the market has been shook.

The market situation is fluctuating, but Bitcoin has the advantage of being able to maintain its positivity and that is because the nature of bitcoin volatility is very high so bitcoin will definitely rise again

Most times TA doesn't really work much in predicting the outcome of the prices of Bitcoin or altcoins. Best best is to leverage on the price lag to make few profits. Against all, Bitcoin will always give profit depending on when you get in.

I don't think the pull back that the article is talking about valid for the bullish trend which we are in right now. According to wave's theory the bullish trend will continue till there's significant change in the volume of Bitcoin market and since the volume is quite stagnant right now, I don't find a reason why it should see a dip to $6,500.

I am very noob with the trade analysis and the terms used in it. I saw a lot of them during the recent bearish trend and tried to figure out the terms myself but sadly, there was no luck. I hope someone here would be generous enough to explain the whole scenario to me. I am still learning, please be kind!

I also think that this collapse may be the last before a major rise. I think that by the New Year the price will be good. I think the price will be at least 10,000 for the New Year.

Hey man you are definitely right. Some newbies thinks that trading is like a walk in a park which is not. Lot of traders lose lots of money, sometimes they lose more than what they've initially put in.

As much as I don't ever follow any technical analysys, I do try to find reason for every major price movement even in the current bear market and am very sure after some time Bitcoin will return in full glory.

But see, the market may not have reacted to the 111k BTC news, but at the back of their mind they were certainly thinking about it. Whale's gotta be wise right? People would be thinking about that 111k BTC wallet even though it would have been (or rather, was) a drop in the ocean of daily trading volume haha and that just maybe, maybe, helped them make the sell decision.


Not sure which Bitcoin charts you've been watching buddy. This latest pullback was significant, and wasn't the first time this year. Wise bets on it not being the last.

It seems irrational, but only if you haven't accepted that we entered a long period of stabilisation and we're nowhere close to being out of the woods.

It's really tempting to believe in this news but basically it has been like this since bitcoin has dropped a lot in price. It goes up then down constantly so that's ok but to moon after a drop to $6500 is asking for a lot but a very welcome comeback nonetheless.

That's true, but everyone know what they are getting into.

the overall outlook for bitcoin is bullish and it will remain that way but in the short term it is currently impossible to predict what kind of market we are going to have unless price can break some of the major resistances such as $8000 for example then we can be more confident about the trend that bitcoin is following. for now it is sideways with a very strong bottom at $6k.

The prediction about the dip was pretty accurate. At the time, I expected that to happen as well, even though some people within the market thought that it was going to be a long term trend reversal.

I probably disagree with the prediction regarding the rebound, however.

Personally, it's more likely at this point to see prices continue to dip until a new bottom is found or $6k support is tested again, compared to prices going straight up "to the moon". With such bearish sentiments still remaining in the market, it's almost impossible for a bull market to emerge at this stage. Expect sideways movements and small corrections in the next few months.

How can't you understand why people want to crash the price intentionally?

Hint: Illiquid market.

I'm not sure where I pulled this $6500 from now that I think about it. I must've felt bullish at the time :)

$6800 was crucial and once that gets broken it could just as well go to $6000 - $5800, heck even $5100 would be possible.

What bothers me right now is that all the alts are dropping while bitcoin is remaining stable in the $6100-$6300 range.

The reason if bothers me is because what IF bitcoin does crash to $5000, what affect would that have on all those alts....

EDIT:

Had to revisit that article, now i see where this $6500 comes from, it's at the end of this narrowing triangle where the lines cross, so eventually that could still be the point where it eventually breaks out, right now that line is at $6100-$6200, but it's a ascending line.

I had to revisit my own post, when you look at the chart and the lines I've drawn they cross at $6500 at the end, so there will most likely be a big break out at that point.

Mark 13 October on your calendar and revisit this post to see how (in)accurate it is.

The overall outlook of bitcoin may be bullish as people certainly want it to be bullish, but nothing is actually guaranteed or certain yet at this moment. Sure, the $6k region has been holding and a new trend starting from there, might actually help see if the trend line will end up being broken upward to start a new trend or not.

Certainly, all we have is the time and trend to know where the market leads eventually but seeing the quick reactions of bear recently, I would not be too optimistic.

Right! A small movement in the market right now is not a depiction of bullish movement. Moreover, the only way I will be very bullish right now is if we close weekly above 7k.
Secondly, the bears are still very strong and sometimes these days, trading the market requires a little bit of carefulness with how fast the bears can strike. Time though is all we have now.

Of course, a +/- 5%-7% is not a clear depiction of a bullish movement. There are thousands of traders around + the whales who can moved the price is either direction. We don't need to jump and get excited for a sudden bump because it can be wipe out in matter of minutes, just remember what had happened a few weeks ago, $6500-$7300 and then boom, in just 30 minutes all weeks of hardwork pushing the price to that level is gone!!!

For it to say that bearish trend is at least at the tail end is that bitcoin touch $10K and sustain that price along the way.

There is no real answer for this question. In this market you can only predict but you will never be hundred percent correct. And it is not looking like bull market are happening right now.

Yeah! And so far so good, we have traded below the $6500 region for some days now and I certainly believe that an bounce from here at all would likely be a short term bounce as long as we are still below the trend line and based on the falling wedge, the chances of the market going a little bit lower than where we are presently is kind of certain, but we will get to see over time. Any break below $5860 should definitely be sending us quickly to as low as $5k or a bit lower.