Bitcoin Forum

BTC/USD Long-term Trend: Ranging

Resistance levels: $7,200, $7,400, $7,600
Support levels: $6,400, $6,200, $6,000

The price of Bitcoin was range bound in the first week of November 2018. In retrospect, the digital currency was ranging above the $6,400 price level all through the month of October 2018. The major bearish event is that on October 11, the bears went deep into the $6,200 price level. While on October 15, the bulls had a price spike that reached the high of $7,600  but price pulled back to the low of $6,500.

That was why we had a price ranging above the $6,400 price level. On November 7, the price reached a high of $6,565.66 but was resisted. The digital currency was in a downward trend after the resistance at $6,600 price level. The digital currency is likely to fall because price is in the bearish trend zone.

Meanwhile, the price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that a bearish trend is ongoing. The MACD line and the signal line are below the zero line which indicates a sell signal.

Yes, I thought that we can overcome the $6500 mental barrier, but its a big psychological wall in front of us that's why it was resistance and we somewhat fall below again. But the good thing is that volatility is very low at this point and we are still hovering around $6300-$6500 prices for quite sometime now.

I think this trend will continue and those TA will be not be very helpful short term. Don't get me wrong, but its obvious that we can't get over the resistance unless there's a good news that investors will see as a catalyst.

Despite many greats news and investments by corporate investors and businesses. The crypto market seems to be still struggling to break the bear trend, i guess i'll be patient for now and give it time to surge it looks to me that crypto is preparing to have a huge bullish run especially when blockchain is getting hype and crypto investment is getting popular in institutional investors. 

The bear market can't be eliminated quickly, it's not that way just because corporation comes in. Having those investors is great but there's no way to determine on how we're going to take this bear out for now. Good news always comes to the market but it doesn't really give any effect at all but if its about bad news, you'll expect that something bad as reaction to the market would come.
Can't understand why but that what happens.

I don’t really know if I should sell or continue to wait. But I’m believing that in three months from now there might be a Bull trend. So there might be no need to sell and as long as the market is above the $6000 mark, I’m okay with it. But I fit drops to $5000 then I will sell immediately till further notice that it is going to increase. But I have a strong hope that it will increase in three months from now.

I don't know if you have move to sell off your bitcoins because it already dropped to a new all-time-low in the last 50++ weeks. But for now there's no need to dump it, there's no sense of selling it out if you're really on the long side of Bitcoin.

@OP, one week after you open this thread, a lot of things has happened already, Bitcoin is crashing hard so I guess its time to make another prediction though and see how it goes.  ;D. All the support levels have been broken and I wanted to see fresh resistance levels.

Its going to be difficult at this point to make a good prediction. Resistance levels seems no longer existing at this point and even if we have a good call, still those barriers will be broken because of the sheer amount of sellers. So I'm not expecting to look for TA but just wait till everything settles down and maybe that the best thing we can do right now.

Yes same here, also not expecting substantial gains anytime soon.

The price has already dropped below the $6k and now $4k. Some people has started predicting that it will fall to $2k, but that’s all false information and I won’t take it. As for it dropping low to $4k, I was already aware of that cause a few experts predicted it sometime ago that the price will drop to $4k. Next thing we will see is a Bull run. So it’s better to get ready now so you don’t miss it.

after falling to 3k€ i think the price will jump high by the end of the year, it will, the only question that i cant answer, what caused the drop ? is it bch's last fork ? or btc crash was expected even before ?

you could say BCH fork/drama was the excuse that was used by the whale manipulators to dump the price.
as for the rise, i don't think it is going to happen. at this point the market needs a long time to heal and recover. the confidence was already weak due to the accumulation and stable price and that little confidence went out as they started dumping. it takes time for it to come back.

We are still in a downtrend as long as the price won't get back to it's stable price or break the resistance so we could see some changes. But day by day the drama of the market seems to continue and this is so annoying to look at because most of the people are still pulling out which makes the market dump a little more.