Bitcoin Forum

https://www.coindesk.com/bitcoin-drops-back-to-5k-support-after-failed-breakout-2

Bitcoin (BTC) has fallen back to support at $5,000 after a failed breakout Wednesday.

The number one cryptocurrency by market valuation made a strong bullish break from an ascending triangle pattern yesterday evening at 18:00 UTC, reaching a peak of $5,488 on the Coinbase exchange. However, that move was quickly rejected and an increase in selling pressure on today’s open laid the pathway for bitcoin to slide, first to $5,200 overnight, then quickly to $5,018 soon before press time.

I saw it when I woke up broke $5,400 but it dropped so fast and I was kind of confident that it will go on so I didn't do anything but went back to sleep. I guess $5,000 shall be called the new support of bitcoin but many speculators are still pulling the price that it can go as low as $3,000.

This is becoming typical that whenever we get a raise, the market will start to dip a bit and will come back suddenly for another quick pump.

if you are not a long term investor then you must learn how to take profit , price won't keep going in one direction forever, 5400$ was an excellent price to sell for , that was a 60% increase from the last low , day traders and short term investors will take profit and price will drop, that's normal, it will always happen.

as for the 5000$ it does not make sort of support, the only proper support below 4950$ which is very weak will be at 4.6k  and the stronger one is at 4.2k-4.3k.

good luck.

Well like you,  many had the same mixed expression.
I mean alll become completely stunned after seeing the growth of Bitcoin in the past few days and now too completely shocked when this took the reverse gear.
The BTC price goes up when the trade volume is more. I mean when more people buy the coin. This gain the huge demand of the coin and therefore the supply is less for which the price rises up.
Let's wait for the best now and wish bitcoin will be as high as it wad in the late 2017.
Good luck to us.

5000 support... yea... 3200/4200 zone is strong support and 5600-6200 zone is strong resistance not 5000. Your support is for 1h candle small volume traders who are not able to push price in any direction only create +- 2-4% move. Nothing will happen if it will break. Nothing will happen if it will hold.

Yeah I was so surprise when is saw the price of bitcoin sitting at $ 5400/and above I was thinking bitcoin have break out of it bearish movement but that rise was not for long before it decline back to $5000 and even struggling between $4800 to $5050 at the moment the crypto giant is really struggling with market fluctuations.

 Due of high market volatility it is customize that the value of bitcoin or even of some coins are affected, it is matter on how we deal and acknowledge the current situation to be fierce for every possible outcome. Somehow, the rescent pump has shown a good sign for us to speculate a big bull run by this 2019, but dump lately, maybe it occurence will be delay.

Anything up to $6000 is only very light resistance, we dropped down from $6k so fast there hasn't been much history between $5k and $6k historically.  Breaking $6k will take some time.

sometimes the price dropped to less than $ 4900, and I'm not seeing it go up much, so I believe the price would stay in the range of $ 4500 to $ 5400 for some time before touching the $ 6000

https://i.imgur.com/y8Jdn4o.png


$5000 still is a very good price in relation to $3400 that had months ago. I think we have to be grateful to see the price of $5000



I think we'll only see $20,000 in 2 years

I think it's not a big deal. Bitcoin only recently made a successful run for $5k. It's simply early to break another barrier yet. Stabilization around $5k is still a pretty good thing IMO. People are right that $6k is a serious barrier, so it will take some time. We have to learn to be patient with this market. It's okay for prices to fluctuate and for Bitcoin not to move forwards too fast. Otherwise it will go down eventually even faster, and that's not something we want, is it? Gradual confident steps are way better in the long run. And they make the coin stronger.

It's just a normal market reaction to not do a push after the FOMO and hype has died out. We have tried to cross the $5500 resistance but it was immediately met with sell orders and we have seen ourselves tumbling down back to the low $5000 support levels. I highly think that we will remain grounded to $5000 in the next few weeks since there's no reason for a breakout anytime soon. As I've said before, the market conditions are still bleak to support a full-blown bull run and the recent rise just happened due to someone intentionally buying $100-M worth of bitcoins in different exchanges, at once.

The market trend is normal and we can all have the same point of view which the reason why some people are fine with their current profit. However, the market seems to stronger at the $5000 price range despite the capital is preparing to close for the weekend which I believe it still a good sign that the demand level in the market is high.

Bitcoin price is resisting above $5000 most of the time from days which is a very good sign :)
Waiting to see +$6000 soon!

Exactly. The drop was expected and we are still at good levels. I was fearing much bigger drop. Of course, anything can still happen, but now we can hope for another jump.
However, strange things can happen during the week-end...

Anything is possible, but i think the price will go more up if not coming a lot of people and start selling their coins on market, so better wait in my opinion because is high chance for another higher grow.

Yesterday's price fall was due to NY's announcement on accepting Bitstamp and denying Bittrex in New York. Bittrex has 15 days more to settle down 25k to its customers from New York. Its good to see that the news did not affect the market too much. Current growth status is stable and good.

Yes mikeywith that's right, I'm not a short term investor so I'm good though I felt bad that I didn't get a chunk of profit by that time. I believe that we'll be hitting it once again. I was very sleepy by that time so I didn't act accordingly for the few btc that I've got.

Well, there's always a next time for it.

I agree with Slow Death here, we should see quite a bit of sideways movement before a breakout actually occurs, around the $5k level.

It'll be interesting to see whether the $5k support holds up. If it does then the recovery from this correction could take a lot less time given the fact that the market right now is still somewhat bullish.

On the other hand though, if $5k doesn't hold up as support then we could see prices regress further in the short term. Although, I do not expect it to go under the $3k zone in any instance despite what other people (*Vinny Lingham*) have said. That should be the bottom of this bear market, and the medium term trajectory currently should be upward as we've entered that phase of the cycle.

There's no real support at $5K. In all of Bitcoin's history, we only have one weekly pivot there (it was a local top on the way up in 2017). If we hold/consolidate here and move on to new highs next week, it might go a long way in establishing new S/R at $5K though.

If we keep declining here, the only obvious support level in sight is $4,200. That's why it's dangerous to go long here even if we're headed for $6K.

I thought that the price support is $4800? I think that we should get max profit at $5800 to $6000 and probably we'll get a dump for that. But I'm certain that the price of bitcoin will be $10k this year since the CEO of Bitmex says so.

this whole terminology of this topic/article is wrong.

there were no "drops back" and "failed breakout". what happened was a rise from $3k to $5k in a short time then a correction after that "actual breakout" where price came back down from the highest level (~$5500) to ~$4900 as day traders took their short term profit and started getting ready for the next leg up.

apart from that we had the Chinese FUD circulating all over the internet trying to scare people into selling which was a small part of this "correction/drop". and we are already back to $5100+

The market might also be over-leveraged, and therefore must complete the Bart Pattern.


Or it's the whalecumulators setting up the market to be over-leveraged on the short side, and start another Bart Pattern. Haha.

But as plebs, we should buy the dip, and HODL.

i don't think fluctuations such as this one are worthy of discussion specially since we saw that it was not really a "drop" but a mere correction since price is already back up above $5k mark and that shows the market is eager for the rise and the bull run has already started.

all those previous month when price remained low and moderately stable with a high volume was the accumulation phase to this ongoing rally. it is slow right now because it is the beginning of the bull run.

This is correct but it seems bitcoin is back again trying to rise and break the resistance.
It is not hard to reach a high level again as we have been in that situation many times, when we dump we did not dump hard going to where we started when we made a big rally to that high in $5,000 level. Now, we are still in $5,000 and that explains how strong the support is.

I think that was expected, the last time we went up without ever dropping caused us to drop even further down later on, we need to actually see this as a good sign. We are building on top of all prices we have past so we can be safe when we go even higher.

Corrections happen, the price usually goes between one or two lines and it either goes to top one or falls to bottom one, since this is our new bottom we gonna probably just wait here for a while, recollect and than go higher again, the accumulation and trading is what low prices allows and that gives us more ammo to attack the top again and even if we fail we damage it than we can try and try and try to actually break it again. That is why we need to be patient and just wait for the right time to actually make a move.

I tried doing partial sell too when I saw the price on $5450 but I thought of waiting for $6000, I didn’t know it will find it difficult to break above $5500, but just traders being smart I guess, nothing to worry about, it’s just preparing its way for more buy, I am sure there will be more buy within the next couple of days that will push it back to its former value, but the only thing I am not sure of is if traders will allow it be again, when it picks the next support level.

If we continue to trade this way without a major investment, we might end up getting locked in $5000 for a period of 3 months before further breaking out.

The reverse was too sharp that it was not that easy to make any decision at that point if it was right to sell,  but like you said, we will still have more volumes soon that will give it another boost, we will surely get more investors and users that will bring in more funds before the third quarter of this year, that is when I am predicting that the price of bitcoin might go as high as $10,000 and the upcoming halving will push the remaining volume to it ATH we all predicted for next year.

So, we still keep waiting, till the time comes when we will clearly see that the price has once again reach where will can all take our profits.

Yeah, now price a little above $5,000. There is the fact that the price can not move in one direction, but also this stagnation will not tell anything. Maybe we should wait a little longer.

The situation will it be unpredictable, dump and pump will occurs at anytime since its is a part of crypto market journey.
We are still in $5k and seemingly good to recover after it drops down below the $5k. As we have that strong resistance we can be positive that it will move again heading for another market surge break.

But it's not unpredictable. Bitcoin's bull market starts one year before the halving. I like joking around about whalecumulators, and the the plebs, but I'm truly confident that we should start buying the dip, and HODLING immediately. 8)

The good news between all of this is that this small decrease showed that the big time traders and investors took their profits from that increase. Which means they are holding fiat currency now and even though not all of them will reuse it to buy bitcoin we can be certain that most of them will do that.

Now, that we have dropped a bit and the price is a bit behind of what it hit at its peak we can assume those people will try to break this barrier as well, and the next and next one after that, those little "corrections" allows traders to actually get their profits as fiat currency so they could than reuse it to buy more bitcoins once again than again so they could increase the price constantly. That is a way they basically reload their ammo to keep attacking.

It is not a big surprise that we did not break the resistance at $5500 but eventually it will break, just imagine the price valuation a few months back and how long it has gone from that stage and now the price is trying to break another resistance to continue its path to recovery after a record breaking bear run, the market looks promising and hopefully we will not see a major correction anytime soon and the momentum continues till the end of this year.

Only smart investors know that,  ;D. The rest are just speculators who are willing to short bitcoin and squeeze profits daily. But smart investors doesn't care for this kind of correction, actually they are, took this opportunity to make their wallet filled by buying more and then do nothing but to HODL.  ;D

Get used to because stalling at previous pricing is probably quite normal now, its not really weakness its just working off previous volume.     I'm watching for momentum the 8 day average which is around 5170 I think now.

Really its just working out the price between that resistance over head and the previous positive price appreciation.  I wouldnt label it as failed breakout until we are past 6500 as thats an obvious limit till then

I would wait a few more months before talking about a bull run.

That's why you should set profit targets, without a clear strategy you risk missing out some profits, especially in the short-term. Now that you know that you shouldn't speculate about price movements, prepare an strategy for the next uptrend, or even a downtrend (just to be on the safe side).

As long as it remains stagnant above $5,000 and won't go lower than that it should be fine as we wait a little bit longer. We are all waiting and talking about the bull run and this adds flavor to the market that can attract more newcomers.

Yes or even one more year for that.

No, only the true believers of Bitcoin as better money know that. Bitcoin is hard money, capable of becoming a reserve currency one day. The state will have to accept it, and start holding it, or risk themselves to be left behind.

It goes $4948 base on bitstamp 24 hour low but good thing it's now up to $5k again. When most are expecting a rise, the opposite thing happen that's why i'm not yet fully confident that we are already in bull run because I knew this would come along the way. Well, some are taking profit so a drop like this is normal.

It didn't really matter to me after Bitcoin returned in the $ 5k range and I realized that it took a lot of time to get back up quickly, all needed a very good recovery to find the right momentum to go up, we just waited when that would be clear we still need a long time to see something extraordinary.

And they will say it is just another correction just so they could feel good for themselves.

It is a dump for many have loss some investments buying at a larger price on 2017. Maybe now, they are thinking this could be the chance for a better ROI although there are still some losses.

I do not care much about this pricing for I am a holder but still it affects a lot of users who had been in support with bitcoin. Those hundred of dollars changes are a big deal for them.

Just notice that the Bitcoin price keeps on re-testing the upper boundary or the resistance levels around $5100 to $5300. As along as retesting the levels keeps on, it will break. Just like when $6,000 support was retested many times and broke down to $3000.

Yes, we are on this level before when bitcoin price are trap on $4k level but eventually we are able to break the resistance. We already have a great trend this month, and maybe we need to have some rest and make a good pump again next month. We will pump as soon as we break the first level of resistance, soon to happen i believe.

During the last bull run, in 2017, there were a lot massive price swings, I'm talking about 1k dips, sometimes even more, probably corrections or just people taking profits at X price, but the price always managed to recover and continue the uptrend. I'm not saying we're going to see that right now, but it's pretty common to see pullbacks in the price during a bull run since prices won't always keep an upward movement.

It did rise back, so the support is strong enough.
This is what we want, we can climb higher but it's not an easy journey since we been in bullish period of a long period of time.
But the fact that we have a good support, this will avoid unnecessary dump of the price and will make the price stable.

Agreed mate that all of us are waiting for bitcoin or even all the altcoins to climb atleast continuously with small volume.
But i guess what you mean is BEARISH PERIOD for long period of time.i stand to be corrected if wrong
This is a good part on this time that the support is here and can prevent us for losing big when theres a dump happens

Maybe, but it's yet to see where are the upper resistancy boundaries this time. To my opinion price will fluctuate going back and forth below and up from 5000$. I don't expect that 6000$ boundary will be broken soon that would probably open the doors for more progressive price recovery.

I just love how it says "it drops back to $5k support" , that has been something we have been waiting for months, I can technically even say "whole year" because of 2019. We had the drop during November and ever since than we have been trying to break the $4k barrier for a while and now our "fall" is to $5k, that makes me feel so much better.

As long as we so close to the next resistance and we keep trying there is no way we won't break it, we will definitely move beyond those prices and hit $6k soon. It won't be right away but it will be sometime soon I am sure of that. All we need to do is not to get desperate and not to give up our hopes and as long as we keep trying which will cost some money to some people for sure but in the end we will break and all of us will profit from it.

Btc seems has being testing time and again and it is getting a uptrend from here and we may see some rise again in coming time and can reach to 5700$ or more in this month as well. We hope that big players just do not book short term profits .

What I take from this is that we have strong support at 5K. Not a month ago we are below 4k and now the price is holding up at 5k. That is a positive development for me. It will break the resistance when it breaks it. For now, strong support at this level is essential to move forward.


One person saying that does not make it true. He is the CEO but he does not control the future.

It is possible it breaks the resistance soon, it almost broke above $5500 recently but for the trading going on, it could not maintain its stand. As you said, price will keep fluctuating and what will make the price break to $6000 is if we continue to get more of BUYS to SELL, we just need one more BIG investor to come in like the one we experienced of April fool’s day to push the price up above $6000 and then we start another trend from $6000 again, which I believe this is how we will gradually start increasing and this pattern will lead us to its ATH.

Bitcoin is in good condition now and I think it is a little reset and we should expect more bullish trend in some days and months to come.  Now that it is a bit stable I think is the best time to buy and make some good profits.  I have decided to keep holding and any funds that come into my hand using to buy because I strongly believe that in 2 to 7 months to come it is going to surge high.

What do you think about this market price of bitcoin from 5,4k usd to 5k usd? Can exchange manually manipulate bitcoin market price in their exchange? I can think of this as possible but I have trust also with the dev. that they are doing it right and people or investors run the bitcoin by its demand and support to bitcoin.

Hopefully bitcoin will reach 6K usd and then kick off to bull run. Of course this is all what we wanted and hopefully it will be done.

We will see another pump on bitcoins price after this holy week. $6k will be reach soon, i cant wait to see my assets in green again, is it the time to say lambo again?

LMAO, dude. I went back to this thread. And Bitcoin just hit $7,000. I was right to buy the $3,000 to $4,000 range. The depression and rage in this forum was so palpable back then in February and March.

Since when the FUDsters stopped saying random words in bitcointalk  ;)
Bitcoin is made to stay, volatility cycles are simply normal and an experienced user should know that indeed and do not be afraid from buying whenever the price goes down!

The true $ 7K was not even contemplated in further analysis, because the stage of accumulation is usually very long, well in fact we are still in the accumulation stage, the best thing of all is that the price has grown without there being any correction , it would be ideal that no correction occurred, but that the movements were possible lateralization, and continue to increase in price.

There is not yet an uptrend stage, only that the volatility is very high, it is normal that at this stage the price goes up a lot and then goes down, it is necessary to take into account that many operators look for new prices by testing and testing, to see that so much demand can there be if there is a high offer,

That is why always for an uptrend stage, it is good to check the millionaire portfolios, and when they are well filled at least 70% you could say yes, that the price is ready to go up.

It is good that bitcoin break out the resistance but it does not mean that it will continue to go up without any correction. Bitcoin might get rejected at 7300$ resistance level and from there we might see some big corrections. I am hopeful that bitcoin might stay above 6000$ and this 6000$ will again become a massive support as it was in 2018.