Bitcoin Forum

Hey guys,

I really do think Bitcoin has bottomed out right now.
1st we haven't seen any close below the weekly EMA and it acted as support
2nd Correction of 45% one of the highest ones so far
3rd Bullish divergence on the weekly chart
4th triple bottom reversal pattern

For my complete analysis check my YouTube video : https://youtu.be/XUyoGTJH8FY

There are definitely some indicators that Bitcoin is bottoming out. However, when looking at a macro perspective and taking into considering the global financial markets, it doesn't look quite so pretty.

The US and Europe are dangerously close to a recession, which is likely to bring down the cryptocurrency markets with it. Contrary to popular belief, people actually tend to avoid more experimental assets during times of economic uncertainty, so even if the traditional markets collapse, Bitcoin will likely follow.

You were expecting a breakdown to $6,500 last week right? Interesting to see the abrupt change of heart. :)

The bottom EMA ribbon support looks nice, but we don't have too much historic data to go on besides that one wick down in August 2016. I agree with the second point. We've already seen a huge 45% correction and it's hard to expect much more if we are in a bull market. Based on the monthly/yearly candles, I think we are.

Hidden divergences are always tricky. They usually produce something but sometimes it's a dead cat bounce rather than a reversal. All in all I'm cautiously bullish but I don't think the door has completely closed on a final shakeout.

I also think the bottom is in but we could come a little lower to touch 7500 before going back up. RSI is really oversold and last time it was like that we went up.

I'm almost sure we are getting close to a big push up and we will go there from here or break to 7500 and go up from there. Even the bears have incoming halving somewhere in the back of their heads and they won't dump everything like retards but will be looking for a point to buy in.

You made a good point. I'm also keeping an eye at how other financial markets are doing while checking out Bitcoin. If the recession does happen like economists have been predicting for weeks now, several markets would take hits but I feel it'll be different this time. You could be wrong, people might decide to just invest in btc since the economy isn't strong enough rather than just keeping their money untouched - - Most people don't enjoy leaving money on the table. So we could see high influx of new money coming to crypto market.

Again, I could be wrong. But there's a possibility of things being different this time. You never can tell.

Yeah exactly sir that is truly correct if the traditional markets collopse thatnis surely bitcoin is affected and the whole crypto currency, it's simple reason bitcoin peice value is depending in the usd so far, but bitcoin is have an own movement. That is not nly my own opinion and view.

The crypto market still shaking by then, not just USD goes down but of the whole economic system.

https://bitcoinist.com/binance-research-bitcoin-bottomed-out/ we are actually out from this since last year and we are too much speculating that we can make another peak which eventually gives a reason of the people not to believe that we are already in the bullish( IMO). But we have it now, not really at high just like we experience in 2017 but we are in good now unlike last year.

Yes..
The recession maybe one of reason Bitcoin crashed.
People prefer buy physical asset like Gold and Silver to keep value.
There is some some regulation make Bitcoin more bearish, like China banned cryptocurrency. We know China is one the biggest crypto user. Hope cryptocurrency can bullish soon.

Bitcoin seems more tied to gold and silver to me than it does the stock market. When Bitcoin last hit its all time high in January 2017, the stock market was just meh. From what I can tell, people pull their money out of the stock market and invest it into things like Bitcoin, gold, silver, and other precious metals whenever the markets isn't favorable.

Agreed, great analysis. I also feel the same way and have actually bought more bitcoin at the $7000 levels.

If we aren't due for an uptrend bullish cycle soon, i'd be surprised. All the indicators are screaming for the bulls to return and it seems like all we need to do now is hold and wait for the the value to rise. I'd highly recommend buying more bitcoin now, but as always, trade at your own risk.

Interesting analysis, hoping the market will show us an impressive move since Bitcoin is staying at $7,800 to $8,500 level it seems that someone might be keep maintaining this level before the break-out. This could be a good quarter of the year regardless of the not so good performance of the market, Bitcoin has possibility to change market behavior anytime soon.

I'm skeptic that Bitcoin has made a major bottom yet but it can be certainly be a scenario. We've seen some serious volume supporting the 377 EMA on the daily ~$7800-$8000 level. When bottoming you want to see decent volume that indicates buyers are more aggressive in that area. But we still haven't been able to break the 200 EMA which is quite concerning, but let's watch the price.. it looks like we're going to have second test of it.

On the higher timeframes Bitcoin is looking more bullish. The monthly chart looks like it want to test the 21 EMA which makes me think that we still have to go down a leg or two.

Certainly at the moment, there is much to believe that BTC has bottomed out. I'm just waiting on the improvements to show on the market, it's a very fragile situation right now, it could fall much under again especially when you consider the $6800 support level which has been tested severally. I'm bullish on Bitcoin at the moment, but best to watch and see how this goes.

I think this bullish momentum has arrived since quite a few days but Bitcoin is still not able too see adequate volume required for pump. I think maybe this sideways movement from 8000-8500 will breakout upwards and only then we would be able to see atleast some bullish momentum. Moreover it's also evident that this range needs to hold up and if we fall below 8k then definitely we are facing some bigger problems as we are going below 7k towards the 6k support. I think the coming two or three days would be crucial as they could give a signs which way we are breaking out.

Your points are valid, but bitcoin does its own thing,It seem we are not out of the wood yet, the bears seem to be heading stronger, let's hope the resistance is not broken, else we will be going down the rabbit hole again. The market is long overdue for a return.

I thought the Bitcoin bottom was $3,121? Anyway, for this current push up from the yearly low, Fibonacci retrace of a little more than 61.8% (from the weekly chart) is typical of Bitcoin.

So this correction after the breakdown of the descending triangle seems to be over and it is also very oversold. I expect $8k to be held strongly and maybe some sideways move.

stronger support this time so its almost sure we have bottom out the bears are all weary in taking out all their profits. we see less of them selling at low price and there were traders withdrawing their BTC  from exchanges. not really happy to what is going on in hongkong but if the crisis will make them resort to BTC, i'd take it as good reaction from those people. the recessions speculated by the finance gurus i think will also help cryptocurrency on the rise.

I doubt very much that we felt for the bottom. It seems to me that the scenario with the descent of bitcoin to the support level of $ 6800 is much more likely than the fact that we will push off from the current level.
Bitcoin is being traded in a rather narrow corridor for the past few days, I see no prerequisites for growth, unless local growth is likely to reach levels 8800-8900 and then a decline.

I agree. People severely underestimate the current market, which they have always done because when you want to see your coins go up, you will come up with bullish bottom scenarios to please your thinking and reduce some stress.

Longer term speaking, bouncing off some important moving averages is what I find quite bullish, which is why I'm looking forward to ~$7k because that could potentially be a level at which the trend reverses.

I do however believe that we lost the $10k level this year, so after a major correction it will be a slow grind up to break $10k before to block halving to hopefully never see such levels ever again. It's a great time to have fiat ready now.

Patterns over patterns...
I wish OP is right, but I cannot believe him. Yes, TA may support everything he said. But there's still a mix of expectation and uncertainty, and that uncertainty still can be exploited for relatively short time gains.
So the price going further down is still possible imho. Maybe it "cannot" go lower than 7500 or 7000, but that's another story.

I think so too and I also believe that this is actually the best entry point right now, this is the time for people to accumulate because there will be a full rebound of bitcoin within the some weeks' time, I don’t expect any reversal of price again, I know we have some people that are still expecting further decline to maybe $7000, which I fully doubt if this can be possible again. 

We have some doubting Thomas and that is how they will still see this value slip off now because they are still expecting more bottoms, from what I can see, I fully agree with you. Bitcoin will start recovering right now and maybe we could start with the former $10000 we had a drop from, and from this $10k, bitcoin can surely start breaking more barriers that could lead the value to $15k.

Nice analysis but then Bitcoin is acting away from all those. Most of the TAs are failures in terms of grasping the next movement of Bitcoin. A lot of great TAs at face value failed to really foresee the pattern that Bitcoin is going to make in the next hours, days, and months. But nice try. Everyone's trying to catch Bitcoin's next step. And what makes trading fun at the same time frustrating is that Bitcoin's next step is too elusive.

I agree with you that bitcoin will not fall from $7500 because when the correction in the bull run market bitcoin has never fallen from 50% and currently bitcoin has touched a correction of 44%.

I think in the next 1-2 weeks bitcoin will come back at $ 10k :)

This is the reason why I keep on saying no one really knows bitcoin. You think you know enough about it and can do the predictions accurately, here it is proving your predictions incorrect and telling you to learn and explore me more. Bitcoin is indeed a beneficial game abut all big things come with big efforts. Still with the fact that it is going to gain a lot of value, it is the easiest way to become rich.

If anything, I find it likely we're going to have another period of sideways before a potential move up or a move down. We did have a short attempted pump above the 200 MA, but that was rejected and ended up in yet another bleed down to support near $7.7k/7.8k, and it just doesn't seem like there's enough buying action going on at this price range for another move to $9k and $10k like people are calling here. Still a decent price to be dollar cost averaging and accumulating in anticipation for a future move upwards.

At the very least, we are making higher lows at the moment on the daily, though not by very much.

That dump is a minor dump and it is too early to start judging it by what the op said, the value will definitely still rise back, the bulls are really keeping the market stronger, I know that there has been many people predicting that bitcoin will still bottomed more at $6000, anyway, we are still hear watching if those who predicted it will be mocked, or it will surely drop down that low.

If it drops, it will still be another point of investment for many people, because this could be the last $6000 we will actually see again after which the next price action will be bull run, this $6000 drop could actually be the bull run point that some analyst are greatly waiting for as a catalyst to the next bull run we will have and I am suspecting it also because I am also planning to buy at that $6k, so as other are too.

The last time I heard that 'last time' phrase was before Bitcoin hovered for a long time over $10,000 and even rose above that. They say, it was the last time Bitcoin will ever touch that 4-digit price. I was happy with them. I was also hoping they were right. And yet here were are at $8,000, just fresh from $7,000. Funny how people are bullish when the price is not. And who would have imagined that Bitcoin would touch $3,000 once again when it already reached $20,000?

Still? It's a fantastic time to dollar cost average! Every lower price you buy at means more satoshis that you can scoop up. I can assure you that dollar cost averaging feels MUCH better on the way down than on the way up. It's the only time where fiat is gaining purchasing power, so why not utilize it to the best of your ability before that opportunity is gone again?  :P

Also lower highs, which means that the range within the price can freely move will tighten and lead to a larger breakout.

Hope this will come true that bitcoin will recover in one week or two.
But we can't rely out analysis to history, no history recorded before bitcoin pumped to 20k in 2017 and also no history recorded bitcoin dump in 2018. So we have to be careful and always set a stop loss

Bitcoin has stayed in dump for long time and it is evident from little increase in its value that soon bitcoin will be set on track to reach sky in context of prices and this is the sole reason why number of bitcoin buyers is increasing day by day. The soon we investors start buying bitcoin, the fast it will be seen on heights of new prices.

According to an anonymous user in 4Chan...

https://i.imgur.com/uGRndqy.png
It says October 2019 should be the time when BTC/USD hits $16,000.

LOLZ, the prediction has eight days left to come true. Seriously though we have 204 days left before block rewards are cut in half again. If bitcoin has not yet bottomed out, it is still a good time to buy because by halving, you probably can't get cheaper bitcoin than now.

It will not happen, bitcoin is having problems surpassing 8500 dollars for each coin and there will be a  great resistance to reach 10000, but why worry? If the price begins to go up then we all get gains and if the price remains at this level or it goes down then you can buy more bitcoin, regardless of what happens is a win-win situation, just remember that it takes a long time for the opportunities to appear and if you do not take it now you may need to wait for months or even a year to see another opportunity like the now we are seeing now.

When your surrounding is not working well then you also could bear a bad reputation, I think some Fake and Scam ICO projects are also responsible for bringing this situation, also you need to see the whole world's economic situation which is not running well, moreover, the last couple of months were not so much bad in the context of Bitcoin price, I think this situation is getting better and the price of Bitcoin is becoming a standard, I always say that the proper regulation and a set of policies will bring a good environment, When people get a safe platform for investment then the flow will accelerate itself, then Bitcoin will not stay at the bottom, Bitcoin platform will be always on the Top.

everyone always trying to said current price was be the bottom, meanwhile price still has possibility to down again.personally i will not tempted with this statement.everything can happen ,even bitcoin could goes down again in this october based on technical analisys.prediction just create fomo to beginer trader or investors.

Today, everything has happened against investors' minds and Bitcoin has been experiencing unexpected drops in recent hours. I don't think this coin will recover in the near term because currently everyone is sell panic and there is a possibility that Bitcoin could return to $7000 in the next few days. Now if you have money, you should buy at this price or wait for a cheaper price to invest because I'm really tired of what's happening.

Bitcoin and Altcoin are still falling so our predictions will never be accurate because this is a speculative market and they can completely manipulate.

Miracles do happen at the dyeing minute, it took bitcoin just 2 days to grow to $5000 when we were all even thinking that it was April fool, the rise of bitcoin is so fast that you can never imagine it, so the remaining days to the month may still do something that will make the price of bitcoin to rise.

Imagine that the whole government of the world suddenly rises now to declare bitcoin as legal, what do you think will happen? You will start seeing massive demand for bitcoin at a time which will take just one day for the value to rise beyond what we can imagine. Well, $16000 is not my target, my target is what bitcoin will amount to after the blocking reward for next year which I am sure will make the value of bitcoin to skyrocket to $40000.

This reason is the only one I can really understand, since I'm not into technical analysis.  Regardless I do hope you're right.  The steeper the drop, the more scared bitcoin holders get and this can lead to more panic selling and further decreases in price.  It would have to stop somewhere, but with bitcoin being as dramatic and unpredictable as it is, that could be anywhere. 

I never did the math on what this correction actually was, percentage wise.  45% is incredible.  You really have to have a set of cast iron balls to hold on thru this ride, and I think many investors have already jumped ship by now.  That should be a good sign for a recovery in and of itself.

Yeah I'm hoping it doesn't go to $7000, but I know it could.  Easily.  And you are probably correct that this is all due to a bunch of panic sellers rather than one or two whales unloading their coins.

Technically, the anonymous person which predicted the surge in price of Bitcoin now totally wrong because the crypto market usually experience some dump in price noe till December before the halving effect take place but if we have a situations where the governments declare Bitcoin legal then the miracle you said will happen.

Yes anything might happen and it might not take ages for things to change but we have to accept the fact that we are unfortunately still struck in the bullish market trend wherein everyday some or the other coin just loses it's value or bleeds and yesterday it was bitcoin's turn with a dip of $700 approx. The positive thing about bitcoin is that it will bounce back unlike other altcoins, It's better to stop predicting until the bitcoin halving as prediction often ends up in disappointment.

Legal in what way? And how are you so sure that it will help get the price to increase? It doesn't work like that.... good news during a bear market has next to no effect. Bad news during a bull market has no effect either.

People need to stop hoping for miracles to happen and get better at understanding how this market actually works on a technical level, and from there focus on the charts, because there is a lot of valuable information to find there.

Well, well, well, Bitcoin punished the late shorters at $7,500 and probably caused a short squeeze to $10,000 plus. If this doesn't spell bottom to many, I don't know what will. Bitcoin halving coming very soon now.

I assume it is your first time you are witnessing a dip or maybe you have not gone through the past years of bitcoin. As compare to the old dips, present one is heaven. It is amazing to see it as the most expensive crypto currency even during the dip. You will be giving totally opposite statement once bitcoin will rise and touch unimaginable targets like 20k as it has in the past. You my friend, need to learn a lot.

If big country like china make bitcoin legal and they adopt it and make many payments in china could be pay with bitcoin, i'm sure it will be a really big news for crypto people and the price must be pumped hard.
I'm not agree with you that news on crypto not affect much, i think news in crypto is very influental even it overcome the technical analysis.

Don't you read what you are quoting? Don't you check out who and how long I have been posting here in Bitcointalk? I assume you are just replying for the sake of meeting your post quota in Cryptotalk.org. Don't you know what a short squeeze is? Or what shorting is? You my friend, need to learn a lot.

The recession in global market is a possible reason for  bitcoin and other crypto market being bottemed out as people prefer to store physical values of money like gold or other reason can be china looking forward to ban cryptocurrencies as china is center for bitcoin mining.The prices can still go high with next year halving so we don't need to worry much about it and hope for it's betterment.

It will sooner be aiding up though. Besides Bitcoin market ain't stickin' only wirh global financial markets. It is quite runnig around the globe independently. What I fear the most is that whenever such institutions came up little closely to their economic comfort zone it might as well dragged bitcoin market down.
I never thought of US will be close to economic recession. It seems they are close to leading fiats. Nevertheless, they seemed super advance. But whatever. If it may be true it seems Bitcoin would be an another option for them isn't it?

In my opinion bitcoin hasn't reached bottomed out, because based on the analysis bitcoin will drop to $ 7,000. So right now
it's still trying to break the price of $ 10,000 if it fails, only bitcoin will go to the lowest price. The lowest possible price of
bitcoin is $ 7,000. After that bitcoin will go up to the price of $ 15,000. Hopefully the lowest and highest target can be achieved
according to plan. So when bitcoin prices are at bottomed out we can buy again. And if you reach the highest price we can take profit.

It already break the $10,000 since the day it started to burst up in just a single day but of course, after that, the correction started to kicks in and what we saw today's price is the result of that correction.
I think bitcoin wouldn't bottomed out in this two months left and i expect a stable price within that period of time.

Bitcoin stable price won't stand still more than a month, there must be a movement from it in near future either it's gonna up or down. We have to prepare for any condition that will come.
But i'm sure next year bitcoin won't go lower than 7k and people prediction is around 14k-15k , and hoping more after halving. My prediction bitcoin's price peek will be at the end of next year because of the similiarity of the chart from 2016 to 2017

Maybe yes, maybe no, no one can tell whether there would be a stable price within this month or next month. Everything that i have said was just a pure speculation only. But i trust my speculation more than the others so it doesn't matter what would your guess. ;)
But I'm pretty sure that we will not gonna head back to $7,000 this year again. I am only expecting a stable price than a dump.

   Bitcoin has already started to show signs of next pump. Even in the worst case, it is expected to touch 15k dollars but I believe it is going to be a lot more than that. Bitcoin has the potential that o one can predict accurately. People who make such low prediction do not really understand the true power of bitcoin. After the coming pump, it will become a dream to see bitcoin at 7k dollars.

The bottom of bitcoin should not be a matter of concern that much because it is so sure that bitcoin will rise again in future but when it comes to the value of bitcoin bottoming, I think that it should always be an opportunity for many investors that are yet to invest to just go for it rather than getting scared and next year is definitely so sure too that bitcoin will rise.

Any investment that needs to be done is now that bitcoin has bottomed, and also, I think that china’s plan to release their own currency will also have effect on bitcoin, though I have not seen yet, but I have read others opinion on the link of the DCEP of china to bitcoin, and I believe in some of their analysis that the coin could actually affect the value of bitcoin very well.

There has not been too much information regarding the new currency issuance in China because the country has just announced its support for this market in recent weeks and they will definitely need a lot of time to new plan . I think the increase in Bitcoin price depends a lot on the current economy because if the economy is not stable then Bitcoin will certainly decrease.

A lot of different predictions can make you believe in Bitcoin but this year I will still sit still and wait for new trends. If Bitcoin could reach $12,000 by the end of the year, 2020 would certainly be agood time for people to invest again.

As we all know bitcoin is a dominant crypto currency in which we can't.deny the fact of it's popularity since many users as well as investors looking forward on this. I'm hoping in the future even though how bad experienced that we have this year will be a good in the next days, months  or even years as I believe it can be a tremendous value in the future.

For sure, bitcoin will still grow much more than that value in the future, maybe next year after the next halving will occur, but with the strength that I am seeing in bitcoin now, I think that it has the capacity to grow to that $15k by the end of this year, and I can see also that it is already showing some signs of bullish trend, and this bullish trend will make us see what I will call the last all time high that we have seen this year, I mean when bitcoin grew to $13800 before it started descending in value which we call corrections.

This will still be a very good opportunity to buy the coin more now without wasting so much time, because we could wake up tomorrow now and find that bitcoin has already started that bull run again for the remaining part of this year.

This TA shows that BTC is a sleeping giant
yesterday I bought again BTC at 8700 hoping that bitcoin will soon be above 20k,
get this TA from https://twitter.com/888Velvet you can follow him

https://i.ibb.co/3407PXc/EJBQe-KWo-AEk5-EU.jpg

https://i.ibb.co/CWQc5yf/EJBWi5-FWs-AEq-ETr.jpg

Hey! Cool video. Yeah, I think you could be right. It's likely we're heading towards a bull run now. Particularly with the Bitcoin halvening event happening in May next year, I think it's pretty clear that we're entering a bull market.

I think due to so many options we have right now the competition is really going on. In crypto world more coins are emerging and lots of people are already talking about it. There many similar concepts going on its either to collaborate with crypto or just making scene to regulate another processes. What I mean is that, its like in a very busy street. The traffic jam is untolerable. Tendencies are no movement going and so many are involving and yet noone is emerging.

Bitcoin just crashed from $8,000 down to $7,500 and has been on an almost permanent downtrend since you made this thread.

Why not close it now, and admit you were horribly wrong, and that all your TA was complete nonsense?

TA is usually just a prediction, so it could be wrong. But take a look at his long term trendline, it seems to be true when the price of BTC is correcting to the $ 6k ~ 7k range. I still believe in the next parabol move of BTC.

According to the Parabolic curve, the price of Bitcoin will soon return to the price of $ 6k and bounce from there. The price of Bitcoin has just continued to decline, showing that the seller is very strong for 2 days and this decline will continue until the price of Bitcoin reaches a bottom. We should watch at $ 6k5 or $ 6k3 and buy gradually, then hold and wait for the market to grow again.

In fact, indicators play only a small part in the accuracy of trend prediction, it also depends on the news and influence from politics in other countries. And one more special thing is that the market can reverse at any time and we need to be psychologically prepared for these things. so the price of bitcoin drops and we still make a big profit through short order. :D

I agree that he should close it now to save face, it's struggling in the $7 k level and could possibly go down to the $6500 level, Damn I was on a buying spree just last week and never thought that it could down this level, it's time to support the price now, now I was thinking to get  loan it's the best option to buy more it could not possibly happen again.

Looks like the statement that BTC has bottomed out had made people's confidence shoot up for BTC and then suddenly crash down all to scare them once again. Its not just $7k, its not good to small time traders but for the big whales its a does make sense to buy more. The poor becomes poorer and richer becomes richer still applies in crypto.

The reason behind so many projects emerging on daily basis is that everyone wants to make money through Crypto coin and digital coin market as a whole. If you look at the scam percentage at present, you will get a pretty good idea if it is more about competition or just snatching the money from investors in any way possible. New projects are nothing like old projects and bitcoin is the best of the best in all aspects. For other things, just give the market some time.

Yes, you can see now BTC's price bounced back again $ 7k1, but for me 6k7~6k9 will be the last bottom of BTC before it go to the next bull run. This time some fake news as well as fake FUD was published to make higher sell pressure, but in the end of this year maybe many good news will come out.

If you are born poor, that was your luck but if you stay poor for the rest of your life, it would be your own decision. let’s just look at example of Eric, he became rich by investing in bitcoin at the time when no one was willing to. So he deserves this reward. Look at Mark, Steve Jobs, Larry Page or Bill Gates, they were not as rich at their birth time as they are now. Crypto currencies give a way to become rich.

Steve Jobs, Larry Page or Bill Gates are all crooks. They are not investors, they steal ideas and projects from developers, they have proprietary products. Google makes money from people like you who trusted them the personal info.

What I mean when the poor becomes poorer is that when the poor invest on BTC they expect return in matter of days and if the price drops this much, they panic and sell the coins and they end up poorer than before. These poor people who suddenly trust BTC all because someone says it has bottomed out are the ones expecting ROI faster, they don't even trade. They won't turn their BTC into stablecoin when the price drops, they cash out. These are the ones who can't last seeing their money turns $5000 to $3000 in days.

we hope so, last price could be bottom for bitcoin movement. last crash caused by fud again and again. i know many whales want to accumulate their bitcoin amount , so many fud released now. $6k7 hopefully be last bottom , and there is no more down movement , investors could start accumulate their bitcoin from this now on, halving time now get closer . several months left again and dont miss this cheap price before this moment coming.

There has been a lot of information about China handling many exchanges. I think this is the main news that makes the market fall. The influence of CN greatly affects BTC and other currencies. I hope that this is the lowest price in the last 6 months. The return of $ 10k BTC will be coming soon.