Bitcoin Forum

Bitcoin has seen a slow bleed since the massive pump driven by news out of China. $8,300 is the top of the daily mid range and looks to be Bitcoin's last bullish support level after losing the former range high and the 50 day moving average. Full article here:

https://www.cryptoadvocate.net/post/bitcoin-weekly-update-11-17-2019

It did lost that support already? The price is way below $8300 now so I'm expecting that the bulls last stand will be $8000. Obviously if this is broken, the bulls will no longer have the upper hand and it will be very difficult to defend as the support is slowly crumbling with the pressures from the bears. What do you think though, will that $8000 support hold in the next couple of hours?

Maybe in the next few hours it could. But it's honestly difficult to believe in the bulls right now. BTC dropped down from 9k slowly to 8.5k, and then dropped after a day or two from 8.5k to right now. Bearish season right now, and honestly, it doesn't show any hopes of pulling itself back. Doesn't mean that it wouldn't move on from the current bearish season after the year though.

Is the pump really from China or is it just that too much FUD is being created?
I go that way. Too much FUD.

Look at this.
https://www.forbes.com/sites/billybambrough/2019/11/16/perhaps-google-will-kill-bitcoin-after-all/#3b8a71ee758f
I dont know if the writer is a bitcoin supporter or not because of this.


I think he is the neutral space. It is just title to make it look more inviting.

Oh come on, now. No need for hyperbole at 8000! If Bitcoin were down on its knees and staving off the vultures at 1k, okay sure, I'd probably go along with that kind of sensationalist headline. But we're not even back to last month's low yet, and we're still way above 150% of this year's low.

And you saw from 8500 there hasn't been any notable resistance to now. There wasn't a stand to even mention, bulls are just too lazy to form a charge.

The price is below $8100 now by only a couple days the price dropped quite deep, so our last hope is that $8000 mark. If it reaches that mark, I'm afraid we're going to see another bloody hell market. I do hope the support could hold a bit longer and bounce back up in the next few hours but it might be the opposite as well.

And is it really because of that news about google few hours ago?! And everywhere I see is red on markets.

If Bitcoin doesn't get back above 8250ish by close today, think mid 7k's incoming

Buyers seem to love the ~8000 price, there's still a chance for better.
And I'm more afraid of what could happen tomorrow than tonight.

I'm still optimistic however that it's temporary and will not go much lower.

I think China will have some more say in this before the halving happens, they can't just let bitcoin die like that and they can't afford it to go down neither right now. We have to things ahead of us, one is halving which should mathematically increase the price but we will yet to see that, the other is china getting into bitcoin after years of being against it.

Now, both of those things are quite the bull stuff that could increase the price of bitcoin but they are never in the charts, how could you put "china used to hate bitcoin but loves it" into any chart? That is just news that we have to deal with personally and can't see it on any chart but that doesn't mean it is not real and it won't affect the price. So, I assume there will be much better things going on soon.

Why? Large miners benefit by smaller miners throwing in the towel and capitulating.  One man's misfortune is another's opportunity

Currently 8,080 usd price as of writing which its being trying to broke down this support for time being.We cant be sure if it would continue further or
we would see some bounce back.

I dont believe that kind of news for be the main reason why Bitcoins price is decreasing.People do really love to tie up things.

Yes this will be temporary with the price of bitcoin not going too sharp, but I have backed up to buy the price of bitcoin at $ 7900 and it's the lowest price, there is also another news I don't care about that I'm looking forward to tonight a bit of an increase in bitcoin.

Still holding @$8000 which I expect to happened, but I wouldn't be surprised if we go lower than that approaching weekends. So no bounce back, but there is support at least at this point. There could be FUD as mentioned, but come to think of it, who are the people behind this spread of FUD's across social media sites or it is just pure coincidence? Or possibly that they're preparing to buy at $7500'ish and just waiting for the right time.

Probably because they see no reason to form a charge. Only those day to day traders have it hard tbh, with most of the long term ones just chillin out. A lot of newbie traders are getting attacked by fear at this junction though, with what they'd expect a smooth slide upwards of BTC when it reached 10k last time.

As for those newbies or people attacked by fear, No need to really fear though. BTC still holding it above 8k, people still fighting for it to go up. And even if it went down, jeez, wait till the end of the year. If it went down the 6.4k support, then panic. But I'd still advise the same, just HODL, it'll pass sooner or later.

We still maintain the level of $ 8,000 which means that the outlook is still positive for the coming months, I don't know how long we will continue with these gains but we may not see $ 7000 soon.
The Christmas period and the end of the year are witnessing more positive so we may return to the $ 10,000 levels if the price can maintain these levels in the coming days.

Anytime you get an ugly wick to the topside like that, decent chance lows get swept.

I am personally very surprised to see bitcoin price movements for this month, which has decreased. I hope this will not lasted
a long time, because it would be very dangerous if until bitcoin falls back below $ 8,000. Keeping in mind the current price
bitcoin $ 8100 is the last defense. The problem is in my opinion if until bitcoin drops to a price below $ 8000 it can a sign of
a bullish trend failed to materialize. And if the $ 8000 support price barrier is successfully broken bitcoin is likely to fall again to
the price of $ 7,000, i hope this should not happen.

Sadly the price is nearing < $8k and the price continue to go down today, we are now in the bearish sentiments. Although we don't want to see it, we need to understand that it's possible to even see $6.4 in the coming months, so just prepared for the worst.

Maybe the spike from $7400-$9000 was due the China news supporting blockchain and then easing on bitcoin mining. But it was not sustainable, meaning it could be just a trap that's why the price was suddenly jump after that. And now that its over, we may go back to the $7k or even below.

This is what I call the market cycle, the bad news and the good news intertwined makes investors bewildered and prone to FOMO. The news of China supporting Bitcoin has been overblown by sharks and it is a trap for inexperienced investors. In my opinion, the price reduction is likely to last until the end of 2019, perhaps by 2020 the market can recover.

I don't think bitcoin will go down to $ 7000 but bitcoin will last as it is now, I haven't found any analytical techniques from experts how about bitcoin going forward, but many investors are still waiting for hopes in the next month for bitcoin to return to $ 9500, new year and Christmas will be their moment because bitcoin is high again.

Bitcoin price is $7,987.27 as of writing, bearish trend still consistent. I thought there would be a price increase because the next halving will take over next year plus the good news about china supporting blockchain technology. Then why these happenings are reversible? It's really hard to identify what would be the flow of the market, that's why investors afraid of it.

I think it's normal  for a correction , since there is no current news that might be the reason of the decline in price. These fomo means only a manipulation but if it keeps falling it will be really give a hard time to identify whether the halving will be a success to pump BTC. Im expecting since Monday that it will only fall to $7.9k hope it will not fall more.

I don't see any reason to doubt about the current value and its changes because I see it as a normal thing. 8k is still normal since Bitcoin's volatility is always surprising. There are upcoming huge events in the world of crypto so I believe that Bitcoin's situation could still go better by the end of the year. The best thing to do during this market situation is just to hold continuously.

It's really sad to see the price is being increased again, Not really that the price is the only reason to see this situation but also there are also increased rate of the newcomer to this platform, I think this is only for some scammers who are the main culprit for this situation. I also believe that the Bitcoin price will rise very soon since we noticed at the end of every year The price of Bitcoin usually takes the lead, so it doesn't matter, it's only a matter of time. I had a belief that Bitcoin's price would get at the new milestone within this year, but still, it didn't happen, who knows what will happen in the coming time. Let's see.

no one doubt next year be most waited event for bitcoin price especially and cryptocurrency commonly. The thing we could do if we have more money were add our bitcoin or altcoin amount. In case if bitcoin price increase again on next year we could doubled our profits. At this moment crypto community still waiting best moment and waiting good news that could drive bitcoin and altcoin price.

And yet for some reason Bitcoin simply doesn't want to give up so easily around 8k.

Halving isn't going to have desired effect anymore. People knew about since last year, so they got all the btc they wanted around $3k or even max at $5k.

Now you are experiencing what is called trying to dump as low as possible to buy back in at the dip.

And then this one popped out.


I thought I am going to see a real technical analysis but yet it is just for referrals.  ;D
Well, I did though $8k will be the bottom until now.
At $7.8k many people are trying to wonder what is happening and some are getting scared that this might be the end.  ;D

People are so petty. I share an analysis at 8.5k that says outlook is grim and straight out bearish if 8200's are lost. Here we are today at 7700 and if you had followed analysis you'd be in a very profitable short or saved btc to buy cheaper. And you disregard that because theres one referral link on the page? God forbid I hand out accurate trading advice and 1/1000 people who reads it clicks a referral link and I make a few bucks.

As of writing this post the price is about $7500. The price has fell down from $9500 which is a straight decline of $2k.
The price should have increased at this stage since it's the end of the year and BTC price generally increases in the year end.
Besides that, the upcoming bitcoin halving would surely attract investors to invest in BTC.

Direct quote from the article:

"The daily mid-ranges from $8,200-8,250 which is confluent with the 0.705 fib level appear to be the last bullish support and where I'm personally looking to at least play a bounce. Below that and there's not much in the way of a full retrace and a re-test of former range lows at $7,600 and $7,400."

You're welcome

We are already on that level as of this writing.So what would be the possible next support if 7400 would be broken out?

If there would be no bounce back with these supports then for sure we would head down even more.We might see 5 digit price on next year.

We are now entering $6900 range, so we are now in a new lows and I don't think that it will hold up until we touch $6400. So anything goes from this point, there's so much FUD about the Binance raid in China. They already denied it but as I have said in other thread, the damage has been done so we might see $6000-$6400, just like year. I know that we don't like to see the price in that position late this year. But I'm still optimistic that this is the last great bump along the round prior the halving and I'm expecting that we will have a good bounce start of next year.

The good news is that the price didn't go as low as $6.4 but a quick bounce back around $7200-$7300 had already happened. I think people bought @$6900 when they realized that the Binance office being shutdown in Shanghai was a total fake news. So this is interesting as how the price will move in the next 24 hours. I do hope that it will stay above $7k at least and see that speculators and traders settling down this weekend because of the massive FUD and fake news that's been going around in the last couple of days.

There are only two situation that may happen next year. First is the tremendous bull run but it doesn't mean the same as 2017 last quarter but for sure it's gonna be a huge bull run. Second, the unexpected red flags of different coins that may occur but it can recover. On my own thoughts, the two situation have advantages and disadvantages but in the end it will still depend of the user how to deal the possible good things may happen.

Will have another market update posted tonight, stay tuned

Latest market update can be found here:

https://www.cryptoadvocate.net/post/bitcoin-weekly-update-11-24-2019

This is end of the year, many people switch their bitcoin asset into currency and start again in January 2020. No more speculations, just wait until next year and start again with MACD indicator to know where market will goes. I can't replace open order because half fund already stuck, so I'll wait until below $8k to start again.

I read your article:


Yes, pretty much this is what we are going to expect, we haven't yet reach $6400, but I'm sure if we touch them in the next couple of days, I wouldn't be surprised to go at low as $5800.


Well prior to the China pump we have been hovering around $7400, but I guess it's inevitable, the price is going on a sideway pattern anyways. So let's see if this downward trend will continue or we're going to see some bounce back again to $7200-$7400.

The dump trend is expected since have always been the market situation but with what showing on the graph the market is still resisting to dump trend which the reason we're yet to reach the $6400 price range and I dont expect it to dump to the $5800 range until it Dec 1st to 27th.

Well at least we have seen some support at the $7000 levels and didn't go as low after $6400. But it is still not over yet, I think the bears has control of the market. But it will be interesting how are we going if we touch $7600. The price today has a good spike almost 10% as per cmc, going to $7300++.

So if the OP is right, there could be resistance after that $7600, so it's going to be interesting in the next coming days as we are hitting the end of the month and I do hope that December will be a total breathe of fresh air.

The price seems to be rising right now after the correction but i'm sure this just a bull trap from the whales and make people buying again then the price will crash lower and the whales are buying more.

Thanks for this! Super interesting article - still, it does look like we'll be entering a bull run in the near future.

I don't think its a trap mate as we all know bitcoin is so volatile and we can't even predict its value. Well, we have our own thoughts but as I observed as the bitcoin's price go down it's a good chance by those crypto enthusiasts to buy and for sure it will pump on the up coming days.

We can only tell if it is a trap if we can see a fast price changes in quick instant but as of now the price of the bitcoins is pretty much stable so I include maybe we are in safety zone right now but I will try to look for more cheaper price since I am still waiting for good opportunity to buy cheap, but I'm not expecting any good pumps right now since it's so early for experiencing it since the halving will happen on next year.

and now , we waiting for next bull , since china create a negative news after a positive news, somehow i just think we've been played by stupid rumor right that.
but , we cant do anything , i guess how strong they controlled crypto market after all.

It looks like we are all being fooled by certain powerful institutions here. Rumors and statements seem to play a very big influence in the prices of the cryptocurrencies. They can pump any time just because some kind of positive statement is released and then they can also dump anytime simply because a fake news is released. Why are we reacting to all these as if they are the ones who own the market?

Bitcoin have a huge comeback it did manage to bounce back to $7200 its former support. Now we've just have to wait and see if bitcoin can sustain this support line or will it fail again but we might also see a possible dump , honestly i wanna see once more of the 2017 price pump but this year it is most likely not to happened.

Right, the good thing is that the support at $7k looks strong at this point. But we would love to see it getting around $7500 and then see how it goes. However, as we are nearing the end of the month, I don't see it happening though. December could be very different as we are just less than five months to the block halvening. A good 5 digit will be great to see before the end of the year. But if it doesn't then we can't really do everything about it unless there's some kind of positive news that will turn the market around next month.

Well like they say, Bitcoin is unpredictable. Have you checked the price of Bitcoin today? You can't compare that what we had in the last two days or last week. The price of Bitcoin was already down to $6,500 before coming back up to $7000 and today it has reached $7,500. I was already seeing some people predicting that the price will fall back to $4000 but that never happened.

Nobody can ever predict what will be the future of Bitcoin, it's always something else at the end. This is one of the reasons I always hold strong when I invest for the long term, because I know that people will always make the wrong prediction and say things that will never happen.

well , the parable is like this , we have the market,they also have the market , the problem is they have more shares on market , so that mean whatever they do , it make impact for us , both negative and positive .
i dunno when this will over.

Yeah we did see the price hits $7800 but the OP is correct in calling that this is a big psychological barrier because it was not sustainable as the price goes down to $7300 again.


And that's what makes this market very attracted to most, specially those whales because they can play us and make us fool thinking that the price will go on this direction, but then again, those manipulators works this magic to pull the price again. And I agree that long term holder at this point is a bullet proof strategy, no stress on your end, you just have to wait till the market goes into another bull run next year, specially after the block halving.

Latest update can be seen here: https://www.cryptoadvocate.net/post/bitcoin-weekly-update-12-01-2019