Bitcoin Forum

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#BTC Finally Broken Out From Daily Resistance Level.We Can Expect A Move Towards 7700$ Before Any Retrace Move..If Everything Work Like Our Chart Then Something Special Waiting For Us.✅

#BTC One Thing I Need To Clear To You Guys.Daily Candle Still Didn’t Closed Yet..If It Close Above That Resistance Then It Will Be A Clear Breakout We Have Still 12 Hours Left For Daily Close.. So Don't Rush It.It Can Be A Fakeout Also.If You Are A Swinger Then Wait For Clear Breakout✅

Thanks

It's not new however I am pretty confident about the halving now and I believe even this time there will be a descent pump after good changes in the chart, I think the market will go up slowly.

The resistance level shows how it is surpassing each and every barrier, if it breaks 8k then the price will go upto 12k till halving...

We cannot consider this a breach of the resistance levels given that we are back below the $ 10,000 levels and the price may be a bounce to an upcoming correction.
We are still in the stage of uncertainty and therefore unless things return to their nature all reports and statistical estimates will not work well in crises or foggy events.
Don't let the green light change you by investing. We were at $ 4,000 a few days ago.

Sure.  But it still feels like it's just another DCB.  And right now everybody's prolly still in denial about it...  I guess we'll just have to see during the next couple of weeks.

Thanks for that wonderful TA of yours, I believe this is something, of course it could be a fake out but the way it's going I think this is already the result of the upcoming halving and bitcoin will just continue to rise from where it left before, we have to consider also that there are potential investors out there who are looking for good market and since crypto is surviving and even looking better now, I think it will attract them.

Looking forward for $8000, hopefully a breakout will happen.

That completely random curved line at the end sure looks bullish, I mean, it is pointing upward  ::)

On a serious note, I find it interesting that the BTC price started a nonstop upward movement last Sunday when the Asian markets opened at 9am (not exactly a massive surge, but it looks like it was the trigger). BTC is up 10% (6700 to 7400) since that surge began on the weekend, that's around the same percentage as the US stock market (7.7% yesterday, 3% today).

Markets are in the green. If this continues in the cryptosphere, I could see some btc FOMO buying from the weak hands who sold a few weeks ago, would love to see if we can consolidate in the high 7k's or more before the correction (:

Stage of uncertainty can be experience most of the time specially into this kind of market thats why i dont really draw up conclusions and doesnt make any moves when it comes to break out resistance or support
because anytime it can turn around and would result into negative.This might not affect for long term or hodlers though but for active/short trader will surely experience this kind of decision making events most of the time.
Its just good to see that bitcoins price is trying to reach up our previous position but same as you said where it can dive down back to those levels on least expected.

Just daily resistance level? When the time frame is small, we cannot speculate for longer duration which means I cannot make any trading decisions based on what you have observed. I just look for any analyst who find out like bitcoin is testing again 100 days moving average or 200 days moving average kind of long time frame based things.

Like intraday traders kind of swing traders, daily resistance breaching could be a signal. I guess we may keep seeing all major resistance levels may get broken in coming weeks as bitcoin markets may enter into FOMO zones at anytime on eye of halving.

Next time please bring us some bigger time frame based analysis :).

It's probably a DCB in the sense that there is significant downside from here. The market could easily drop 30% ($5K) and it wouldn't surprise me in the slightest.

I do believe we've already seen the bottom though. $3,000s are off the table. Bears calling for lower lows are going to get trapped.

Yet I'm not confident. You may have noticed a breakout in your analysis. But with the sort term chart, it is difficult to predict the next market move. I'm looking for something that will give me the confidence about next upwards move. The market has suddenly pumped up. So it's hard to guess anything right now. The economy of the world is getting worse day by day. Suddenly a bad news could collapse the Bitcoin market again.

It all the way in the full recovery (it hope so). The chart shows an overwhelming market movement but still, we can't sure about the incoming.
$7.7k is a long way back to $10k, $14k where we leave early this year but if this trend will continue we might say that halving pushing the market to move. But I believe that some of us here still have their doubts since the pandemic isn't over yet.  

Anyway, whatever it happens in the coming days, I'm still not losing my hopes that we end up this quarter at a good price and may halving could help.

The issue is where its headed, remember that nasty bitcoin crash that we had last month? Well most of the supply cluster is in the $8K area and this will be a tough price to close above, if we get a close above then we can easily head to $10K.

The 8K is significant is because its where some large shorts were opened, and its where most traders are looking to re-enter their short position, it has a great risk/reward. And also if you look at the chart, it looks like a massive bear flag at the moment.

Been wrong before but I think we will top at $8K and then retest the $7K area before heading higher or lower.

this still is not a big deal because the important resistances are not yet broken. price is still below $8k (the highest reached is a little short of $7500) and even though the rise is a good sign but until that resistance is broken i wouldn't call this the end of the downtrend. there is still a lot of fear in the market that another manipulation could hit. but if $8k breaks then it would be worthy of considering as price would be getting closer to the real value.

How do you know large shorts opened there, or that they weren't closed already? Looking at Bitfinex data, it looks like shorts were mostly opened below $7,500 and especially below $6K.

I agree about resistance in the low $8,000s. Some big daily pivots there and the 200-day MA as well.

Bitmex funding is now positive, futures spreads are positive, and ~4K BTC in longs on Bitfinex were added in the past few days. Greed is beginning to set in. I might aim higher if not for that. Bulls are getting too confident for my liking.

Well, there is the exchanges where you can check when and what happens so you can actually see whats going on and there we have seen the 8k range to be clustered with a lot of shorts and longs actually, there was a lot of them.

However shorts do not decide the price actually, even longs do not decide on the price, its the community movements as a whole that decides it. Last month we had a huge drop but to be perfectly candid that happened everywhere else as well, so it wasn't really a crypto thing, it wasn't a bitcoin thing neither, it was purely economical in the whole world because of corona, which means it shouldn't be a problem since we could potentially recover from it when corona becomes less harmful and now that some time passed we are seeing that recovery as well.

After seeing (the impossible) BTC go from 5 bucks to 20k USD..?  I won't count any possibility as 'off the table'.  Literally anything can happen imo.

I don't want to have a high hopes regarding the end of April but the resistance is nothing more than a slight volatility movement Bitcoin always is doing that in my opinion and will keep on doing it until we can see the real high trend and regarding this halving is just around the corner lets just wait prior to what may happen in that said event.

It's just an opinion. I never said I was a omniscient or something. BTC can always go to $0. ::)

Based on historical high volume V-bottoms like April 2013 and January 2015, the likelihood we already saw the bottom is very high. BTC likes to reach extreme lows during liquidity events, followed by a DCB to higher lows.

The only thing that gives me pause is the possibility that global markets experience another liquidity crisis like March 12th. I would keep an eye on crude oil and US stock indices. If extreme downside volatility hits again, all bets are off. If this crisis morphs into another 2008, then it could fundamentally change BTC's course. I still think that's unlikely though.

Bitcoin can increase to a higher price if there is a massive buying in the market, and I think that will happen soon. This day, we see the red candle appears and it still trying to go up, and if the support can hold the price not to go down, we will see another little bull. But we still guess for what will happen on this day, and we are in the weekend. Hopefully, the price can increase and reach another higher price.

I'm feeling like this is about to top out for the short term. Seems to be having trouble getting past 7400, I think by this weekend at latest it either drops from here back to high 6000s or it pumps to high 7000s, gets rejected, and then dumps to high 6000s. I've got about 50% of my trade money waiting to get in lower and about 50% already in and hoping for a little more of a pump before the drop. If it does drop soon I think it will be short lived and by end of next week it'll be back to current levels and I'm pretty dang confident Bitcoin will mount $8000 this month. I don't think it'll push down past 6500 at the lowest.

usually whenever there is a very big drop like we had recently there are a lot of people who sell their bitcoins way too late at nearly the maximum possible loss percentage.
these large number of investors also usually don't buy back when the reversal starts. instead they hesitate a lot which is why we saw an initial jump back up and then the uncertainty phase (right now) where nobody buys and instead waits for a miracle to buy back near where they sold at a loss.

in my experience these trends always end up with a massive FOMO!

For me the best way was to go with the flow in the market price of bitcoin surely the market will pump and then dump because of the coronavirus, a lot of traders could play along in this movement and easily make an profit in bitcoin and I guess it is always the best thing to do here since this is how the market price of bitcoin work we cant really expect the market to just pump all the time. So to be safe we cant really celebrate even the market broken its resistance even in the past day it reaches 7000$ in the market for sure it might go dump again in the coming weeks so I might wait until bitcoin halving or if I already have bitcoin I would wait it until bitcoin halving.

We still haven't seen the price breaching $7500, and it seems that $7300 is a big barrier right now. Bulls are trying to push through, but there's no momentum shift right now. Although support levels is still validated as the price is still steady at $7200, we might see the price sideways unless that resistance zone is broken. There are still a lot of opportunity to make money though, depends on your risk aversion.

The SMA 20 is resisting to the price and there is also a major resistance at around $7700. If the price breakout in those two resistance then there will be another really. Even if the RSI is pointing downward, it is still a healthy sign because we are in the bullish zone which is above 50 RSI. We should wait if there will be a breakdown or breakout that will happen. We should buy when there us a breakout and we should sell if there is gonna be a breakdown.

Yes, but the dumping can happen anytime, and we don't know about that. All we can do right now is prepare and gets ready for any possibility that can occur. But we all hope that the price can increase higher in the next week, and the price now is just collecting more supports to rise higher. I already have additional plans in order with the current situations that will happen to the market. But I don't expect something worst will happen later.

This is kinda good news for everyone and I am glad to your chart since you are using a much higher time frame compare to some random people who always using lower timeframes and make some speculation on Bitcoin.
After we broke above $7,000 it was really a special situation for Bitcoin, for now, I am watching is kinda support if every we will fall again on $7,000 is around $6,500 - $6,800.

I can say, the crypto market is struggling to get back up or break that resistance level, though it's gradually recovering, but I'm still in doubt that the market will going to have another correction, before It goes for a bull run.
I dont know, but the market movements seems telling me to follow my intuition lol.

And one of them are short or daily trading taking advantage of the small price swings, yes that could be a good way to generate profit during this market mood, but It does require expertise and high risk tolerance.

There will be some falls and some increases during this period, remember the time we had trouble going above 6k just a week or two ago? We had gone above 6k and down couple of times before we could actually go above and stay there, now we are doing the same thing with 7k and we are going to drop under 7k and go above 7k and do that again and again for a while before we can decide what direction we are going to go.

I am not saying we are going to stay above 7k and even peak at 8k or something, I am saying that in order to do that we first need to actually go up and down for a while to make sure the buyers have enough ammo by buying and selling at right prices and have USDT so that they can end up actually having enough power to break over that 7.3k price.

Today bitcoin is trading at ± $6850, market conditions are unstable and halving are getting closer so traders and investors must be careful because there may be unexpected market turmoil. We can see that the price of bitcoin is trying to reach $7,000, but because of the high sales volume makes it even more difficult to achieve.

However, I do not think prices cant reach $7000 in the near future and I believe price movements still have the potential to breakout. Securing capital may be the right thing to do, but consider making a profit from daily trading. 5% of targeted profit may not be a big problem, but daily trading if not done properly will negatively impact the capital we have.

It honestly feels like there's gonna be another drop coming...  Dunno.  I hope not.  Lol.  :D

Of course mate, we are waiting for that potential breakout to at least $7500-$7700. But it looks like we are having a difficult path pushing past $7300 again as the resistance at that level is strong.

Yes, conditions are very unstable and I see some technical analysis on the opposite direction, meaning that as this conditions, (with the covid-19), really hard to predict where the price will go, we're in the middle, we can't even confirmed if we are in the bear or bull zone.

It may be because we had a big buy Wall on Okex at ~ $6800 about more than $50 Mio. and few hours ago they removed it.

Aaand the moment I posted that, BTC goes up to 7200 USD a couple minutes later from like 7080ish.  Lol.  So I really don't know.  :D

on the weekend, I think the market tends to have a different direction, indeed you are very good at predicting the price of Bitcoin and it is very helpful, the price had penetrated resistance, and now has decreased again, because this is a weekend, maybe this price increase is fake, we have to wait for Monday to arrive