Bitcoin Forum

It has arrived there so with your analysis it means that it will be back there anytime soon.

Yes, like as usual bitcoin can move sideways, upwards or downwards like there's no pattern where it's really heading for the short term analysis. And some of those analyses didn't caught where bitcoin is actually going. Good luck to the traders thought but, isn't it another buying moment whenever it arrives there?

Btc rising wedge will complete the pattern.
That's my idea
The rest of you can follow your own strategy

https://imgbb.online/images/2020/04/10/IMG_20200411_024005.jpg

Yet the market is still inside this pattern
Let's see what happens
stay safe!!

You should move this to Speculation (https://bitcointalk.org/index.php?board=57.0).

Thanks for you advise, but I will assume that traders of today are very careful. Of course, possible scenario is that it can go down to $4500-$5000 if the bears take over the market again, or $7900 is the bulls can push the price in that direction. There's no secret about this TA lately.

@jossiel - definitely a buying moment with the price goes to that level, the last great opportunity for us is $3800. But if the scenario that the OP is pointing out happen, I'm sure that there could be a mad rush of buyers again.

Yes it might happen that bitcoin can reach 4500$-5000$ but actually we cannot predict the price of the bitcoin, no one can say what will be the situation of the market, based on the chart it reachea for about 7,200$ and now it goes down again ro 6,900, we really don't know what will happen soon, so for all the traders there always be careful on trading because the proce of the bitcoin is still unstable it goes down and goes up, so we can really don't know if we are going to trade now or not.
But honestly, I want it to go down because I want to invest more if that happens because I am not able to invest when the price of the bitcoin reaches 3900$ before.

For this recent price Actions, I don't think so that we can see again below $5,000 this time. I am looking is around $6, 000 - $6,500 this week.
If we break below those areas, for sure you are right and we can see again below $5,000. Your rising wedge chart pattern is kinda good spot, good job. Let's see these coming days especially we are on the closing week candle.

Yes, there are signals that Bitcoin mint trade below 6k but I do not think it will be below 5k. Bitcoin is already trading below 7k from yesterday and it might go below 6k but it will bounce back before the end of April and trade above 8k.

In my opinion this is the best time to accumulate, it will help you in long run.

Just because bitcoin is in a rising wedge it doesn't mean that it will have a major dump to the downside. It may also forming a double bottom pattern and if you look at the longer timeframe you can see that Bitcoin also had a rising wedge in past but it was only a fake out.
So i believe this the only buy opportunity before it goes a much higher price. You can watch team underground TA if you want more details.

HODLers will HODL,traders will trade....Some traders will lose money,other traders with make money.
That's how the market works.I don't understand your actual advice,when you say "be careful".
If the bitcoin price goes into bearish mode there are only two options;
1.Sell all BTC and buy later at a lower price(probably 5K USD)
2.HODL until the bearish trend is over.
Which one do you mean,when you say "be careful"?

I think I will hold mine, as the bearish is unknown for certain period of time. Also we dont know when will be the price of btc totally go down. Some saying it will touch down 5k like OP's demonstration but who knows what really will be it price. We are a month away from halving and maybe therr some improvement after this or prior to the event. Remember we go down in just overnight, we can experience also the reverse of it.

Thanks for the advice. That is a high possibility, but Bitcoin is resisting even though we do not have the best condition. We are already used to seeing the price move downwards but we did not have the problem of the Pandemic. So it is very worrying. I wish that it continues its rise to 7K and not that we see it fall again.

You're right about the market due to it volatility, the current sharp dropped by the market was known and reported and those traders who trade with information are likely to Cash out before this drop. Although, there's a good position for the said Bitcoin to have a good move during it halving if the market will not be manipulated by the whales. Holding for me is more better to trade with Bitcoin at this moment of doubt about the movement of Bitcoin.

Actually, we can use the image to make our own predictions, and from that image, the chance for bitcoin to go down will wide open if the price is not back to $7,000. If the bitcoin price is hard to increase and break the higher price, then the correction will come and will adjust the price so the price will have the chance to grow. That is what I see on the market and related to the current situations in the market, maybe we will see a downtrend for more, but I hope that is not happening.

Yeah, stay safe.

Then we'll see how long it will take for us to see if you're right with your analysis. But whether you're right or wrong, I'll follow my plan whatever happens.

I doubt it would go below $5k though. $5k at most, that would be the lowest I predict the price would go. Tbh, if it still follows the same margin of drop and rise before the sudden influence of the virus, the current drop would be more than enough and the price would instead go up. Probably exceeding that of $7.3k, which it has achieved a few days ago (or was that yesterday). Still, I expect a number of traders that are actually waiting for any massive price drops so that they can reinvest/reenter their money once again. I'm also waiting for it, but even if it didn't come, so be it. I'm still entering from a few entry points that I can consider to be profitable though.

The bears hasn't had the upper hand yet, although we went down from $7300, still if you look at the price,  it is still hovering around $6800-$6900 and it is already end of the week as we might see some breakout this coming Monday again. Although everything is possible like the $5k range, but support are getting stronger as we get closer to the block halving early May.

I understand that anyone could have their own analysis and I love reading about other people trying to research and find how they could actually predict the price of bitcoin, that is not a bad thing at all even if you are wrong! Because it helps people to realize what others think when something happens and that is a very important part of bitcoin trading, knowing what other people are thinking.

However you literally gave out ZERO information about your analysis, it would be awesome if you could give a better an deeper analysis and use your words to explain to people what you are thinking going on right now and why it would mean the price will fall in the near future, that way we will not only know what your prediction is, but we will also know why you predicted and how you predicted that as well.

We don't know where we are heading in this situation. We can perfectly predict the Bitcoin price, it will fluctuate in a different position in the market to was made a volatility price. We are safe if we still hold our Bitcoin and don't be lazy to sell even though you don't have a profit. All traders can make a technical analysis by them but we don't know if that will give you an accurate result just like what you did. We never know what really happens is, the Bitcoin price will remain unpredictable.

It's very risky to trading in this situation. We can't predict the price because the pandemic and many news about crypto now. But in this situation you can potentially earn or lose more higher.

I always appreciate those people who have their own technical analysis like this, though we know that the crypto market is unpredictable but at least we have a different insight on it how it moves and fluctuate the price. Okay, it is almost convinced me but not totally, there is no safe in trading. Everything is risky and we don't exactly where is the buy and sell point.

That's why before you will act in trading, I may advise reading even 4-5 online articles that contain news or updates on Bitcoin price. So that you will know it. Because sometimes, the news will affect Bitcoin's price not just because only for technical analysis we have plotted and drawn.

Saw some kind of similar predictions from other persons as well yesterday where it is about to hit $3500 range but all I can see is bitcoin passing and swinging in the region of $7200 and $7000 for past 24 hours so next 24 hours will become crucial on which way the price is going to move?

5K is something like a psychological bottom for the bitcoin price and unfortunately 10k is the psychological peak, whenever we move under 5k we find a way to quickly go above that right away, it never really takes any time anymore and honestly I am quite happy about it, that is why I have a huge buy order at 4.5k nowadays so that I can actually buy if it ever drops again and I know that it will go beyond once again which means at least 10% profit or even more possibly, that is a good profit to make on investments.

However 10k is a barrier that we are having trouble with, we have moved as far as 14k once last year and it still dropped under, whenever we move above 10k there is this psychological thinking that "we made enough profit" so people start selling there.

Even as it looks good there , I'm looking that the isolation by almost all country won't allow for massive increase. The lockdown indirectly works on the mind that things ate yet to be normal and that is why buying now , you will see few who will follow to cause a volume growth.

The market is really unpredictable, the pattern is just a guide and mere speculation to follow the possible Bitcoin price movements. However, Bitcoin could also move the other way than the OP predicted it, this is like a 50-50 chance on both sides of movement.
As we can see from the market over the last week, Bitcoin is indeed holding onto that region you have mentioned, and It pulled back at $6,800, then manage to enter back the region again. The market doesnt seem like its going down, at least for the mean time.

BTC price will continue to go up because 30 days left before the halving. The halving is too important so I'm bullish now and next months. Long BTC with stop-limit in $6600 area, DYOR.

Basing up on TA's then we can say that the price is somewhat moving sideways and supports are on 6k levels and thats the time we do hit up 4-5k price but for now it is indeed tanking or somehow
stabilizing into these levels which is good to look at.It is way more better than going below on 4k price just like we did experience a month ago.When it comes to safety talks then you cant avoid
the volatility but come to think that if there are no price movements then theres no profitability on such market.Its just a matter on how you do deal with the volatility to make money.

The current situation that we're facing right now was more than correction. Somehow the chaos happening doesn't affect so bad on bitcoin, because btc remain intact at $7k range and didn't go down more than that. Pandemic isn't a hindrance for traders even though the economy has faced a deeper struggles, and traders find stronger fighting spirit particular on their respective holdings.

   Can some trader explain the difference between trading with Bitcoins and trading with alt-coins? I think
trading with Bitcoin is safer, the price moves but it hits some top from time to time, like in that past two
years. Some alt-coins are going down more than up, and many alt-coins can't recover their tops.
   Is there a professional trader here to say more about this? Thanks in advance!

And its again hit $6800 region in the past 24 hours so I believe there is some resistance at this price region it it gets broken then there is really high chance for prices will go down.

Then, I have to presume also that the market won't fall instead to see it rising. I have also to think about the coming halving and may this event could have something to change the trend we have today. Though we don't have strong market resistance but this won't be a reason to see Bitcoin dropping. We are currently at $6.8k and we've been stabilized at this range ($6.8k - %7.2k) for how many days, this may be quite enough to think that we can make more pumps rather than seeing it falls into $5k.

Well it has no concrete basis, every speculation has no assurance that it will happen though anything is possible since the market is unpredicted. Bitcoin price can move upward or downward we really cant say, even the coming halving is a month away its not certain if this event can affect the price of btc and crypto as a whole. So lets just be prepared for the coming days and keep on accumulating while the price of btc is not expensive.

This reminds me everyday of wallstreetbets and how everybody there (or at least 99%) are bearish on the stock market and they either short the S&P500 or buy some puts. They have been doing this for the entire last month, many shorted the bottom and right now they are starting to realise, what if the bottom is in?

Same with bitcoin, sure on the charts it looks bearish, especially at the 8K area where it initially dropped from however you need to take into account the fundamentals which are not shown in the technical charts. For one there is the halving. For two its following the stock markets which are in an uptrend despite the unemployment numbers and loss of growth.

Hence just because it looks like a good short trade, doesn't always mean it will work out that way. Similar to the stock market.

It is looking like it will be advisable to buy bitcoin after halving. Bitcoin prediction now isn't very clear and we have two factors locking around at same time which are covid-19 and halving.
If a huge drop happens, then good for buying, no huge drop I wait after halving  :o

We know that nothing is assured when we do talk about price that would hold up on a specific range or area.Even though it do tank
up for a period of time but doesnt mean that it wont collapse nor break down.We know that it can easily be triggered up either
theres some specific news comes out or randomly happens yet we know this market is always been unpredictable.

For now we are tanking which is good but hopefully it can last up until near halving and might able to push up if the market
is somehow being affected by some sentiments due to halving.