Bitcoin Forum

If Bitcoin closes above $9200 this week, it's an incredibly bullish sign — and perhaps the biggest since the 2017 bull run — for the coming weeks and months....

Bullish scenario

Closing above $9,200 today will be the single most bullish sign that Bitcoin has seen since before the 2017 bull run. This would put $9,980 as the next level of resistance before opening up $11,600 as the next target.  
https://cointelegraph.com/news/bitcoin-price-charts-hint-at-the-most-exciting-breakout-in-over-a-year


Looking like we could have a great summer, who is ready for some action?




Edit/ Update based on initial reactions:
Reading chart signals is an Art and not a Science. Looking at the fundamentals for BTC you could not get more Bullish than having the USA government creating Trillions in new fiat out of very thin air. People who are waiting now (for example) will probably still be waiting at ~$10,500 to see if the breakout is real this time, and later buying at a much higher price, right as the market is about to short-term crash.

Now the market has traders trained to sell in the area of $10K since it worked so many times before. We are due for a major plot twist.

i don't think so since there is nothing significant about prices that are below $10k which is right now a psychological barrier more than anything else. and for all the FUD that has been going on for the past week i don't see any bullish signs unless this resistance is broken. for now everyone seems to be either accumulating or waiting for the breakout to jump in again.

I agree, the analysis that I'm saying lately is about the prices that's below $10k and speculates that if a week closes with a certain price then that's the sign of the bull run. But bitcoin doesn't go like that.

Last year, bitcoin reached far to $13k and a division of bullish trap folks and non-bullish speculators said that it's like that. And for this year, many didn't even expected that March would show a very low price base from those price comparisons and expectations analysis.

^ It seems to agree, not a bull run yet as I see it for it is still too early to speculate and we just have halving probably this is only the effect where whales try to buy a bulk of bitcoins after the halving which causes an immediate increase in the price. Though compared to the previous halving the volatility of bitcoins in this halving are quite different it changes faster as expected however we still cannot speculate it right away the bull run will surely kick in but we cannot tell when it will be we just all need to wait and do what we normally as investors and traders, in my own opinion.

Added to the OP:

Reading chart signals is an Art and not a Science. Looking at the fundamentals for BTC you could not get more Bullish than having the USA government creating Trillions in new fiat out of very thin air. People who are waiting now (for example) will probably still be waiting at ~$10,500 to see if the breakout is real this time, and later buying at a much higher price, right as the market is about to short-term crash.

Now the market has traders trained to sell in the area of $10K since it worked so many times before. We are due for a major plot twist.

That's the basis and fundamental way Bitcoin moves, support and resistance, -10% dump followed by 20% increase, so there's nothing new.


Yes, that a big psychology when the price hits $10,000 as traders might sell and to take profits. And then the dump will follow by an increase again. Its just a matter of time when are we going to hit the five digit, could be the end of the month.

Right, and when this so called experts really thought that the price will go North, usually the opposite happen. Although we can say that analysis can help, but it is not a guarantee. Still base on people sentiments, news that sell, FUD and anything under the sun that can push the price or pull it on the other direction. Currently the price seems to be holding on $9500, and we don't know if it will continue its declines or another break out occurs and pushing the price to $10k++, we will see.

There were and will be interesting analysis that's very accurate to how they read the charts and it can't be denied. But, to the speculators, this how they see the price movements of bitcoin and also like me but I saw it isn't like that.

IMO, fundamental is still much of the base of bitcoin's value but as we say, bitcoin's attitude keeps replacing and difficult to read its true nature in terms of analysis. But, as long as we have those tech's and fund's analyses, they're also helpful how you will react and decide.

I dont really believing that much into that kind of word that talks about "accurate" because it wont really fit out into this kind of market yet we know that thousands of speculations that do float around in talks about possible price basing on technicals and yes we do know on how this market reacts when it comes to news and events neither it is attached in both or only on one side.Price is always been questionable thats what
makes this market is hard to predict but somewhat trying to look to these analysis is way more better than positioning yourself blindly without any basis.

10k is a and long-time wait for millions of people from past many year. Some time back it had crossed and fallen back and hopefully this time it can break and sustain this level for some time. If it does it we will see an upside move in coming time and I do expect that some investors may jump in as well if it breaks the 10k level making the prices to rise upwards.

That is only what I see fundamental to do, create expectation, speculation and fud around, making people who rely on fundamental to wait and fear to take an order decision while technical is there clearly showing direction. This is how people will fear to take a buy decision until another ATH will come, they buy at the high high when correction is already prepared to happen. Just like people who bought at $19k the last time and market reversed at $20k.

I guess closing above might had happen with last rally as well (I mean the rally which happened just before the halving when bitcoin prices failed to break $9900 levels and fell back to $8400 levels) but not sure it persisted until closing of a week. I agree closing must be an highly influential factor we must need to consider about reading the trend. As of now, it seems there are whales who still book profits around $9800 levels which must the reason why we are still struggling to break $10k for more than 3 times in row.

We can expect prices to sustain around $9500 to $9000 levels before it will be launched above $10,800 in 2 or 3 session of trading itself. Just breaking the big physiological resistance will lead to another rally toward next resistance levels. It may be too exciting for many people here but for the rest of people it is highly expected as some 3 years back itself we had seen prices up to $20k.

So it got to $9700 but still having that difficult time to break the 10k mark which seems to be happening for months.

Even with all the hype that had happened.
So much threads had been created about it and you can also see twitter with different popular names talking about bitcoin.
Yet, there is a resistance which is being hard headed.  ;D
Maybe it is the Covid19 or maybe not, just how bitcoin normally behaves.

This is somewhat unexpected for me (week of trading in this range) as I've said more than once how 9k-10k to me isn't even worth negotiating because volumes there are so thin you generally get from 8-9k to 10-11k in a dash.

10k is always, always psychological though, so even this dithering in 9k ranges won't get my juices flowing although, if we're still see-sawing here in August, there will be sharpening of knives from the bulls.

$9,200 doesn't occur to me as a significant level. The weekly bullish engulfing is a promising sign for buyers but technically it won't be "confirmed" until another weekly candle closes above $9,944 (Coinbase).

Even then, the really important question to answer is will BTC close above $10.5K? That is what defines the year-long downtrend since June 2019.

The more years that go by the more organic growth happens. Be patient, we had a big bubble burst 2 years ago and we are just starting to find support, it might even be several more months until 10k is broken for good, but it will happen eventually. Every year that goes by we have babies growing up and new investors. Can you imagine 10 years from now? It is a very bright future, i cant think of any other stocks that are as good of an outlook vs BTC.

The problem also is that in the relatively short period when Bitcoin was above $10k, and yes, even during that run up last year, people thought it was overheating also. And this was still less than 70% of ATH. I know we should be happy that at almost halfway point we're consolidating or at least, won't let go of it so easily, but I'm more worried that it's such a struggle to close above that for a long period of time.

I think everything changes now, as we have some FUD or shall I shall news that causes the price to go down in the last 24 hours, and this is the 50 BTC moved and seems to be the sole reason of this correction. So I wouldn't be surprised if the new support will be $8800 because of this bearish scenario. $10.5 might take some time before we go there, and I would say that the bears have retake the market short term.

The price can go slightly down at the moment because of price movement for price won't be permanent or fixed in a position. No need to worry on price, we are likely going to break 10k and if that should happen this month, it shows we might see more bull this year.

I believe last Sunday price was above $9200. So what are you expecting now because of that? You are bullish only in upcoming weeks and months or longer?

On my opinion we are living in a very unstable times. And predicting price of Bitcoin from charts cant really predict those events and how will they influence Bitcoins price.

With the current situation we are in, it's hard to predict accurately I was hoping for a $10,000 break out, this will be a sign for a FOMO but unfortunately it did not materialize, I guess the $10 k we are patiently waiting for will not  happen this month, but I am hoping next month will offer a different scenario.

It is unfortunate that the cryptocurrency market can be affected not only by large whales, but also by alarmists who, having seen a slight decrease in prices, immediately rush to sell their assets. I believe that taking into account the statistics of past halving, you should not worry about the future of Bitcoin this year.

I do not really agree that TA is an art, nor I think its a science. It is simply just a calculation method that could work or fail, nobody knows at one time. Definitely, you could be right, or maybe you could be wrong, we won't know it until we move pass that moment. However know that just because you did TA doesn't mean you are right, I could make a TA that shows bitcoin will be going to 3k, there are methods out there which you can check bitcoin and see a 3k price, or you could check and see 100k price, both of them are available.

So, of course make your calculations and analysis and talk about it, but no TA is ever definite, they are dynamic and constantly changes, hence why there are so few bitcoin billionaires in the world right now since people can't foresee the future.