Bitcoin Forum

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BTC is coming out of downtrend.So short term may be bullish.Let's See if BTC retests 9500 Dollars Zone.

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Dancing around the 2 day average at the moment.    We could take it as simply as above this average it will move onto 8 day average area which is around 9500 which is in the down trend blue line on your chart so think I agree with that one.   
  I wont form a conclusion till end of the weekend as I think that we need to finish that weekly bar before move onto a new movement.  Not sure it'll go sideways exactly but thats my bias or perspective usually.

Bitcoin is above $9200 as of now, the two or three days of dip have been somewhat recovered.

So we need a few more days to validate and see if we can re-test $9500 zone again. Remember that prior to the dip, we are trading around $9500-$9700 and trying to reach $10k. So I don't think that we will go sideways before the end of the week and could be retesting $9500 anytime soon.

If in the next weeks, the price cannot increase and break $9,200, I guess we will hard to re-test $9,500 because we are still far away from that price. When bitcoin price can break $9,200 or $9,300, then we can re-test to the $9,500, but still, as you said, we need more days or weeks to see if bitcoin can increase at the end of this month. Perhaps, we can see bitcoin price can up to $9,500 in the next months, but we hope that it will happen before the next month.

These situations need more patient for us because bitcoin can go up or down again, which we don't know and don't have a clue for that. So we need to be careful to decide.

I think what the OP is doing here is trying to predict the price movement based on TA obviously.
So regarding our tolerance, we have seen the price movement before and I'm sure some of us, specially holders doesn't care much. Regarding $9500, clearly this should be the next target or the next resistance that we need to overcome. Let's see how the candles are going to close this day or at least the end of the week. If a breakout to $9500 is possible or not.

I think the market is starting to enter a bear trend. This strong recovery is due to governments promising that they will control the virus pandemic and bring the economy back to work as soon as possible. But now the political battle and struggle against Covid is still fierce. The United States and some other European countries are greatly affected and it is likely that it will lead to the economic crisis next year. When money is continuously printed and the economy is unable to make up for it, it is normal for hyperinflation to occur. so I have a pretty bad view of the future financial markets.

I think there is a need for bitcoin to come down a little before next strong movement. The 50ma on the daily chart has just crossed 200ma and it has been proven to be along term bullish signal but rsi is showing overbought.

Bitcoin price dumps today but it doesn't mean that it goes directly to the bottom. Likewise, this is similar to what it happens in the previous weeks, we started at $8k then it drops to $3.8k and bounces back again, besides it move going straight high. We saw this declining sentiment but surely it will come back above the $10k resistance. But then, I was not closing some instances that it drops more before it rises back and maybe we shouldn't have to take this seriously for it leads into FOMOing.

If there's a bounce, then it's a weak one, 1+% moves up and even a 0% movement just an hour or so ago, so that made me think it'll falter. That it's picked up again, minuscule creeps up, is probably a bit of a surprise on the weekend.

It's pretty incredible that it still hasn't given up 9k levels though. Still absolutely no strong feeling either way for me though, but my thoughts yesterday that the bears would have to see through the huge depth of buy orders at above 9000 looks to be true.

I learnt that mining difficulty level and market demand/supply are what determine the trend of bitcoin market which is furthermore what happen today when the price of BTC dump. But, to understand you correct when exactly are referring to when you said the price of BTC dumped to 3.8K?

Do you guys really think that ıf bitcoin tests over 9500 once again there will be anything different? I feel like that is not something major and it wouldn't really change too much in the bitcoin world. If it goes above 10k or even 11k that would be a big news, but going over 9.5k is not really something special anymore to me. It always goes above that eventually but it drops like crazy as well. Remember last year it was over 13k and it still managed to drop under 4k this year (I agree it was pandemic and quick).

So, we need to reach to a level where it no longers drops under these prices. For example we do not drop under 3k anymore, 0 to 3k is all but closed for bitcoin, we need to increase that bottom to 5k at least, that is what I am excited about.

Pretty much agree with you on that but its a case of which time frame and we can rise before we drop and ideally thats how we drop because a fake out upside shakes out the longs before engaging the real move downwards, it kinda makes it easier for us to go lower.  In fencing this is known as a feint I think, old dnd players know what I mean :p   Same can happen in reverse with a pin candle downwards but in fact we rise rapidly thereafter.
   For this moment in time I think the reasonable scenario is a convergence towards 9400 or so, its not very far in theory but I come from the days of 100 dollar BTC and every move is large in theory and certainly this can be traded for a profit and so people will.  My bias on weekends is positive but I dont trade it, I just often close shorts or hold with that idea in mind and once again I think its reasonable context for now we get that higher price.   
  We are above 2 day average:

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The demand and supply determines the price of BTCitcoin and mining difficulty is directly correlated to the price. Since halving many miners have shut down their machines and now the confirmation time is really high unless you are paying a much higher transaction charge and the difficulty level should be decreased as the hash rate has dropped. Since miners are looking for incentives as soon as the price moves higher the hash rate increases and thereby the difficulty will be adjusted according to that.

The market determines whether it is time to change the bottom ;). I hope we will not see $3k valuation anymore but in a market anything is possible.

I love the way you did to the chart, especially the Fibonacci retracement, which seems like aligning and precise. The 0.786 here is the key resistance level for the short term part, especially you are using 30 minutes time frame. Breaking $9,500 could be a good move for Bitcoin here, looking forward to breaking the $10,000 level once we are done with $9,500.

The huge hash rate drop from the past couple of days maybe causing the Bitcoin price to go lower than the $9,500 level.
We might be seeing a good price run again once majority of the miners will be settled with their operations. Some people might get lazy doing transactions and moving their Bitcoins because of the high transaction fees.
Nevertheless, everyone is looking forward to see the 5 digit figure of Bitcoin.

To me it looks like there are possiblities to break this $9.5k barrier, now the price is slowly moving towards upwards. But only if it goes above 10k there will be some interesting news and we can also say it might be a bull rally, after Halving we have seen this price movement from 9k - 9.5k several times playing like a seasaw. I will consider bullish move only if it breaks 10k.

I guess we see that the price is going to close at $9,200-$9,300, and that is not much higher or lower than a few days ago. I think the price has stable now but who knows, the price can increase in the next week. I think it is hard to break out to $9,500 if we do not see bitcoin price can break for $9,300 for the first step to increase. The holder still waiting for the price to grow, and no matter if it needs a long time, they will be patient, and they will not come in a rush. But we can see the bitcoin price now have a green candle so we can have a chance to see it will grow in the next week.

it looks like the price of Bitcoin will not go up to $ 9500 for now, the price is breaking down to $ 9100 now, what do you think? is it still up to $ 9500 or will we indeed see the price of Bitcoin even lower?  ??? ???

I think we are going to see price hitting $9,000 this coming week as a taste. Now selling at $9,116.08, it looks like the drop is going to have some little more time for a direction to be clear. I think next week might continue with some slow movement.

That's correct but we still can be sure if the miners are indeed looking for incentive cause i believe the current pandemic with the current free time should be enough to incentive every miners rather than be idle.

Thats because of the huge numbers of arbitrage traders which swapped their investment into more stablecoinsThstrengthen f you check the trend of stablecoins in the market youll agree with me but the current momentum of the market cant be use to judge what will happen.

The bitcoin market seems to be strengthened whenever it reaches $9090 price range so i dont think it will lower than that.

BTC is one of the most speculative assets I can think of, because of its giant growth and being a new sector of the economy its prone to over investment shall we say which means the price represents very much more then fundamentals and reactions to protocol changes and other solid factors.   Its very much a case of speculation and relation to expansion of the economic and monetary base generally, put simply there is alot of air in there to give us leeway on the price and that makes it pretty hard to predict imo.
   I think the charts are the most valid perspective I have because the price is literal and not in dispute where as every fact or change we discuss can have varied effect now or over time.  I do think halvening will take time, more then a year to really kick in exactly.

I’ll go for a lower prediction but I believe it will not dump that much again and $8k level can be a strong support. If bitcoin continues to drop, then its confirm we can’t go up to $9500 level for now. We are still on an up trend long term chart so nothing to worry about, give more time and the you will feel the effect of halving.

We are already at around 9k level right now once again, its not looking good because we were almost at above 10k once again after the pandemic but we went down. The sad thing is, the sudden drop was caused by some person who was early bird sold 50 bitcoins that was mined very early and everyone imagined that was satoshi who did it, Craig even tried to claim it was him once again (could he actually be certified insane person?) and it came out that it was nothing of sorts and was just a regular early bird and nothing more.

But that didn't stopped the price from falling when it first happened, I imagined it would go up very quickly after people realize it wasn't satoshi himself, for some reason that didn't happened, the price even went down further, I don't know exactly why that happened.

Until now, the price still moving around at $8,600-$8,700-$8,800, but we might see $8,900 tomorrow although it does not increase higher for this day to break $9,000. But there still a chance to see bitcoin price will break $9,000 because we have another day to see that will comes at the market. So we need to be patient, and still, try to search for the good time to buy and sell bitcoin if we want to trade. But if our target price is at $9,000, then we should hold tight bitcoin until that price so we can sell it right away once the price hit that price. But I am sure that the bitcoin price will increase more than $9,000 and it will hit the new ATH later.

How is it now ?, $ 9500 has been passed and the price of Bitcoin has fallen below $ 9,000,
is there a chance to enter now ?, or should we wait further down? thanks

$8800 is a big retest now, this is a strong resistance as far as I know, but who knows, if this barrier is broken, then we might get a dip even further to $8500.

So it will be interesting how the bears and bulls are going out to play with this resistance zone. I'm seeing somewhat that we are going to be trading in a sideways this week, until a imminent break out, either going south or north. So let's see how the market is going to reach in the next couple of days.

It is actually on a very sensitive position right now and I really don't know what to do. If the price breaks under 8.2k to go a bit lower (like 8k for example) it could drop very fast and very low , thinking about under 5k if it crashes. I am not saying that will happen but the road to there is not really that challenging, if enough people gets scared and sells they could do that. There is of course a possibility it could stop too but wouldn't be easy.

However if the price moves beyond 9k once again and recollects, that means we could break above 9.5k and even 10k too (not too much, just 10.2k I assume). This is a very weird spot to be in, we could have 100% difference in price of bitcoin with just one small move, I remember many times bitcoin moved but do not remember being this sensitive.

I would say that we should wait a little longer since Bitcoin is trying to get past $9k but if we see a consecutive drop then that's the sign that it might go for the bottom. Although it's just too early to say this since halving just recently happen but the possibility is in there. I say, wait until this month ends because Bitcoin is just too volatile and the process of growing is too slow then decide after that.

The price is not struggling to reach the $9k valuation but there is a resistance to cross the $10k valuation for quite some time, we had a few pushes in the past few days to cross the resistance and once it failed the price went down again. It is nothing new and the correction does happen when the resistance is too strong, make sure that you find these small corrections as an investment opportunity rather than seeing it on a negative sense.

The vision is not bad, at the moment the volume is strengthening somewhat the demand, the supply has stopped a little, I think it is necessary to wait since the correction may have been made to test those bears that have planned a type of attack, I think that the bulls will drive the price from $ 9.5k to $ 10k causing a stabilization of the market.

I don't think so. Take a look at the day candle of bitcoin yesterday, it was below the EMA 7 and that signals an upcoming downtrend season. This growth needs to be adjusted and bitcoin may soon fall to $ 7k5 or worse $ 6k8 again. The bulls no longer show up now, maybe it has smelled a big risk in buying bitcoin at this time.

People do always treat it on negative way most of the time, in spite on making their move or buying opportunity they do just let the chance to slip away.
Market do really have that pumps and corrections which signifies a healthy market yet we cant see a continuous rise in a short span of time.We have seen basing on technicals that it do really have that strong resistance on 10k onwards but it would still need to break that 9500 ceiling before we do talk on further prices.

It seems small level miners are leaving off from their mining business and no one is ready to buy bitcoins at current prices. Probably miners may join back when bitcoin prices will be double whereas investors are waiting for lower prices than current prices to buy. This is the reason, we are seeing drop in hash rate and bitcoin is struggling to pass over $9000 levels today. Now, $9000 levels is slowly becoming a major resistance levels as it had heavy sell off today when tested.

Probably, first hash rate may become attractive for miners to get into before investors joining for pumping. Usually higher tx prices trigger bull trend but this time after halving, reciprocal is happening which must be due to both miners and investors are waiting for right time to get back. Probably we may test $8500 levels before testing $10k again.

Maybe we can see the price drop to 8500 for a while before climbing back to 9000 price level since there are so many things happening right now and the one I see is constant dropping of the price although there's a demand a little bit but I don't think it could support to drive up the price for a good pump. But we don't what will happen next and let see how the market moves in next following days.

It seems Bitcoin failed to re-test $9500 zone this past day.  Although it get past $9000, it goes back to $8800+ again. The market seems not ready to sustain Bitcoin above $9k for now.  I think we need more time for the market to fully functional since it was somehow greatly affected by the pandemic.

This (https://www.coindesk.com/market-wrap-bitcoin-cant-stick-to-9000-while-stocks-rally) can be a good read why Bitcoin somehow failed to sustain $9000 mark.

Looks like the strong support is $8,500 if we will look on how the market is moving right now but of course things may come sooner.

i was thinking of waiting for at least 6k level if possible because i believe that the effect of this bad market will continue the whole 2020.


$9,500 is too high for re test because we cannot even break 11k so what more falling under 9k more?

maybe for the next quarter there will be some changes if the Virus continue lowering,seeing the record
now it looks like the death toll is lowering day after day.

Yes, bitcoin price back to the price now. We might re-test $9,500 zone in the next month while we need to satisfy with the price now. But fortunately, bitcoin price now can increase and back to $8,900 level so the chance to reach $9k will be still wide open in this week or next week. So we need to wait and see what will happen later while we still need to be careful if somehow, the bitcoin price is down again.

9200 area is quite a strong area to take a opinion on and its also the weekly average which I always like to watch for what mood BTC will be in this week, we hesitated so long going downwards people started buying again or at least closing those shorts which is fair enough and to be expected.

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This would seem to break the recent downward momentum and we start over again, basically indecision and hard to judge.  I had bets nearer to 8000 which I doubt pay off now, its more likely the OP target is going to occur before that scenario if at all.

It is "testing" it once again, it is not there just yet but its somewhere close and that is good enough right now, there is no way we are not going to be at $9.5k any time soon, will it go above? I don't know, maybe it will go up, maybe it won't but I know that it will definitely try its best to be there and test it at least.

The price was going down again and that caused a big of upset in the markets but right now we are doing much better and went above $9k once again, that shows me bulls are still around. Will they have enough money to take bitcoin up again? We will have to see. I think this time around it would be more about people not selling instead of people buying, that will be a bit different because it makes things escalate a lot faster than usual and I am very hopeful about it.

We are still in downtrend unless BTC strong at 9500 above or else BTC will suffer a great upset just like what you said since it is already double top @ 9200 price wall which is kinda scary. I still hope that BTC will revive before this months end but looking at the chart, It seems BTC is a bit bullish unless bulls don't exhaust and closed 9200 or above today.

Finally, bitcoin is strong now as we see the price already break $9k level and now the price is at $9,200, so I think the price can back to increase at the end of this week. But I don't expect to see the price will be back to the lower price in the next week although that chances will be there. And if we see the chart, the trend still at the downtrend. So we need to be careful, and if you think you are making a profit from the price now, it is better to take the profit while we can wait for another downtrend.

Although bitcoin has jumped from $ 8k8 to $ 9k280, I think it will be difficult to increase from now. The reason is because purchasing power is too high and it needs to be adjusted before pumping. This time it will create a bull trap and people will buy more bitcoin. it will then sell off again to bring the price of bitcoin down to around $ 7k or $ 6k5. We can pre-order bitcoins at these prices.

Any chart that can prove this another fall?there is no certain in market prices but i don't think we will be down to another 6k$ value mate
because there are so many things we can speculate for the market to stay in this level.

Halving effect is here and we cannot deny that.

the only thing that will make the dump is the whales movement,since they have the power to manipulate this entire market just like what
they are doing to bag Noob and newbies Money.

I don't think that bitcoin price is too high, remember that prior to the halving, bitcoin touches $10k so there is a lot of leg room for the price to increase in the 5 digits again. We already have some minor correction already when the price hits $8800 right? So we have bounce back and the current price is hovering around $9200.

As of now the price will go on a sideways, until we see another jump and retest $9500-$9800. Of course, we wanted to see the price to go low so that we can buy cheap, but we can't really tell when it will go down.