Bitcoin Forum

Hello, good morning, Bitcoin friends, it is going well, its very low speed indicates better strength and stabilization of the trend.
We expect a pullback to the level of 510500-10600, then we continue the trend, and as long as it is above 10500, the ideas for growth will be up to 11000-1400.

Supports include 10350-10500.

The resistance ahead will be 10800 barrier.

And today's point:
Warren Buffett has a rule that says never test water depths with two Pattons.
You also never have all your capital in a risky job. I invested part of my capital myself
Be sure to follow this case so as not to be harmed.

i disagree with this part.
time and time again bitcoin market has proven to be more volatile than what support/resistance suggests. we have seen big rises kick start by a drop as long as that drop doesn't go below a certain level which at this point i believe is mainly $10k itself but could be in $9k range too.

a good example of this is December 2019 and breaking out of $6k range. we had a big dump to $6300 right before price shot up to $7700 and after a small correction it continued up towards $10k+ within a month.

Pretty obvious that the price has been in this range for more than 60 days already. But it doesn't mean that it is stabilized though, the swing could be mild to extremes as we all know that the market is very volatile.

The obvious target is $11k, but as you have said, there could be resistance along the way, making it hard for the market to get into that $11k-$11400.

We will see if this support and resistance will hold.

Why are people focusing too much on the trends the candles are forming in their analysis when TA is more than that. I mean if we look at the volume it clearly says that the demand is not with us and us staying above 10,000$ is hanging by the thread. Volume is going down for weeks now and we have several failed attempts to go breakout 12,000$, I think it's several hints already that the consolidation we are having is almost in favor of the bears and people are still remaining bullish until now.

This is a good trend I am seeing with Bitcoin continuously holding on to above $10,000. It looks very formidable now. Even the $10,500 appears very strong. The news surrounding Bitcoin and crypto right now are not so good with BitMex being under fire from the US DOJ and KuCoin just got hacked. But with all these unfortunate events, Bitcoin's price remains solid. This looks like a strong bull force is building up. I am seeing a good end to this year, if only in terms of Bitcoin price.

Its actually hard to give out precise numbers if we do talk about resistances and supports yet it can really be easily break out by Bitcoin with least expected.We do have indeed that 10800 resistance and if we do able to break it out then we might see 12k or 13k but im not really that rushing up because im aint long term trade but rather a short/active one which is more worth into these kind of movements and when in talks of profitability.
We shouldnt really remove into our minds that dumps can really happen from time to time and breaking or trashing out all of the analysis had been made or to those technicals. Having a a slow and steady
phase doesnt really tell nor guarantee that we are doing well.

https://i.imgur.com/CI8pnql.png

I think you are using and basing on lower timeframes?
Especially like this, I am using a 1 hour timeframe.
Good analysis here, but $10,500 is kinda still low for now to aim above $11,000.
For me, a short term could be breaking above $10, 800 then that's the time I am positive to reach the $11,000 mark.

Isn't that what bitcoin has always been like? I mean you see bitcoin go from $6k to $14k and you think it is going super high, then suddenly it drops to $10k, or you see it go from $9k to $4k and you think it is bottoming out so low you should sell, and it just reverses and goes to $7k, it always makes these suddenly changes during sudden movements.

If the price is going up super fast that means it will drop a bit super fast as well, not as much, you will not go back to where you started, but it will definitely drop a lot, same with dropping too, if it drops a lot suddenly that means it will bounce back up very fast, maybe not to where it started but it will definitely bounce back up to something. That is just how crypto is and there is nothing we can stop it so we need to be careful.

Do not put all your eggs in one basket has been a saying for centuries, and it always stands.
However bitcoin is looking great nowadays, people do not realize that having some sort of backing to where we are and not dropping even when we try is a thing we can't just ignore, it is a marvelous situation where bitcoin has hard time going down even with sellers and bears pushing it so hard.

This is why you should put a lot of eggs in this basket, you should buy bitcoin reasonably, I am not saying buy with all of your money because you should never invest all your money into anything, nothing in the world is that great, however if you end up with putting 70% of your money into bitcoin you could actually come up with a big profit on this, you may just need to wait a bit more for it.

whatever the resistance was before, now the $11k resistance (which as i always said is the more significant one) is broken and currently price resides at $11400. we are witnessing a decent momentum which isn't yet that big but seems to be growing with an increasing volume.
i'd expect that if this momentum keeps up we can see higher prices and new targets being hit this week.

Sudden increase in the cryptocurrency market, is this expected move on any technical analysis?

Increase and stabilize then followed by small dump and the cycle needs to be repeated from here on to see good increase in the market towards year's end.

Remember we still have 3 more months to go before the year end and the possibility that the price would go down again is high. $9k is just around the corner even though Bitcoin hit $11k today but I believe it will still play at the $10k or $11k+ this month. I'm not expecting if Bitcoin could break that $12k since most people are quite persistent to dump once it starts to touch on that price again.

How high is the possibility I am not a very technical guy is it on the trend is there bad news coming, so far, Bitcoin is in the $11300 level I see this as a good momentum to pull up again and it can reach $12000 I'd like to be positive, if there's a correction it will drop to $10500 level but let's see how things will play out.

It is the mindset that everyone should set. Looking to the prices of $10k and above that level means that we're on a very good situation within the market. If it goes above and more, we're doing better. It's like the limit and capacity that you'll set for you to see it go stabilize while waiting for the another actual bull run. Having that thinking and limit won't disappoint you if a sudden plunge comes by.

It is the same possibility that we have for seeing bitcoin reach another level like $13,000 and up. It's volatile and chances for bears and bulls are balance and the same.

there has been manipulation of bitcoin price and whales certainly have a big hand in it but i would never say the big moves depends on whales. not to mention that there is plurality in "whales" meaning there isn't just one whale or one group with one coordinated decision. for instance we saw multiple times in the 2017 chaos that whales who wanted to manipulate the price in a different direction got crushed by the rest and lost a ton of money.

I think it would be the same price as last year.

We can't get through the resistance of the price $12K, but right now that we stand at this price, I guess we would be facing that resistance again. I think if there is a correction, it would just fall at $10K. It is a good momentum and I think this time, we would be breaking that resistance and might sit for a short time there.

For me, with the recent pump upto above $11,000 is making this level a good time to enter a trade here. Either a short or long trade.
For me, the United States election can still be a significant this time. I am expecting a huge dump during of the election. But still, I am much looking forward on technical part, so I am always keeping my eye on chart these days.

At the end of the day there is really one fact that is going to change this all, and that would be bitcoin getting faster and cheaper, before that nothing could change really because it is really not remotely the same as the moment it started.

Back in the day bitcoin got so much attention because it was fast and cheap, now it is not like that so people do not want to deal with it at smaller numbers which hurts the buyer numbers. If it was like 1 cent to send money and took 1 minute, believe me there would be A LOT MORE investors, you may think someone who puts in 3 dollars into crypto market doesn't make any change but all those people who would invest under 100 dollars that are not doing it because of the price, would be able to do it again and change the price a lot all together.

I always consider multiple time frames because 10500 is relevant for now but not vs larger volume.    I'd agree we remain positive above that point, its useful to note these markers and this price is relevant over the months before July when we were capped in our progress by that ceiling now support.   11500 (https://talkimg.com/images/2023/06/12/AhX4a.png) is an area to watch for the moment, we've crept past that for the moment.    BTC can vary in its slow short term movement from the wider volume that comes in over days and weeks, Im not so sure we will rise on that consideration till we confirm pricing.

Whales do not really care about what we think about them, they have absolutely no reason to "buy and sell to show they are the kings" or anything, they know we depend on them but even if we do not know that, they do not care about it neither, they know we depend on them and that is enough.

However all these "there are secret whales we can't see or never heard of that changes the market" deals are funny to me, and it is reaaaallly funny and not a little, grayscale,square and fidelity combined made close to 800 million dollars worth of investment to bitcoin and the price didn't changed, well it changed after a while but not at that moment, you think there are secret whales we do not hear on the news like grayscale but do it hidden that buys and sells more than 800 million dollars? There is noooo way that is possible.

The sea and tides are bigger then any whale, the only thing that counts in the end is consensus or a recognised trend.   A whale or large seller or buyer can influence a market and if it was set to tip anyway then it can catch and form a bigger move but its not certain and if the whale is just incorrect in their selling then its effect is dissipated into the larger amount of buying of selling and it matters not even with their size.   We have globally distributed markets, multiple nations, languages, cultures and time frames so its not clear who is in charge or how it might vary each day week or season.  BTC is quite unique not as easily influenced in this way, we should acknowledge its still quite a small market and obviously dollar has a large influence and so government but I never judge anything quality by the lesser negatives that exist, it should not be diminished that easily.

The sea and the tides could be bigger than whales, but let's remember when the whale is big enough it can create a big wave as well, not that it would be destroying the sea, but it would be disturbing the small fisherman above from all the waves.

When whales are trying to do something they don't do it because they want to destroy the market or anything, they are doing it so that they could fool the small timers and make a bit more money, when those small timers have few thousand dollars invested, enough of them makes it worth it.

If you are a guy with a million dollars and go into some altcoin with a bit of interest, like 5-6 million dollars volume per day, and you start to slowly buy in bulk, like 50k per day, it suddenly has a huge increase and just get out with your profit and be done with it. That whale didn't destroyed the market, hell it even helped some people, but it also made its profit from the fools who though increase was legit.

Even if 1 whale initiates a big trade in one exchange it will still influence the global price of Bitcoin as traders will immediately see the price gap in one of those exchanges, some even have multiple exchanges being used simultaneously for them to take advantage of the price difference. These is how it works when a big mover does the first move as there will be a lot of people monitoring the prices and they are trying to keep close with these differences.

I don't just agree that the dollar and government has influence in it. The dollar though play big roll because it is the major fiat used for conversion to cryptocurrency but that doesn't mean influence .Government can ban but not influence the amount of coins to buy, or they have not done that yet if maybe that could happen through exchanges.

As to the whales, they can throw in some coins that is possible to change price.

^Whales do not work together, on the contrary they work against each other, the reality is that people who are whales would want to make big deals, they are not like you and me and they won't do stuff like a thousand dollars, they will do millions of dollars, maybe tens of millions of dollars which means they are going against small timers with that much money so they will be hurt if the small timers do not react quickly all together all at the same time.

However when a whale invests 50 million and there is another whale that invested 50 million, one of them could take the other ones money with one good move. That is why you see all the long future and short future people fighting against each other, there were billions there that exchanged hands with one big movement any direction.