Bitcoin Forum

https://i.imgur.com/jsOYLtJ.jpg

I’m not really sure where to start the thread but I guess the BTC specuation section is as good as any.  Anyway...  I really need your honest opinion guys..  Thanks.

I still think that we are in a bullish phase, just unfortunate that there are a lot of negative news plus FUD in the last week that pulled the price to nearly $50k again. But since everything has settled down, this is another period of accumulation and or sideways tradings.

Definitely, the bears doesn't have the control of the market, the bulls might just be resting or at least the herd. I'm expecting that we can jump to $60k again.

^  I’m talking about the chart I posted.  I feel like it’s starting to come around and start going on an uptrend after going down for a couple of months or so.

And I’m not asking for a thorough analysis guys..  Just what you think when you look at the chart.  Thanks.

This chart is missing both price levels and time and more importantly time duration of each candle; overall by looking into the chart anyone will conclude it is a bearish trend.

Is this bitcoin chart? Lol finally I got doubts on that as well. (Just made sure, today is 20 days past for such try).

When the previous high price levels are yet to be broken, any short tern rise up cannot be considered as trend reversal so bitcoin is falling down from ATH of $62k along with few pull backs periodically.

If truly this chart is that of current bitcoin price chart, then, we are into bearish mode for the now, the chart indicated a slipping downward movement after the last candle-stick or few. You also check the shoulder level of this chart for verification.

What are you talking about?

Bitcoin has hit a new ATH every month this year.

There's no reason for that to stop now.

Start an uptrend?

https://i.imgur.com/tpu9UGK.png

^  I’m talking about the chart I showed.  And yes, it’s some sort of test just to see what you guys think.


It’s a daily chart spanning around 6 months or so.  Just by the looks of it...  Does it look like the trend going down is starting to slow down a bit or do you think there’s more coming?  

I see 5 peeps voted that it’s bullish.  Post why guys.

It's upside down (flipped vertically).

What is that chart you showed? Lat 3 days hourly? Who cares about a day or two in an uptrend that takes months to unfold?

https://i.imgur.com/aDpBz0u.jpg

Do you know what this is? Do you think the chart is bullish or bearish in this picture?
You'll probably say bearish because every day the price is lower.

This is hourly chart showing April 6 to April 9, a few days before we reached new ATH.

Based up on that chart above then its really hard to tell if there would be some reversal.I dont know on what timeframe is this because when making out some
charting or indicators then i do always look for bias between timeframes where i can draw out my own indicators and make out proper analysis with that.
For now the price is hovering and playing around 55k or 56k and moving sideways after that sudden drop.Based on my observation that this is the
solid support that we do have now, for those who can take risk on buying out then this will be a good time to do so.

I do not look at these charts to say if I am bullish or bearish. You may think a bit short term and say that maybe it could be bearish, it is all about if you see it as a good chart to sell right now, however I do not care about short term. Look at what bitcoin represents and you will have a chance to actually end up with something that will matter, do you think that it will worth something in the near future? Or do you think it will not? Do you think it will worth a lot in 5 years? In 10 years? I believe in the long run it is going to worth so much more, it can easily x10 in ten years, that is what I am looking at.

In 10 years I can save hopefully another 20-30 thousand dollars, and if that money somehow does x5 as well, that will be a good base amount of money to retire, having 100-150k dollars to retire is a good amount of money for me and it will allow me to have fun rest of my life.

Bearish? Already? I mean not already is it bearish, because for me it is not bearish at all. I just mean, did really a 10% drop made you think that it is already bearish? Don't you think bitcoin and altcoins should drop significantly more in order to call it bearish? I would say at least a 50% fall is required for me to call it bearish, obviously I will call it along the way as well but it needs to be keep dropping to that place without too much break in between.

Right now it looks like it has taken a loooong break and we do not know if it will go up or down from here, if you are not sure if it can go up from here, that means it is not bearish. We can call it "not bullish" and that would be perfect for it, but honestly it is not alright to call it bearish just yet to me.

We’ve been cooling off for a significant period now, I think a big move up is coming soon. We had an ATH at $64,000, we dumped hard but found support. We are in a consolidation phase, a breakout is coming soon.

That’s a sideways trend since we stabilize at the range of $50k to $60k which the next trend is still undefined. We have to break the resistance or support level on confirm the trend but as I can see right now, bearish are winning and it might confirm soon.

Its good to analyze the price trend of Bitcoin so you can know what to do next, use the indicators to satisfy your chart analysis and do the necessary move that you have to do, either to buy or to sell, that’s your call.

Falling wedge pattern, right? Usually if the chart make a falling wedge pattern the signal that will get is the increasing price movement.

More than that, the last candle stick that will be formed will be green and it is enough to believe that the price will goes up. That is just technical analyst, you may need to compare with the fundamental factor.

Right now I'm still incredibly bullish.

The fundamentals are still all there. People are just panicking at the moment because of a short run dump. Nothing that we haven't seen before.

Institutional players are going to provide a stabilising effect given that they are not as prone to the mood swings due to sentiment shifts. Firms like TSLA, MSTR etc. aren't just going to all of a sudden cull their holdings by a significant amount - to do that would be shooting themselves in the foot, as the news of their sell-off would likely inspire a bearish reaction that would depreciate their own holdings.

Of course, if you look at the chart then we can say that it bearish already, it's going down obviously. But the chart doesn't represent the whole though, it might be the 4 hour chart so it's not accurately depicting how bullish we are since January.

ATH every month, followed by a month dip of 20% or more due to several factors, like the bitcoin future expirations.

Not at the moment since we are keep dumping so it tells that we are in bearish trend right now maybe we can see a little recovery but still the price is sliding down. But who knows maybe in next month we can see the recovery phase of bitcoin and the bull hit again in the market.

The prediction to reach certain price still there so we assume that we cannoy see those huge dumps the same as before.

You cannot just post a chart and ask people around if it is bearish or bullish because obviously patterns changes. So if that chart? looks bearish because of the falling wedges, but if you are going to take a closer look it might change to very bullish for all we know.

So I will echo the sentiments of most posters, I will definitely remain bullish despite some dip that we have seen recently.

This chart is nothing because it has no time-frame and no values on it. It doesn't even have a title indicating what asset this chart belongs to, we are assuming this is bitcoin since this is bitcoin speculation board.
You can't decide if the market is bullish or bearish based on this zoomed in chart!

THIS is the daily chart spanning around 6 months or so not the one you posted, and THIS is bullish, and a very healthy one at that too:
https://i.imgur.com/cMvSyGO.jpg

The chart is bullish and might be for a few more months however lately with everything going on with DeFI, Doge, BSC Chain, TikTok kids turning $100 into $10 million. It really makes it seem we are near the end of the bull market, at least for non-bitcoin pairs. There is just way too many people making money these days.

Usually when you hear about bitcoin almost everyday in your daily life. Always some co-worker or some person on the street talking about it. It usually means we are near the top. Look at how high leverage the futures market is. We had a dip and over $10B was liquidated almost instantely and we still have an OI over >$20B.

Lots of money is still pouring in, tether prints in the Billions happening every few days here and there.

If I will just base on the chart that the OP posted itself, it looks like that it already broke to the trendline that we may draw on the top which shows a bullish sign. Staying above the trendline indicates a bullish move and therefore it might go up in the next days.

We are already seeing a lower high and you can draw a trendline above it but it looks like it already broke it. I'm still curious what coins is this or what timeframe whatsoever. Anyway, shared my honest opinion to the chart you posted :). Hope you can share some other information to it too.

That graphic looks a lot like daily BTC inverted  ;)

It does seem like this is a little bit different from past cycles in the sense that these tiktok kids ignored the last ones and went in deep in this, and strange to say, hardly any of them actually got into Bitcoin! That one still sees old buyers and old money carrying most of the weight.

Dogecoin, NFT, farming and what not idiotic hype. Not angry or upset, fair play. But this is a very diverse crowd riding this current wave. They're not done yet either.

i'm not sure which time frame tokeweed had taken that chart but if you look at the daily chart, it seem pretty normal. you will just think the price had dropped a lot because it's more than 10K from its ATH down to 54K but it seems going to be this way from now on since the price is also this big. It's been two weeks of red candles though but last week had really brought the price to its ATH which means it breaks out and it may test that resistance again soon.

It's but natural to have a dip in the bull trend it happens in the past and will likely happen in the future, if you check the chart we don't have a continuous downward trend for a whole month, yes this week we have a 14% dip but I have a strong belief that next week the market will recover, the sentiments of the whole community are we are going to reach the $100k mark or even more this year.

Regardless of this chart is not showing no measurements on both the axis and no name of the asset being shown on candlestick patterns, I guess with zoon-in chart we cannot predict accurately what is going to happen immediately and even in long run. We must need some basic inputs so that we can conclude about both short term and long term trend reversal or continuation of trend.

From other people's comment, I understand that even chart is showing downfall trend, in long run bitcoin will still have bullish trend. Honestly I am not good in reading charts.

I never claimed it was a ‘BTC chart’.  It’s intentionally blank to avoid biased opinions and I wanted everybody to base their answers on optics alone.

But it was Jimbo who found out where I was getting at.  It’s really a BTC chart flipped...  Using your chart, it would look like this:

https://i.imgur.com/Nkbx276.jpg

Is that bullish or bearish?  Looks like it’s starting to go sideways a bit and break out to me.  ;D

The chart is bullish, but only because I know it's a BTC daily chart spanning around the past few months.
Granted, it's horizontally inverted, but still.

https://i.ibb.co/jgwycJV/U4zoxfdm.png

https://i.ibb.co/b658jxj/bitfinex-btc-usd-thu-22-apr-16-24-04.jpg

Am I right? :)


EDIT: Oh, I didn't see your answer while I was preparing the charts.  :D

^  Hah..  Yup!  And yeah..  knowing what chart it is makes it pointless cos then you’d be biased.  I should have started the thead in the alt speculation section.

Looking at the chart OP gave us it may seem like that Bitcoin is on a bearish cycle since it is going down but being aware of the chart of Bitcoin I know for a fact that this chart has a shorter time frame meaning it might be a 1 hour chart or less and these types of charts aren't really used to determine if an asset is bullish or not but rather just determine short term movements. Looking at the daily chart right now you will see that Bitcoin isn't really going down but is still consolidating which I think is considered good for us hodlers.

For me, nothing happens yet to call bear season. Instead, we should call it the desired correction. Any cryptocurrency price wouldn't grow continuously ever. So Bitcoin wouldn't be different. Keep in mind, every time we see a sudden pump on Bitcoin, at the same time we have seen a pullback for a correction. It was expected for me, so I am not surprised about the current price zone of Bitcoin. And my mind isn't in bear though as long as Bitcoin does not break the $40K support zone. We will be real bears once Bitcoin breaks that zone. That's just my opinion, I am not a tech guy and don't know how to analyze. For me, my support zone is $40K.

I understand that chart reading would help people with these kinds of predictions but remember that not all charts are force of nature, even if you do a great chart that "should" show what should happen, it may fail because bitcoin is a crazy market, things do not really mean anything here. What chart could ever explain why there is a nearly 40 cent dogecoin (don't even know the latest price but seen 40 cent at highest myself)? There is zero chart that can explain that.

This is why I think charts are great on regular days, but when there is a huge type of wave going on that makes no sense at all people are making mistakes by reading charts since the movements do not act according to the charts. This is why read them, make them, but be careful while using them, it is not going to end up pretty in the end and you will be very sad that you relied on them alone.

I keep telling people who usually state honestly that they don't read the charts and are bad at predictions to look at the last 2 bull markets right after the ATH.

When the trend changes it changes with a big event that everybody can see. There's a peak, a 40% crash, a dead cat bounce, another crash with a lower low.

I don't see any signs of this happening yet. We are still in bull market.

It's still bullish to me despite of the sudden drop after it hits a new ATH and when you see a big drop that's normal because some of the bagholders are dumping thinking it would be the last day of bull market but it's not they were just weak hands that can't handle the volatility of the market.

You shouldn't have to worry that much OP, since Bitcoin has a long way to go before breaking the $100k or $300k if that would really going to happen. Bitcoin soon will break the $70k resistance and for now it's testing a new price but sooner or later we'll be there on the $70k soon.

These charts never works to precision. Avoid using them. All I know is btc is going to touch $100k this year. Only those who have patience to hold, will make most of it.
Just one good news and we will see btc past $70k

As of now, the price is at $49,422.78 USD and it is still increasing its speed is going down, but I think we can not define if it is bullish or bearish with just a small amount of fraction of decrease, I really think it may be a correction but it will eventually be going to take a momentum to get back up again,

But in a traders perspective, this is all good we can surely buy again at a cheap price then wait again for it to go up, I guess volatility really have their ups and downs, this small of a dip let's just have a positive outcome on it.

If this is just a correction then the price could go up gradually back to hit another ATH. The daily chart actually hit the oversold level which is a good indicator for it to bounce. Its still, however, going to be a risk to get into for the long term because investors already think the price had touched its very peak. its going to be bearish until the market saturates.

I thought he was being sarcastic :D

We are still on a bullish trend, but now, we have a correction, and this time, the correction is getting down for deep. If we compare with the situations the last year, this year bring a good time for bitcoin to have a bullish trend because the price can reach $40k-$60k, although the price now is struggling to break $50k-$51k. Now, the price can back to $50k, and hopefully, it gives a chance for bitcoin to increase and back to $55k. But we need to have patience because no guarantee to see the price can back to the higher price, so we need to be careful.

what ticktock kids and how do I get in on act
Obviously I know amount doge and did manage to earn on it but I am unaware of other such coins or how to hear about such things

Yeah, we are still in bullish wave and markets is right now gathering power to go beyond $65k levels hence we were into this kind of pull back. Usually when upper side resistance are too strong then market will go back to make weak hands to get panic this way resistance levels will get weakened.

In my opinion, this correction is necessary one because market moves ups and downs it will create opportunities for all kind of people whereas having continuous bull only big players could avail all such opportunities. Basically markets reacts as per its basics but only speculators are getting panic unnecessarily.

The weak hands will be panic when they see the price going down fast, and they will prevent the big loss by selling their bitcoin before the price touch the lowest price. I don't know what is in their mind, but perhaps, they want to buy back Bitcoin at the lowest price by selling their bitcoin first, so they have the money to buy back more bitcoin.

Yes, I agree with you that correction is necessary because that can give many people who want to join in bitcoin to buy at a low price while the others can still hold or sell their bitcoin to buy back again at the lower price. But as long as we don't panic, we can handle every situation in the market.

For anyone who saw the chart that OP provided like me then I would say that perhaps it is about to enter the bear trend because of sliding down lines. Anyway, I believed the dip we are having now is just a deep correction, this would cause panic for weak hands of course but this will be an opportunity for others to take buy it back. This has already happened before and will surely happen again. It is just like Bitcoin was charging up for it to break its current ATH. There's nothing to worry about perhaps after a few days or weeks it will recover soon.

Personally I don't know if it will be bullish or bearish but this damn situation has been hurting me for the past week.  Trends are difficult to predict.  Countless friends of mine felt shy and confused about this situation.  They cut their losses and locked USDT in a safe.  Personally, I still can't stop, because the uniformity between the rhythms of the day makes me wonder and still hold!

It depends on many factors but as a trend trader, I will say it depends on the timeframe. For example, m15, m30, h1 show the same sight that bitcoin is in a sideway zone while h4 clearly demonstrates the downtrend of bitcoin. The situation is far worse in D1 chart because bitcoin is currently out of its zone. However, W1 seems quite confident in the uptrend although it seems that bitcoin is gonna reverse. Why? Because of the current strength of the trends.

Well, IMO, buying is good. Bitcoin is quite cheap at this moment and most of trading activities in the past hours are around $50000, which means people are accumulating bitcoin at this point and stop bitcoin from falling even deeper. This is a good sign of bullish but does not totally exclude the another sell-off. IF I were you, I would buy 40% of my portfolio for bitcoin, using 1:4 leverage. 60% is for the worst case scenario

I think it will be Bullish, because although it has fallen almost 25%, it is expected to continue falling even more, at least to 35%, this fall is normal, natural according to Peter Brandt, but now PlanB says that this will not be the last Once it will reach an ATH in 2021, think that depending on how the movements of Bitcoin go, it can fall up to 50%, but the next bullish momentum will be decisive:

https://i.imgur.com/7Vsjbz0.png

Source: https://cryptopotato.com/this-was-not-the-top-of-bitcoins-2021-bull-run-according-to-planb/ (https://cryptopotato.com/this-was-not-the-top-of-bitcoins-2021-bull-run-according-to-planb/)

There are many things for which PlanB is based on giving its forecast and does not give up the idea that Bitcoin can reach $ 288k.

Bitcoin's growth has slowed down in the past months, so MA-based indicators are turning bearish now. We are currently trading at levels of 99d MA, and the Pi Top indicators suggests that we have passed the top of this cycle. But maybe it's all just a stop on the long road to 6 figures, because this chart doesn't look the same as the previous endings of bull market - there was no huge upward candle followed by instant crash.

Everyone should keep in mind that there are no strong rules on this market, yesterday's patterns are not guaranteed to repeat today.

I think the same, it is surprising to me how quickly people forget about something that happened not so long ago, the 10k level was incredibly difficult to break and we were there for months until we made a clean break up, and it was not until the 50k level when we found a resistance, I think the same is happening here, we are going to remain close to the 50k level for months, some people will get discouraged because of this but this will help the whales to accumulate even more bitcoin and we will see a huge increase in the price close to the end of the year once they are satisfied with the amount of coins they have accumulated.

In my opinion, the decline in the price of a number of crypto assets towards the end of April is a common thing and it is likely that the price decline will occur due to the policy taken by the president of the United States and I think the price decline that occurs due to issues like this will not last long and will return experienced a price increase, so we don't need to worry too much because so far a drastic decline like this happened when the Chinese government announced a ban on crypto assets in their country and a week later there was news that China started creating their own digital currency and consequently pushed the price of bitcoin and crypto others rose rapidly.

I think we are currently correcting because of the current fud, bitcoin this year has not yet reached its highest price peak, bad news will pass soon and good news will appear soon so bitcoin will be bullish again.
As investors, the most important thing is that we must have to be strong for HODL, because if you are able to HODL you will be rich  8)  keep HODL everybody  8) 8) 8)

I would say we are still on bullish period.
My main concern is this kind of candlestick pattern, where it has 3 small green candlesticks consecutively.

https://i.imgur.com/friF16Y.png

If you are familiar with the common candlestick pattern, then you will see that kind of pattern in almost all of the pre-bullish event on market. But don't take this too seriously tho, the market probably would change unexpectedly during this season.

anyone can take a snippit of 1 day or 1 week and scream bear..
but sorry.. zoom out.
a true bear is not a day-week. its a 3month-12month thing

these daily/weekly dips are just corrections
dont think bull and bear when zooming in on 1day-1week. call it calve-cub market

It is too early to say the Bitcoin market has turned bearish. If we look at the chart since January, all we can see is just a correction or what we called a higher low, which is natural during the bullish season.  The market needs to refresh/retrace once in a while in order to open a window for a newcomer to come in and then record a new higher high.

For me in my view its still at the downtrend because there's always a false break out in the growth rate and seems gonna continue doing the same movement before this month end wherein as its showing like have no enough support to hold when it fluctuate.. This is very alarming actually. And for sure ppl will keep dumping if this situation becomes stagnant in my own opinion.