Bitcoin Forum

Bitcoin is now at $62370.

If the price did not increase above $63500 today, the price may fall a little. Very strong support will be at $60000. If bitcoin fall below $60000 but which I do not think will happen, expect stronger support at $58000. If the bears think they are ahead, the strongest support will be at $55000. Bitcoin can not go further down than that in months.

I think you are mixing up the two

You meant to say 64,500 is the resistance level, with the others will act as support levels during retracement. On my daily time frame, I see 54K as a major support level. On my hourly time frame < i can see 6Ok somewhere.

Honestly, the price and penetrate through the support and resistance levels at any time as long as there's enough momentum.

price just bounced back around 59k and a little bit below, the support is strong here, but I've heard the data about people selling BTC in coinbase and the sell order is massive.
however, some people said BTC is forming descending channel pattern and will retouch the low around 54k.
if this is true, the october that we expected to be bullish speaking from past historical price, will be red for the first time after september surprisingly bullish around the end of month.

just hoping BTC could make breakthrough at some point. this getting exhausting tbh  :).

The immediate bounce back from that $59k was as a result of a strong support which was at that $58k, had bitcoin price stayed a bit longer there I think we would have seen it seriously tested the support. Right now my bias on it is that bitcoin needs to go above the $61 to make the $60k resistance now it’s support before we can say it is safe from a dip. If it fails to take out this $60k it has used as a resistance currently I think we might see it coming to test the $58k support and also the $54k support to clear the bearish trendline.

I think this week ending in bearish sentiment is as a result of the US CPI annual inflation which was announced at 2.4% but was speculated to be lower at 2.3%, so it is the bearish news now that is causing the market to react to it

The price now was down to $60,xxx and seems the price will go down for more if there are no support to lift the price. I see the trend is still goes down so you need to be careful to decide. The bears may still at the market but I still bullish to see Bitcoin price increase. But if the price really goes down for more, that will be our chance to buy back at the lower price.

The worst is the price can fall below $60,xxx but it is no guarantee if $58,000 is the strong support will stay at that price. If more people panic to see the falling of Bitcoin price, they will sell Bitcoin fast and that will make the price go down for deeper. Maybe this month still be the same as the last month but you don't have to worry because after the correction by the correction, the increasing will start.

feels like bitcoin right now so tied with the US market
there has been recent rally and I think it's due to S&P500 scoring ATH again so people are motivated to long on Bitcoin, after all some people have the idea that BTC will follow gold and S&P500 if these two reached ATH which they did

https://imgvb.com/images/2024/10/12/7903a188c4ac3329e9a3684fcc1c5f20.png

but I'm still hesitant on opening the position either short or long, there's no clear direction at which bitcoin gonna take, I guess i will just wait until BTC hit supply zone or demand zone.

It could be. But Bitcoin now increase to $63k after stay at lower price for a while. It is happy to see the price can rise but we still need to cautious because no one will know if the price will still increase or it will go down for correction.

I still waiting for a while and not opening position. I am too afraid if the price back to the lower price and make me lose. Maybe I will wait for some hours to see the movement later.

The daily movement still showing the price will go down. But hopefully, that is wrong and the price will still increase.

Of course, the price is at $63k+ and no one knows which direction the price will go. We can only speculate on the price and as a trader, it is good that you know the right time for you to open positions so that you don't run at lose. I am only into spot trade which I wait patiently for the market to pump before I take profit and also wait for the price to drop before I buy back but I only use small amount so that it doesn't affect my emotions if bitcoin price disappoints me. I hope to see the best from bitcoin price this October because it has always been a good month for bitcoin is if it becomes the opposite, after the US presidential election, bitcoin price might pump higher.

the buying pressure seem strong tbh, I've been waiting to find position to long since yesterday, but apparently, BTC showing no sign of weakness only recently it's dumping but I guess it's to be expected, retracement is a thing.
however I do believe bitcoin has switched to bullish again, recent dump was short lasting one to squeeze the long trader I guess, but right now the market picking things up, maybe can go as far as $67k but who knows, knowing the dynamic of BTC even geopolitical turmoil could affect it significantly.

it's always wiser to buy when the price already dumping instead of joining the already moving train like this.

This day, the price is at $62k so we see the down after the price reach $63k. But the chance to see the price increase again still be there as the price now gets a green candle. Spot trading can be a good way to make a profit because I see many opportunities for traders to buy low and sell high. If they can aware and analyze the market, they will see that chance and will benefit. It is better to use the money that we can afford to avoid the big lost because of the volatility of Bitcoin price. We will not know when the price will be up and down so we must anticipate our trading with small capital. I am sure Bitcoin price will get pump higher in the future and that can happen in this month. So we must prepare and ready for that moment.

Maybe the sign is already appear but we may not see so we late to decide. I think that will not be a problem because we will see the next sign of weakness after the price increase to certain level. I am sure Bitcoin now is bullish although the price seems to go ups and downs many times but as long as the price is not falling to lowest price, we don't have to worry. Even if Bitcoin price drops significantly, we don't have to afraid but use that moment to buy more Bitcoin.

We should search for the chance to buy at the dump so we will get the benefit of that because our chance to sell at the high price will be there. That is why we must use every down moment to accumulate more to have many Bitcoin.

OP you're a very confused trader. Your title says resistance at 64500, then in your first post you say strong resistance at 60000, and then another resistance at 58000, which is stronger, with the strongest at 55000.

Maybe learn to use terms without confusion but anyway, 55000 and never below in the next 2 months? That's optimistic :) Care to explain why or this is just your feeling?

It was a mistake, I wanted to write support, not resistance.

Absolutely. If Bitcoins go below 55, then the traders will place bulk orders to buy the coins. This will automatically increase the demand to buy the coins. As the supply of Bitcoins is less or fixed, hence the price will again go up due to the increase in demand. I am assuming Bitcoins might fall to 60k USD. After that, they will fight back and go up in price. Just need some good news to support Bitcoins and want more investors to buy the coins.

So the bears are not yet over and the bulls sets in. I don’t think we should still be talking about the bearish market now because we should have left those moments by now. October is always the period that a lot of things happen in the market, most of which are the bullish period setting in. I just hope the market will come to an end of all this correction it’s facing. A lot of investors and holders are already desperate to see the bull season beginning, all this resistance stopping it from moving will only make them feel bad about it. The market will by end of the year be bullish but we just have to be patient to see these things play out soon.

This week gonna be an important week though I'm sure of it, we will see whether BTC breakout the descending channel pattern and ready to go up to $70k again sideways still continue.
if it does break the pattern, well too bad I'm not ready for my long, i'm hesitant to long when it hits $58k back then, could've made a great profit TBH because i thought it could go as low as $54k.
but turns out BTC is just that strong.

current retracement also showing sign again, after a while, maybe BTC will really break out this week, for those who've opened long position then congratulation.

Haha yeah I knew it, oc, just good to be precise on terms.

You still didn't explain the reasoning behind your resistance markers tho.

TBF its the same as majority of TA out there, but BTC is just about 15% away from that 55k mark and for me to say that's the biggest bottom, when we've only been doing sideways action, just on a logic of % that BTC is capable of, doesn't seem too safe for me to say for sure.

Hopefully, this week will be the sign of Bitcoin to rise as the price going to strong and break the higher price. But don't forget that Bitcoin can have another correction so you can enter at that time and open long position. The situation now still confuse because we see Bitcoin price become strong and capable to break the higher price so maybe we need to wait for a while what will happen after this.

For those who doesn't open position, that will be okay because the situation still not unstable because I see after reach the higher price, it goes down for a little. So we don't know for sure but if you really want to test the wave, you can enter to that position with small amount and don't risk too much.

Hard to say, i had this feeling it could start mooning in Q1, but i am not sure if we see crypto tax loss harvesting dip before that. Pattern has already broken as we should be way up at this point, but regardless what ever the outcome is for this year, i wouldn't sell.

Because if it's dipping this year, that's an excellent opportunity, and if not, you are where you want to be by holding btc. I am trying to keep my feet on the ground and head off the clouds, but next year could be huge, especially for some alts.