Bitcoin Forum

The bitcoin price fell to test the $230 support line yesterday, with little movement over the last 24 hours. We have seen a lot of interesting and positive news surrounding bitcoin in the last week or so, with the Winklevoss Twins creating their own regulated bitcoin exchange, CNBC’s report that ‘bitcoin is done with its tumultuous teen years”, Tim Draper investing another $400,000 in bitcoin, Coinbase announcing their US regulated bitcoin exchange, and finally, Bill Clinton’s statement “Digital currency can help the poor, but not bitcoin”.

Whilst the saying “any press is good press’ sounds great in theory, it hasn’t necessarily reflected positively on the bitcoin price.
January 29th Bitcoin Trading session
 
The BTC/USD opened at 235 on the 4H Bitfinex chart, dropping to 220 at one point then rebounding back up, just past 230 hours later. By studying the 4 hour Bitfinex (BTC/USD) chart, we can see that the red downtrend line is still above the blue uptrend line, which is synchronizing with the current bearish trend. We will see a reversal of the bearish trend if we see an increase of 4 or more successive bullish candles on the 1 hour charts and more so if the blue uptrend line crosses over the red downtrend line.

At press time, the BTC/USD is priced around 232

What to expect today?

We can see that the bitcoin price stopped falling after reaching levels near the $230 support line. The long shadow of the candlestick reflects how the 230 support line is preventing the price from dropping further.
We still believe that the near future will show a reversal of the recent bearish trend; It might be worth waiting for signals of a bullish wave before investing in a long booster. We hope the price does not drop below 200 though there is still a chance.

Conclusion (On Daily Charts)
Current Mood: Bearish
Moving Averages: Strong Sell (2 Buy 10 Sell)
Technical Indicators: Strong Buy (7 Buy 1 Sell 3 Neutral)

I don't think  $230 is the support line.
The price may continue to fall.

I still dont understand this how can we make it go back up?

Spare us the hand wringing about price, please
Price is going to be volatile for several years at least. Put on your seatbelts and bed down for the long haul

The price is still correcting. The correction hasn't stopped yet.  The temporary rises have been happening the entire time (past 14 months).

I think 200 is the right correction summ and it should stay around that or head up.
BTW that fall could be expected with that countdown reaching 0.

Step 1: Buy more coins. Convince your buddies to buy coins. Have them convince their buddies to buy coins.

Step 2: Appeal to the BTC community at large to stop selling their coins and to either hodl or buy more coins.

Caveat: A large amount of people in BTC these days are in the red by $300-600 USD per coin if they didn't sell. Many are butthurt or just plain financially hurting over losing 25-50% of their coin value in just under a year's time.

As long as there is not enough fresh fund to create buying support to clear up the bitcoin stock in the market, price will continue to fall. However, it doesn't mean that price will continue dropping. At one stage where the price is seen too low compared against what bitcoin future holds, it's natural that people will start buying and then push up the price.

I think the price could continue falling for a while yet. There are too many coins getting dumped by miners, scammers, IPO devs, and early adopters.

The price has been stable for the past week at that value. Might just be a stable line for now with a lot of support.

400 000$ will not move the market much; the 75millions of capital that coinbase will get is more positive.