Bitcoin Forum

Currently, BRC is consolidating around $8,100, but is you take a close look at the daily chart, you will find that volumes are increasing, indicating that price is ready to move up, and the target will be $9,800. But the overall downtrend stays intact.

Check the analysis from Chinese analyst Kuang Ren and feel free to leave your comments:

Judging by volumes on hourly chart, this time, price holds greater chance to move above MA 5 again when compared with last surge as marked. Basically, the expanding volumes indicate the enthusiasm of main funds to push price up. That’s why I insist that price will break above MA 5.

$8,000 and $9,800 are strong resistance on daily chart, if price breaks above $8,000 tonight just like how it did that in last 2 attempts, it’s very likely for price to bounce back to around $9,800, meaning that positions set around $8,000 will be unlocked. However, we can’t make any judgement about how price will move after getting to resistance level. Please keep in mind that current wave of uptrend is only part of the pullback on weekly chart, bottom after current move is unknown to all of us. Being cautious is recommended.

Last week, I stated in my analysis that price will keep stable in the next 1-2 weeks, now price is moving as expected. You can hold on to your chips.

Original by Kuang Ren, translated by AICoin Jami.

Go to https://www.aicoin.net.cn/article/13337.html for full-version analysis.

Yup!

2H chart shows a good uptrend.
4H chart is ending the downtrend.

Even though that we might have a resistance in that level I really think that many will keep on hodling because they certainly know that if we can overcome that resistance we can really hit the ceiling and beyond that, I really think that a massive wave going back to the recent All time high will be an indicator that bitcoin can go back and recover over that value.

Well just hold. btc is really too difficult to trade daily or even weekly. The volatility is too high and it's very easy to get trapped

I think the most important thing for now is to not focus on a recovery over the $10k level, which is why I prefer to remain a bit conservative till we're really out of the current phase. People in general tend to get bearish pretty quickly, and the same goes up for their bullish periods. I have noticed how people are already throwing with predictions again, but in current market the main point of importance is patience, because we will NOT move back up to $15k levels for a good while. In order to do so, the market needs a major bullish trigger, and whatever that turns out to be, is at this point still not known. It's really a great time for people looking to accumulate over a longer period of time.

Exactly this. We are entering classic head and shoulders pattern here. I expect that people who dipped and sold and the bottom are uncertain of the next move.
And people who bought are scared to collect their profit yet, which may cause the prolonged time of market uncertanity.
Anyway, I think that this news: http://www.globalcryptopress.com/2018/02/us-gov-gives-cryptocurrency-green-light.html (http://www.globalcryptopress.com/2018/02/us-gov-gives-cryptocurrency-green-light.html) is gonna take us higher!

I can guess when Bitcoin reaches 10 thousand, it will be the critical pont. I can guess that it will fly to the Moon after that. But who knows?

Could be possible imo. Obviously there is a possibility for the price to move both ways still.

First we need to really establish the $8k level as the floor. After that, we can build on top of the floor, and $9k, 9.8k whatever will come quite easily. If we can stay stable at $8k-8.5k for a few days, then my money is going to be on bitcoin hitting the aforementioned target.

After the target hits, obviously we'll have to see if $10k is able to come once again.

I still think that there may be enough gas left in the tank for bitcoin to make a couple more pushes in price, potentially settling at a much higher price than it is atm.

it is a little hard for me to believe that $9800 will be the target because some price levels are kind of "fate sealing" if that's a thing! what i mean is if price goes closer to the major buy support that everyone knows which was at $10k that can practically turn some switches on in some traders to jump in with both feet and price may shoot up above $10k so much faster and easier than any other time.

Agreed. This market was totally washed out and oversold, a lot of investors are even not sure yet whether they should get in or not as the signals are not yet glaring and the bulls really have a lot of job to do to be able to give chance for smart money to enter in.

Like you said though, we still have a lot of ways to go before we even start the recovery phase and we may just be consolidating for some time now unless we see a progress or development that would influence huge buy ins.

There is a lot of critical point for bitcoin right now, so I would not be too optimistic to see bitcoin breaking all these resistance and just flying to the moon straight on. However, we are beginning to have the media spread some good news which some of them can actually cause some quick buys and then the bulls really taking hold of the market very soon, but from the chart which you can easily read people's emotion, there is a lot of fear in the market.

It ain't that hard since OP only mentioned that it is the target for the current uptrend, not the highest possible price that this uptrend can reach. You are right that it might shot up higher than we think but for now the safest target is 9800$ because it is the most achieveable high target as of the moment. For now, The bulls (probably) are starting to accumulate btc little by little before bullish trend occur.

Good to hear this and I think this article we stimulate buying decision now and for those that want to sell you can now hold a little to see what is going to happen next week. Many are selling at losses because of the way people are making negative comments on twitter, Facebook and bitcointalk forum about how bad the position of bitcoin is without giving and accurate analysis of what they are saying.

Everyone with a working brain is accumulating as many coins as possible under the $10,000 level. Accumulating at the time where there is not much going on in the market, and where likely not much will happen in the coming weeks as well, is the best way of getting the most bang for your buck. At the moment the market gets the spark that it needs, it will go up continuously for quite a long time, which means that your silly fiat will buy you less coins with the day/week. It's just a matter of logical thinking and and understanding the flows of this market. In the longer term, we have so many bullish things to focus on, that it makes no sense to leave this opportunity unused, because people will definitely regret it.

But what's happening at the moment is that some bulls are already quietly accumulating BTC while everyone else is busy doing estimates as to when would be the best entry price in the current market situations. Ideally, anything below $10k is a steal buy, given that the lowest point we've been into since the incredible bull run is @ $6000 which is already a lot higher floor to take off from compared to the previous run's $600. It might consolidate @ $9000 before refueling for another spectacular bull run. The question is, when would this happen and what would trigger it?

I think we're in a really good position to be reversing trends right now. We've just had a lot of bullish news surrounding bitcoin and more more importantly good news regarding US regulation. As people start to realize we're not going down any further they will realize their mistake and try to buy back in. I just hope for a slow but steady growth back to the $10k mark.

You are completely right. The price rise started right after Senate discussion on cryptocurrencies. The market is affected by news and rumors.
Now we hear better news about cryptocurrencies and the price is ready to rise.

I also agree that the goal (the first one is 10 thousand (or 9.800 dollars as you say). When it reaches the target, it will start to run ahead very fast until it reaches the next target, which is 13K.

Right now the market is bullish but on the stable side(if that makes sense), as we have seen BTC can go on bull runs of $1000 in few hours, but right now it's more of a stable increase. This is a very good for the market, and easily has the potential to reach $10k and beyond.

Looks like we are attempting to break into the $9,000 barriers. It will be just a matter of hours, it the current trends continue, to see it broken. I really like the sentiments for now, slow by steady is now the name of the game. We don't need a sudden surge then ended up with huge drop. I would rather see two steps forward, then step backward. And I would also like to remind everything not to think about the $20,000 price. Not yet. Its gonna take a lot for investors to push around that price. For now, I can say that the crisis is over, we can all breath a sigh of relief and see the price going up in the next weeks or so.

Yep, $9800-10200 is going to be the next target so it seems.

Though right now, the resistance is really put on the $9k level. We've hit that several times today already, but now the price has corrected down to $8.8k or so. Seems like the market isn't that ready to take on $10k right now.

There is is still some bearish sentiments floating around as well, at the moment.

Expect price to stay put for the next week or so before a breakout to the high $9ks.

Well that trigger for the bull we all are expecting may not come just yet. Yeah the market right now isn't as agressive as the last two months whether bullish or bearish. We're basically just playing at the 7.8k to 8.5k field. And even of we somehow get to play around 9-10k it probably would still be a slow crawl unless again there's something that would trigger a bull run, a positive global news probably

It would be a whole lot prolonged and there is no doubt about it. Bitcoin broke some of the normal trading rules and generated some panic in the market which new money and smart investors would not even want to take that risk now. However, consolidation period too is good, a lot of alts will be doing well within this period, while we end up having more time to hold more BTC before we start seeing a rally formation.

For now, I do not even think the bears have any more gas in their own tank, since we have reached the oversold region on the RSI. The bulls would really need to do more than this present situation in the market to be able to get the market back in the uptrend position. So many investors still believe this may be a bear trap and cautiously trying to monitor the market so as not to make a huge mistake, but I guess we will have to wait and see how the whole thing ends.

The price seems to be struggling to get over $9000. I personally think we're more likely to test $8,100 than we are to make another attempt to break through $9000.

What we really need to some good news to push it through the barrier - not sure where that news will come from, though.

Now the price of bitcoin had reached the maximum value of 8750$,your target price will achieved by tomorrow.
If the price of bitcoin reaches 9800$ by tomorrow means,many will get happier to sell the bitcoin with high price including myself.The price of bitcoin will reach more than 11,000$ before chinese New year.

For now it would be hard to predict the price until $9800 value unless if there is a good news like richest man planning to invest millions of usd in bitcoin and sooner or later it can increase the value fast but for now what a see cryptocurrency still banned in china and hope this issue will be solve after chinese new year.  This is i think the reason of the price drop that is why the price still in low price..