Bitcoin Forum

People said we broke the december down trendline but everyone is drawing it from the december upper wick down
If you ignore the wick this is what you get:

https://i.imgur.com/xlKdsD3.jpg

BTC seems to be reacting to it now and this would mean the down trend hasn't been broken yet.

Thoughts?

It is impossible to answer this question unambiguously. Each trader has his own strategy, market indicators, etc. In addition, the price of any cryptocurrency is strongly influenced by the news background.

You cant just pull the line from any peak and predict about the situation. There is no standard answer from the technical analysis point of view. There is only single answer for all these, you have to see how much the BTC market has grown in terms of % since the last downtrend. It is said that when the volume rises almost by 20-25% after a down fall then it is considered as the break through of bear market and start of actual bull market. I think we still need to pass the 10K rates to overcome that theory.

There are money makers who were trying to keep the price down and consolidate as many bitcoins as they can. Now once they have satisfied their greed already you better watch out for the FOMO triggering news, this may come out anyday before the ber-month starts. I speculate alot but I have many reliable sources. If you want to earn some handsome money by december you better keep on buying today.

You can see that in recent days the price of bitcoin has always been adjusted down from $ 100 - $ 200 and that is to test the crowd whether to sell off and cut or not. Despite the upside trend in the short term, the bitcoin price has come back and the current price is at $ 9200 and is still gaining momentum.

Bitcoin downtrend is around $6k and now its current price is around $9k plus. And if we see the demand and the increase of bitcoin day by day it is reasonable enough that it is slowly going out of the bear market. If we breach the $10k barrier this time, in my opinion the bull market will start running smoothly.

It depends upon at which time frame you are looking at the graph and if you will draw this same line few weeks back, it will show it broke the downward trendline from last december.

I think bear market still exist but buying pressure is also building up which shows new investors are willing to jump in if there will be more positive news out there. Market might remain volatile untill we will keep getting bans and restrictions on crypto from few big countries. Some of the developed countries still don't have clear laws/regulations on crypto which we need to have before we can see smooth uptrend on crypto price.

drawing one line on only one part of a bigger chart doesn't show anything! you are just manipulating yourself into believing that there is a down-trend going on by doing that!

the fact is that the downtrend stopped nearly a month ago and it has been on reversal ever since. we can even say bitcoin is currently getting ready for the next series of bull runs with a new ATH on the horizon.

Obviously we are not out of the bear market as the price keeps on fluctuating but I think we are about in the tail end to say that least. But at least there are more buyers now as compare to about a month ago indicating that the bears and bulls are still fighting and out. If we go broke $9700 and inch towards $10K then their's that possibility that the bears has no chance to regain the control of the market, but who knows, its very volatile and anything can happen.

Everything depends on the timeframe you chose. Just comparing everything to the all time maximum is totally wrong. You may set the larger timeframe and find that the current price is still way bigger then it was a year ago. On december Bitcoin was obviously in a bubble.
To analyze the current situation it would be better to set the smaller timeframe in order to see if the market is recovering from the recent shocks and what is happening in this particular moment.

Lol. You know that chart doesn't mean anything right. Out of the bear market or not, btc will move when it wants to without following a certain pattern especially with how volatile it was the past few months. Though i believe the bears have started to move back already but that doesn't mean the bulls are in as well

Honestly, it is really hard to predict the price of Btc weather it will go up or it will go down. Or it will break the wall of 10k$ or it will go down again. There are many predictions few days ago they say that btc will be $10k before this month ends and some says that it will go down $3k but none of that are already done rather btc has its own kind of market.

We can not really have the right answer from a technical analysis viewpoint cause each trader has his own strategy and each bought in different prices. The only way to determine an uptrend is how much percentage the price went back since it's last downtrend. From this year it went down 6k an all time low price and went back to 9k price. I guess btc still needs to reach a higher price to determine if it's an bullish run.

We cannot really predict the exact price of bitcoin as there are lots of things to consider just like the demand and supply, how people would treat the negative news/media, how the country/government will accept this thing, and how they are going to adapt it.

We are all relying with news that will bring attentions to this investment, even we draw a line and follow the graph we are still speculating and
don't have real basis, if bitcoin will grow more attentions then the demands will pull up the value and bull trend will continue to run, in the other
hand, if negative impressions will gain more then expect the outcome.

The real answer is that we dont know if we're out of the bear market or not.  The prices have slowed down a bit recently but the prices could spike to 10k+ (for btc) any day now.  They could also tank down back to 7k and even lower in the same time frame.  For us to be out of the bear market were going to have to see big gains over the next few weeks in order to reignite the hype.

I believe that bitcoin has not escaped the downtrend, you can see that although bitcoin prices have been increasing strongly over the past few days and reached the $ 9800 level, however, bitcoin prices are still in the trend. fall, uptrend is just in the short term. If you want long-term uptrend, the bitcoin price must pass the $ 19800 mark, then you can think of bitcoin will increase in the long term.

You can see that the price of bitcoin in recent days is constantly fluctuating and difficult to predict, although bitcoin prices are constantly increasing but often there are dramatic drops from $ 100 to $ 200 to test market psychology. So although I'm uptrend but I think this is just uptrend in the short term. Bitcoiners want to increase in the long run, must pass the $ 19800 mark.