[2018-04-23] Bitcoin Struggles Above $9K as Bull Breakout Stalls

[Karartma1]

Having witnessed a major bullish breakout, bitcoin (BTC) is now struggling to find acceptance above the $9,000 mark.
The cryptocurrency crossed the long-term descending trendline (drawn from the Dec. 17 high and Jan. 6 high) in a convincing manner and closed well above the resistance at $8,459 on Friday, signaling a bearish-to-bullish trend change.
However, in the last 48 hours, BTC has struggled to hold on to gains above $9,000 over the weekend, indicating bullish exhaustion around the key resistance.
As of writing, bitcoin is changing hands at $8,940 on Bitfinex - up almost 40 percent from the April. 1 low of $6,425.
Read more https://www.coindesk.com/bitcoin-struggles-above-9k-as-bull-breakout-stalls/

[gabbie2010]

This is a well detailed price analysis of bitcoin, as it is now the bullish run is losing steam at a strong resistance at $9K if this resistance is broken there is the possiblity that the bullish runs might continue till $11K however the price might experience a pullback I.e the broken resistance turns support to trigger the bullish runs.

[buwaytress]

Funny, last week, there was a new item about Bitcoin struggling above $8k as *that* bull breakout stalled. Still, not about to switch from my overly-pessimist outlook for the time being, it's been quite pleasant the past 3 weeks to wake up to prices better than expected, probably best not to jinx it with positive thinking. Yes, yes, I do believe in the power of psychological persuasion on the Bitcoin market.

On a similar note, I actually agree that the next target is 11k, rather than 10k. That psychological factor is wearing off now and if 10k is breached, it'll be heading for another 10% or 15% to maintain its grip.

[Karartma1]

Funny, last week, there was a new item about Bitcoin struggling above $8k as *that* bull breakout stalled. Still, not about to switch from my overly-pessimist outlook for the time being, it's been quite pleasant the past 3 weeks to wake up to prices better than expected, probably best not to jinx it with positive thinking. Yes, yes, I do believe in the power of psychological persuasion on the Bitcoin market.

On a similar note, I actually agree that the next target is 11k, rather than 10k. That psychological factor is wearing off now and if 10k is breached, it'll be heading for another 10% or 15% to maintain its grip.

It's the press my friend, don't get surprised otherwise they would get out of shit to write. In any case, it can't be denied this time all these psychological barriers (6k,7k,8k and so forth) seem a bit hard to cross: which is good if you ask me. Better a solid and steady growth than a fucking p&D

[Wookii]

Few hours later, and the 9.000 resistance is gone Real chellange will be the 10.000 mark though...

[1Referee]

Few hours later, and the 9.000 resistance is gone Real chellange will be the 10.000 mark though...

The market has taught us one thing in the past, and still does so today; today's challenge will be tomorrow's joke.

As soon as the market does things above my expectations, I instantly stop trading and just enjoy the ride up, because anything can happen which I don't want to miss out on. I was initially planning to secure some short term profits just over the $8000 level, but glad that I didn't do so. If the market makes technical analysis become more or less unreliable, then just distance yourself from the market. Trading at that point will be more like a soft form of gambling, and that's obviously not what people should be doing. It's impossible to beat the market just based on the luck factor, so it's pointless even attempting it.

[Kemarit]

Few hours later, and the 9.000 resistance is gone Real chellange will be the 10.000 mark though...

LOL. I just saw that the psychological barrier has been broken already and the price is above $9200 now. Of course every levels is an obstacle, but when bitcoin is on a bull run everything on the way was easily overrun in a day or 2. $10000 mark will be tough, but I'm sure that as we inch closer to it, we may see some resistance, but it will eventually be broken like $9000. If indeed at the end of the month the $10000 is achieved, and as we move further away from the last bottom price, we can say that we are out of  the woods and probably breath some sigh of relief.