Bitcoin 1D Trendline, 18th Oct is Final Date

[TravelMug]

it will continue like that playing in the near $20k area it won't be below $17k or $10k, they big whales won't allow that and the $20k price is already cheap in my opinion, the price will always stay near the $20k area, like $19k or $21k in the near future

Lol, I disagree with you, if you are a whale, you will rather buy cheap bitcoin, so yo wanted to see it goes down hard and then scope more for you.

So most likely they will allow the price to go down and hit another floor price. And even us ordinary investors, logically we wanted cheap bitcoin isn't it? Nevertheless, this is an interesting topic to follow and see if this will eventually happen or will get voided the soonest once we enter the month of October.

[STT]

I dont think whales control the market but they make a splash and they have to avoid spiking the price while buying in, so invariably its done over a period of time usually along the lines of moving averages but also accounting for volume so as not to upset the market and use up the order book.   A big buyer (or seller) wants to avoid being front run by those knowing the buys are coming so I do think they buy into daily or weakness within a week with an eye on the monthly and wider time frame trajectory for BTC.
   I think 20k is likely fine long term to have and hold but as a small fry holder it does seem perhaps reasonable to wait for that breakout on the chart or just very much split up your buying, it might take another year to do anything particularly and we can see lower prices even if 20k is good, people always like to get more for their buck.

[savetheFORUM]

What I can see now is Bitcoin now seems to create resistance on the $20,000 level after we dropped on that earlier.
Before $20,000 is strong support but after it brokes, we saw a hard time for Bitcoin to regain it.

Trending from OP's chart seems to make sense here now as we saw how Bitcoin reacts especially on the resistance levels by these trendlines, I am waiting for Bitcoin to test again the $20,000 before the month will end.

looking at the Timeframe chart for this week we can see two possibilities for a big dump or vice versa but if the 2 Trendline lines up to October turn blue. then there is a possibility to determine support and resistance for Bitcoin the next will be better. but we don't know there will be news and what news in the world next??? because fundamental changes are the key to bitcoin prices in October

I don't think there's still a big dump that can occur because we already got loads of them last time but what can only happen these coming days or weeks would be big pumps because we haven't been to that for a long time now. There is no need for us to wait for the trendline to go to blue only to determine the support and resistance because we already know it.

Like the guy above you said, $20k is the old support but now it turned into a resistance level since the price only plays around between $18k and $19k. There will always be news but let's hope less negative news are going to be reported as they may bring a negative impact in crypto prices.

[ImThour]

Update - Close look of the same trendline

[adaseb]

This trendline is bearish and it brings back memories of the 2018 break. Right now we got rumors of some large Credit Suisse bank going under. We got pension funds under risk of default. We still got strong employment which means inflation might tick higher again. We got a housing crisis and energy crisis.

I want it to break to the upside and I am not short but its not looking good. I think the yearly low will break if the stock market keeps dipping. Next week is employment numbers so this will give us a hint if the future CPI print will be positive or not.

[pooya87]

When looking at charts, since the price is not going up it may look like a negative thing or even a bearish potential but you have to consider that price hasn't been going down in spite of all the negative things that are happening in the West and how its economy is crashing hard.
Inflation is rising fast and most other markets are dumping. A lot of companies declared insolvency and some factories shut down.

All of this and bitcoin has not yet seen another crash for months and stays close to $20k.

[hugeblack]

Let's take the reasons for the decline, all the reasons have occurred and all the variables that could lead to a price break have already occurred, and even news such as Mt. Gox coins, interest rates increase and others did not have the same effect, so it is illogical to decrease during this month.

But even so, what will drive the price to fly so high?

[palle11]

All of this and bitcoin has not yet seen another crash for months and stays close to $20k.

Sometimes bitcoin does not really go directly with the market sentiment or how economy has badly been hit, so anything can still be possible. At the inception of covid-19 in 2020 around February, that was when bitcoin started increasing against fears that it was suppose to start dropping as the currency were losing strength but bitcoin didn't follow the down trend of economic problems then people started investing more and the dynamics of the price changed. Another example is around early this year with the news of Tesla dumping bitcoin hodling, the price only checked from $30,000 to $28,000 and nothing serious happened. It doesn't really follow the economic challenges.

[ImThour]

Today's Update on 1D Trendline

[ImThour]

1D Timeframe Trendline:

Bitcoin already made a breakout and now retesting the resistance and converting it to support.
I am bullish so should you. 


7th Oct, 2022 Update


Closer Look