[2017-10-05] Above $4,300: Bitcoin Is Up, But Is It Out of the Woods?

[Karartma1]

The bitcoin-US dollar (BTC/USD) exchange rate is gaining altitude after the bearish Doji reversal seen earlier this week failed to keep the cryptocurrency below its 50-day moving average.
At press time, bitcoin is trading at $4,325; up 1.46 percent as per data from CoinMarketCap. The two-day sell-off ran out of steam earlier today at the low of $4,150. The subsequent rebound then gathered pace above the 50-day moving average of $4,187.
However, the rebound from the 50-day moving average support seen in the one hour indicates the fears over the event are overblown. So, is bitcoin set to fly high or is the rally a bull trap?

More @ https://www.coindesk.com/doji-reversal-bitcoin-battles-bears-in-bid-to-stay-above-4000/

[Falgorn]

Now the reasons for which bitcoin and other crypto-currencies have been stalled for almost a month already disappear. I think that bitcoin is now preparing to take off. It will be a good sight.

[richardsNY]

It won't fly, and there will be no bull trap -- it's just the market moving up and down with no thought/motive while we still have the SegWit2x hard fork ahead of us. The market has gone up considerably this year already, and it's a bit too much to expect anything from the market at this point. We'll first need to get past the hard fork in November, and after that we'll see how things will go. In the meanwhile, we shouldn't be surprised to see the market dip under the $4000 level in the coming weeks, it's completely normal.

[hatshepsut93]

News sites like Coindesk like to report every $100 change to Bitcoin's price like it's some big news, and they also like to use a bit sensationalist titles with bullish/bearish/uncertain implications. In those articles they also like to use technical analysis which is extremely irrelevant in Bitcoin world - no one is able to accurately predict Bitcoins short term price, because no one knows when the price will move and how much - it almost always violates any "patters" of technical analysis, because Bitcoin's price is mostly driven by rumors, news, whales and hardcore speculators. So, if you are a newbie, better don't take those articles too seriously, don't use them as trading advice and don't try to day trade more Bitcoins than you can afford to lose.