BTC dip over?

[RAmondragon]

Maybe it will drop a little more on the coming days but it wil still go back to normal. It might actually boom once december comes in especially when CME investors jump into the picture and compete with the current investors.

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[Cranidos]

If any technical traders out there are looking at BTC, what do you see? I am not a technical trader, though I do know some of the patterns and retracement levels.
To me it looks like it tested 5500 two times but got rejected. Furthermore, it now looks like a W, so that we can (technically) expect BTC to go up again, unless we have to test level 5500 again.
What do you see?

I am, as well, not a technical trader and has no concrete foundations about trading. Based from the trend of Bitcoin, it seems the dip is indeed over. Another thing, the current trend is pointed upward with less probability of going down as low as 5500 again. There might have some strong resistance in attaining the recent ATH, but we will see that Bitcoin will stabilize on this current price.

[timerland]

If any technical traders out there are looking at BTC, what do you see? I am not a technical trader, though I do know some of the patterns and retracement levels.
To me it looks like it tested 5500 two times but got rejected. Furthermore, it now looks like a W, so that we can (technically) expect BTC to go up again, unless we have to test level 5500 again.
What do you see?

Without any technical analysis you can tell that we are entering a new hpsae of bull market because of the fact that bitcoin essentially got pumped like 15% in total between yesterday and today combined. That wouldn't happen unless a real bull market is happening.

Still a good entry point though. Price isn't $7k yet.

It's guaranteed that price is going to go through $7k(if there aer anything on this world that is guaranteed). You could buy now and rake it a nice $100-200 per coin, even if you're not in btc the long term.

[panju1]

Maybe it will drop a little more on the coming days but it wil still go back to normal. It might actually boom once december comes in especially when CME investors jump into the picture and compete with the current investors.

The price is rising very quickly now. I don't think we will see another dip. Those who were waiting on the airlines during last week's crash might have missed the bus. Once futures trading starts, the price could explode.

[alyssa85]

Looks like this is being driven by teh coup in Zimbabwe:

https://www.bloomberg.com/news/articles/2017-11-15/bitcoin-surges-in-zimbabwe-after-military-moves-to-seize-power

Bitcoin climbed as much as 10 percent on Zimbabwe’s Golix exchange on Wednesday after the country’s armed forces seized power.

The price of the cryptocurrency in the Southern African nation jumped as high as $13,499, almost double the rate at which it trades in international markets, according to prices cited on Golix’s website.

Demand for Bitcoin in Zimbabwe has surged amid a shortage of hard currency. Golix processed more than $1 million of transactions in the past 30 days, compared with turnover of $100,000 for the whole of 2016, according to data on the exchange’s website. Zimbabwe doesn’t have its own currency, with the government adopting the U.S. dollar and South African rand, among others, as legal tender in 2009 after hyperinflation rendered the local dollar worthless.

Golix, an unregulated platform that also trades other cryptocurrencies, has been in operation since 2014. Prices for Bitcoin are set by supply and demand, according to Taurai Chinyamakobvu, co-owner of the exchange. Sellers are paid in U.S. dollars deposited electronically, which can only be converted at a steep discount on the black market.

Zimbabwe’s army moved into the capital, Harare, on Tuesday after a week of confrontation with President Robert Mugabe’s government and said the action was needed to stave off violent conflict in the southern African nation that he has ruled since 1980.

While most major currencies are legal tender in Zimbabwe, cash-strapped importers and retailers buy dollars -- or any currency easily converted to dollars -- at premium prices by paying the seller electronically. A dollar buys about 8 South African rand, compared with the market exchange rate of 14.36 on Wednesday. Zimbabwe’s unpopular “bond notes” -- promissory notes issued by the central bank and officially pegged to the dollar, are worth as little as 50 U.S. cents on the black market.

[1Referee]

Once futures trading starts, the price could explode.

It will. However, things are still not settled when it comes to getting an approval, so a rejection might even turn out to have a short term negative impact on the market. It's obvious that the market nowadays gets bought up in advance of a certain happening, and current situation isn't anything different. Only time till tell whether or not we've already experienced the correction that people were waiting for, but there is no point into discarding the possibility of a test of the $5000 level in the coming weeks. As I said before, if there is no approval when it comes to CME's future market, this market can tank as easily as it came back up in the last two days - with the orderbooks being as thin as they are right now, it won't take any effort to make this market tank real hard.

[rjbtc2017]

I'll guess that the dip is over. BTC is now tapped and already dancing around $7K and WAVES is (as of this posting) now experiencing a downtrend movement, I speculate that some of the investors sell their Alts to buy BTC yet it does not guarantee that BCH propaganda is will stop. Maybe next year the attacks may resume but as of now I see Bitcoin breaching $8K-$9K mark within this year.

[iamTom123]

If any technical traders out there are looking at BTC, what do you see? I am not a technical trader, though I do know some of the patterns and retracement levels. To me it looks like it tested 5500 two times but got rejected. Furthermore, it now looks like a W, so that we can (technically) expect BTC to go up again, unless we have to test level 5500 again.
What do you see?

I am not good at reading graph too as I don't fully grasp the technicalities behind it that is why I just read the analysis of some traders that am following. I think you were right as Bitcoin right now has finally breached again the $7,000 level and it can be going to test the $7,500 level again. After being sluggish for some days while it is still settling the dust due to the so-called 'civil war' between Bitcoin and BitCoinCash, we are witnessing today a big resurgence. As to whether it can be able to maintain this run, that is what we would love to see though am personally confident that maybe this time Bitcoin is back with a big vengeance. Those who were able to buy some Bitcoin while at dip are right now smiling watching the price go up slowly but surely. Congratulations for keeping the faith alive!

[Basmic]

I do love these times. After a long decline in prices is always a period of a sharp rise in prices. Now we will enjoy growth and may regret all the traitors who sold their bitcoins. I hope that every such case the true fans of bitcoin will become more. If no one is going to panic the whales will not be able to arrange dumps and bitcoin will be more stable.

[Frank0209]

It's difficult to know that it'll happend one more time or not ) If the whales feel still not get enough money at the moment they will dump the price of Bitcoin one more time before Bitcoin price go to the moon at the end of this year. But I think to dump price of Bitcoin one more time before the end of this year is not easy cause traders are more careful right now so I think they'll not be trapped by the whales one more time