[2017-11-14] Recovery In Doubt? Bitcoin Price May Not Sustain Above $6,500

[cybersofts]

Recovery In Doubt? Bitcoin Price May Not Sustain Above $6,500

Bitcoin is in recovery mode today.

As of writing, the bitcoin-U.S. dollar (BTC/USD) exchange rate is at $6,523, having reached a high of $6,559 so far. As per CoinMarketCap, the cryptocurrency has gained 3.54 percent in the last 24 hours.

Still, chart analysis indicates that BTC has retraced 38.2 percent of the sell-off from Nov. 8 high to Nov. 12 low. That's when prices hit a two-and-a-half week low near $5,500 – a near 30 percent sell-off from last week's record highs.

Largely believed to be triggered by the suspension of the Segwit2x hard fork, a software upgrade that might have brought a transactional boost for the cryptocurrency, investors had reportedly begun moving funds across to bitcoin cash (BCH) following its abandonment, resulting in a rally for the rival cryptocurrency.

In this way, the sharp recovery seen today has been accompanied by an equally sharp pullback for bitcoin cash, which rose more than 30 percent last week, and briefly overtook ethereum as the number two cryptocurrency by total value over the weekend.

Still, it is too early to say that bitcoin prices have found a bottom.

As discussed yesterday, the price chart analysis shows the current pullback could find a bottom around $5,000 levels. The latest chart shows the prices have moved above the key trendline hurdle, but continued gains are less than certain.

Bitcoin chart



The above chart shows:

   - The trendline from the May. 15 low and Oct. 5 low is capping the recovery in BTC.
   - The 5-day MA and 10-day MA adopted a short-term bearish bias last week.
   - The relative strength index remains below 50.00 (in the bearish territory).
   - On the 4-hour time frame, the 50-DMA has adopted a bearish bias, while the 100-MA is moving sideways (neutral).

View

   - A move above 5-day MA of $6,482 is likely to be short-lived.
   - As noted yesterday, BTC is likely to trade sideways in the short-run, before resuming the sell-off and eventually finding a floor around $5,000 levels.
   - Only a close today above $6,900 would signal a revival of the bull market.



Source: https://www.coindesk.com/recovery-in-doubt-bitcoin-price-may-not-sustain-rebound-above-6500/

[1714715783]

1714715783

[1714715783]

1714715783

[Argoo]

Probably, the restriction of the bitcoin price will be positive for the entire crypto currency as a whole. The situation when people invested in bitcoin only because it was constantly growing in price, was a little absurd, which sooner or later could lead to the collapse of bitcoin as a bubble. And this is inevitable
would lead to a drop in the prestige of the whole of the crypto currency. Now bitcoin in cash has significant improvements over bitcoin, associated with increased bandwidth and low transaction costs, and people are investing in improvement, rather than simply gaining profits. In addition, this will lead to a reduction in such a large gap in the rate between the crypto-currencies, which will positively affect their healthy competition.

[jjacob]

I love the way these bearish projections are proven wrong, by the time they get published. Bitcoins price has recovered nicely to over $6600 and there is no reason why it shouldn't go higher. There are a lot of positive drivers, including CME futures.

[rjbtc2017]

Agreed on that, maybe if BTC will touch 6.9k again then the uptrend will continue. Let's not also forget the alts which is now recovering from the downtrend rally because of BTC's uptrend rally which can also solidify the article that BTC may not be able to breach new high for the mean time.

BTC may be stabilized yet still volatile. It may dance around 6.5 k and 6.6k. the recovery of AltCoins is pretty impressive. People will now return their invested money to some alts.

One example of the alts that I am happy for recovering is none other than WAVES. Hoping that it will touch new high.

[Kemarit]

Agreed on that, maybe if BTC will touch 6.9k again then the uptrend will continue. Let's not also forget the alts which is now recovering from the downtrend rally because of BTC's uptrend rally which can also solidify the article that BTC may not be able to breach new high for the mean time.

BTC may be stabilized yet still volatile. It may dance around 6.5 k and 6.6k. the recovery of AltCoins is pretty impressive. People will now return their invested money to some alts.

One example of the alts that I am happy for recovering is none other than WAVES. Hoping that it will touch new high.

It still dances around $6500-$600 currently. But the recovery of bitcoin is very quick. I was out for a few days but the last time I did checked is the price is down to $5600 or something so when I came back today I'm happy to see that it has rebounded very beautifully. But make no mistake about it, I think its has not fully recovered because investors are still divided about the which coins to go to Bitcoin or Bitcoin Cash? However, I consider that investors at one point needs to decide and I speculate that they will go to Bitcoin once more, Bitcoin Cash is simply for a pump and dump and the people behind is somewhat not trusted by this community.

[rjbtc2017]

Agreed on that, maybe if BTC will touch 6.9k again then the uptrend will continue. Let's not also forget the alts which is now recovering from the downtrend rally because of BTC's uptrend rally which can also solidify the article that BTC may not be able to breach new high for the mean time.

BTC may be stabilized yet still volatile. It may dance around 6.5 k and 6.6k. the recovery of AltCoins is pretty impressive. People will now return their invested money to some alts.

One example of the alts that I am happy for recovering is none other than WAVES. Hoping that it will touch new high.

It still dances around $6500-$600 currently. But the recovery of bitcoin is very quick. I was out for a few days but the last time I did checked is the price is down to $5600 or something so when I came back today I'm happy to see that it has rebounded very beautifully. But make no mistake about it, I think its has not fully recovered because investors are still divided about the which coins to go to Bitcoin or Bitcoin Cash? However, I consider that investors at one point needs to decide and I speculate that they will go to Bitcoin once more, Bitcoin Cash is simply for a pump and dump and the people behind is somewhat not trusted by this community.

To Some, they may say that It has not yet fully recovered but for me i think it already finished it's recovery, Alts are now rallying up which is pretty justifiable reason on why Bitcoin's is already finished recovering though the I should also acknowledge the argument that (you're possibly right) the investors who put their money on BCH which is i think having a hard time now to decide on what decision will they make, on where they will put their money. They should always look on the stronger community which is Bitcoin. I acknowledge and agree on your speculation, they will go back to Bitcoin.

[Irvinn]

Perhaps the restriction in the current situation of growth in the situation will have a positive effect on its survivability and, in general, the entire country's crypto currency, since a sharp break of bitcoin in value from another crypto currency increased the chances of its collapse through impulsive pumping of its value. The cost of bitcoin grew at the expense of his excitement and his unjustified demand due to the fact that he was constantly growing in price and making a huge profit. However, it was really like a soap bubble and could not last for long. Limiting its growth will make the necessary correction of its value.

[ALT67890]

Nevertheless, this kind of stop or much stable price for even a day or two is needed for the investors to breath for a while. Bitcoin even we have full trust on its future price has always been unpredictable and has tendency to go down fast that is normal but jaw dropping for sometimes. It is that not just about its price that matters but the investors ability to adopt on its unstable price range. Blockchain technology and bitcoin will still be together for a long time that for sure.

[Marry Finch]

The continued growth of bitcoin in price was enthusiastically met by bitcoin fans, seeing in it only positive moments in the form of growth of their incomes. However, in fact, there was a fatal and undeserved growth in the cost of bitcoin, which could damage both the bitcoin itself and the image of the crypto currency in general. In fact, the bubble was pumped up, because the rush demand for bitcoin in the hope of gaining super profits led to an increase in its rate, which again gave rise to even greater demand for it. Bitcoin moved away from the rest of the crypto currency in value and moved up to his death. With the increase in the cost of cash in cash due to significant improvements, I see uniquely positive moments when this situation began to level off.

[wilhb81]

Hmm, based on the Bitcoin's weekly chart, as long as the price consolidating above the 50 & 100 MA lines - Bitcoin should be easily gaining back its momentum to the upside.

However, if it breaks the 100 MA line - it would be a red alert for Bitcoin, just keep your eyes on it 

[DannaWonder]

Recovery In Doubt? Bitcoin Price May Not Sustain Above $6,500

Bitcoin is in recovery mode today.

As of writing, the bitcoin-U.S. dollar (BTC/USD) exchange rate is at $6,523, having reached a high of $6,559 so far. As per CoinMarketCap, the cryptocurrency has gained 3.54 percent in the last 24 hours.

Still, chart analysis indicates that BTC has retraced 38.2 percent of the sell-off from Nov. 8 high to Nov. 12 low. That's when prices hit a two-and-a-half week low near $5,500 – a near 30 percent sell-off from last week's record highs.

Largely believed to be triggered by the suspension of the Segwit2x hard fork, a software upgrade that might have brought a transactional boost for the cryptocurrency, investors had reportedly begun moving funds across to bitcoin cash (BCH) following its abandonment, resulting in a rally for the rival cryptocurrency.

In this way, the sharp recovery seen today has been accompanied by an equally sharp pullback for bitcoin cash, which rose more than 30 percent last week, and briefly overtook ethereum as the number two cryptocurrency by total value over the weekend.

Still, it is too early to say that bitcoin prices have found a bottom.

As discussed yesterday, the price chart analysis shows the current pullback could find a bottom around $5,000 levels. The latest chart shows the prices have moved above the key trendline hurdle, but continued gains are less than certain.

Bitcoin chart



The above chart shows:

   - The trendline from the May. 15 low and Oct. 5 low is capping the recovery in BTC.
   - The 5-day MA and 10-day MA adopted a short-term bearish bias last week.
   - The relative strength index remains below 50.00 (in the bearish territory).
   - On the 4-hour time frame, the 50-DMA has adopted a bearish bias, while the 100-MA is moving sideways (neutral).

View

   - A move above 5-day MA of $6,482 is likely to be short-lived.
   - As noted yesterday, BTC is likely to trade sideways in the short-run, before resuming the sell-off and eventually finding a floor around $5,000 levels.
   - Only a close today above $6,900 would signal a revival of the bull market.



Source: https://www.coindesk.com/recovery-in-doubt-bitcoin-price-may-not-sustain-rebound-above-6500/

Previous dump on the price of bitcoin is a clear result of a manipulation by several group of people who did it for their own benefits. Bitcoin price went back to $7000 level which may mean that it is the stable price for bitcoin now based on current demand and supply.

[cr1776]

All this TA stuff is just guessing and certainly isn’t news.  Just click bait articles.

Recovery In Doubt? Bitcoin Price May Not Sustain Above $6,500

Bitcoin is in recovery mode today.

As of writing, the bitcoin-U.S. dollar (BTC/USD) exchange rate is at $6,523, having reached a high of $6,559 so far. As per CoinMarketCap, the cryptocurrency has gained 3.54 percent in the last 24 hours.

Still, chart analysis indicates that BTC has retraced 38.2 percent of the sell-off from Nov. 8 high to Nov. 12 low. That's when prices hit a two-and-a-half week low near $5,500 – a near 30 percent sell-off from last week's record highs.

Largely believed to be triggered by the suspension of the Segwit2x hard fork, a software upgrade that might have brought a transactional boost for the cryptocurrency, investors had reportedly begun moving funds across to bitcoin cash (BCH) following its abandonment, resulting in a rally for the rival cryptocurrency.

In this way, the sharp recovery seen today has been accompanied by an equally sharp pullback for bitcoin cash, which rose more than 30 percent last week, and briefly overtook ethereum as the number two cryptocurrency by total value over the weekend.

Still, it is too early to say that bitcoin prices have found a bottom.

As discussed yesterday, the price chart analysis shows the current pullback could find a bottom around $5,000 levels. The latest chart shows the prices have moved above the key trendline hurdle, but continued gains are less than certain.

Bitcoin chart



The above chart shows:

   - The trendline from the May. 15 low and Oct. 5 low is capping the recovery in BTC.
   - The 5-day MA and 10-day MA adopted a short-term bearish bias last week.
   - The relative strength index remains below 50.00 (in the bearish territory).
   - On the 4-hour time frame, the 50-DMA has adopted a bearish bias, while the 100-MA is moving sideways (neutral).

View

   - A move above 5-day MA of $6,482 is likely to be short-lived.
   - As noted yesterday, BTC is likely to trade sideways in the short-run, before resuming the sell-off and eventually finding a floor around $5,000 levels.
   - Only a close today above $6,900 would signal a revival of the bull market.



Source: https://www.coindesk.com/recovery-in-doubt-bitcoin-price-may-not-sustain-rebound-above-6500/

[bambazamba]

This event has already occurred .
Every bitcoin user was worried that bitcoin might fall into all time low after the dumping of various miners . But that does'nt seem to affect botcoin by any means . Bitcoin has got back its orignal value and is rising continuosly since then . From last two days bitcoin is not seeming to touch $5.5 k anymore.
It is now approximately 7.5k.

[bitcoinisbest]

This event has already occurred .
Every bitcoin user was worried that bitcoin might fall into all time low after the dumping of various miners . But that does'nt seem to affect botcoin by any means . Bitcoin has got back its orignal value and is rising continuosly since then . From last two days bitcoin is not seeming to touch $5.5 k anymore.
It is now approximately 7.5k.

BTC prices always tend to recover and this is what is happening now also . It has reached 7.5 k from the fall of 6200 it has risen by 1300 points already and will move to 8k by this weekend. Only thing is that when it will rise and till what time one needs to hold is unsure rest it will rise in coming time as well.

[limek]

Bitcoin is gaining more and more traction now. At this time it go to all-time high approaching $8000. Unlimited opportunities ahead.

[darkangel11]

This event has already occurred .
Every bitcoin user was worried that bitcoin might fall into all time low after the dumping of various miners . But that does'nt seem to affect botcoin by any means . Bitcoin has got back its orignal value and is rising continuosly since then . From last two days bitcoin is not seeming to touch $5.5 k anymore.
It is now approximately 7.5k.

BTC prices always tend to recover and this is what is happening now also . It has reached 7.5 k from the fall of 6200 it has risen by 1300 points already and will move to 8k by this weekend. Only thing is that when it will rise and till what time one needs to hold is unsure rest it will rise in coming time as well.

People always fall for the same logic and FUD made by people who try to manipulate the market. Not everyone was worried though. I used to post all the time throughout the fall telling people to calm down and that BCC will fail as it's simply a way for roger and jihan to make money. It took not more than a week for the situation to clear out and BTC to come back on track. It was obvious we'd come back to retest ATH reached right before the 2x announcement.