Is BTC consolidating above 10K and ready for an uptrend?

[AICoin_Official]

It seems BTC remains effectively above 10K, is it consolidating and gathering momentum for further gains?

Here is an original analysis from a Chinese analyst Kuang Ren, please feel free to comments if you have different views:

BTC/USDT:
BTC starts a wave of sideway move after a continuous downtrend, indicating the weakening strength from bears. Also, the willingness to take chips over at current price remains strong as we haven’t seen an obvious shrink in volumes in the past 3 sessions. The pressure from bears will come to an end for now as market has been digesting the bearish sentiment.

Though the overall correction is expected to continue, BTC still holds the possibility for a short-term rally, meaning that you can try to open some small positions and make profits. If you look back at the previous corrections lasting for 2-3 months, you’ll know that this time BTC has only been in the correction for about 1 month, making it too early to get excited before the real bottom comes.

As you can see, price suffered a lot after breaking below MA 5 on a weekly basis and we’ve seen the continuous support provided by the level as marked. Still, we can wait as MA 5 sinks on weekly chart until it contacts with price, which symbolizes the continuation of downtrend. Overall, price may have a short-term rally, but price remains in a downtrend channel in the medium term. $7,500 - $8,000 may act as the supporting floor and price can find the strongest support at $5,000, which seems less likely as more investors are rushing into the market.

Original by Kuang Ren, translated by AICoin Jami.

Real-time price info. is here: https://www.aicoin.net.cn/chart/D331D4E2

[nsasuiteb]

I hope so but I think we will see more drama, I really want bitcoin to stay above $10K but I think it needs more correction to consolidate above $10K.

[fabiorem]

Yes, it is consolidating the 10-12k range. Once it do that, it will try to consolidate the 12-15k, and then the 15-18k range.

This will take some weeks, though. My guess is that we will go back to 20k by the end of February.

We need to be patient.

[AICoin_Official]

I hope so but I think we will see more drama, I really want bitcoin to stay above $10K but I think it needs more correction to consolidate above $10K.

Is it too late to buy now??

[alyssa85]

Yes, it is consolidating the 10-12k range. Once it do that, it will try to consolidate the 12-15k, and then the 15-18k range.

This will take some weeks, though. My guess is that we will go back to 20k by the end of February.

We need to be patient.

I think the consolidation may take longer than that. The mempool is still full which means people who have sent their coins to teh exchanges to sell still haven't had the chance to sell.

[Bloomie]

Yes, it is consolidating the 10-12k range. Once it do that, it will try to consolidate the 12-15k, and then the 15-18k range.

This will take some weeks, though. My guess is that we will go back to 20k by the end of February.

We need to be patient.

I think the consolidation may take longer than that. The mempool is still full which means people who have sent their coins to teh exchanges to sell still haven't had the chance to sell.

And why would those people sell now that the price stabilized? It'd be stupid to sell when the price is low.

[fabiorem]

I think the consolidation may take longer than that. The mempool is still full which means people who have sent their coins to teh exchanges to sell still haven't had the chance to sell.

It was 190k unconfirmed transactions around Christmas, now it is around 150k.

[Leahhhh]

I think the consolidation may take longer than that. The mempool is still full which means people who have sent their coins to teh exchanges to sell still haven't had the chance to sell.

It was 190k unconfirmed transactions around Christmas, now it is around 150k.

So does that mean if I were to sell today, I mightn't know for weeks if it had actually gone through? 

[fabiorem]

So does that mean if I were to sell today, I mightn't know for weeks if it had actually gone through? 

This depends on how much fees you will pay. But the more unconfirmed transactions, the more the mempool is clogged, and the higher will be the fees, even for slow transactions.

Right now is 434k satoshis per kb. I cant claim forked coins until this mempool is free.

[henriquelb]

We all hope so.. But for me, the price needs to go down, at least for a little bit more, it really needs to touch $9000 before it makes a huge pump again, this is what all the charts are saying right now, and a lot of good traders. Let's see how it moves.