Seems it's impossible for BTC to dip below 10K and reach to 8K

[AICoin_Official]

Just look how altcoins surge, BTC is also bouncing from the strong support at 10K, I have to say now I'm bearish about the possibility for BTC to dip below to 8K.

An original analysis from Chinese analyst Kuang Ren about BTC:

BTC has been hovering around current level for quite a long time. The fact that BTC fails 4 times to effectively break below the $10,000 hurdle indicates the strong support from bulls, which needs to be re-tested after another round of rally.

Currently, price is forming the right shoulder of the head and shoulders pattern. The theoretical inflection point may emerge tomorrow.

If price chooses to go up, it will move above the MA 5 again and form the double bottom pattern with decent gains. If BTC moves in the opposite direction, however, MA 120 will be completely broken, leading to the crumble of bullish logic in the short term and a long-term consolidation pattern.

As we all know, MA 120 is regarded as the last support to bulls and it has stopped price from falling further during most corrections towards MA 120. Coincidentally, $10,000 happens to be near MA 120, making the oscillating moves around $10,000 normal.

We have not seen any changes in current downtrend on neither weekly nor daily chart, indicating a short-term and oscillating move within the range from $10,00 to $11,600. In the medium term, however, price remains bearish.

Original by Kuang Ren, translated by AICoin Jami.

Full-version analysis is here: https://www.aicoin.net.cn/article/11527.html

[aintnopassincraze]

Impossible? Did we learn nothing when the market went from 5k to 3k, and from 3k to 1800, and from 19k to 10k? It appears that the market can do whatever it wishes at the whim of those who are involved and I have no reason to believe it simply cannot dip to 8k. Anything is possible, and as much as I hate to admit it, bitcoin could be at 8k in less than 2 days from now it is that volatile.

[DPoS2]

Impossible? Did we learn nothing when the market went from 5k to 3k, and from 3k to 1800, and from 19k to 10k? It appears that the market can do whatever it wishes at the whim of those who are involved and I have no reason to believe it simply cannot dip to 8k. Anything is possible, and as much as I hate to admit it, bitcoin could be at 8k in less than 2 days from now it is that volatile.

it'll get to $100k soon..  lots of hot money floating around

[Idrisu]

Just look how altcoins surge, BTC is also bouncing from the strong support at 10K, I have to say now I'm bearish about the possibility for BTC to dip below to 8K.

An original analysis from Chinese analyst Kuang Ren about BTC:

BTC has been hovering around current level for quite a long time. The fact that BTC fails 4 times to effectively break below the $10,000 hurdle indicates the strong support from bulls, which needs to be re-tested after another round of rally.

Currently, price is forming the right shoulder of the head and shoulders pattern. The theoretical inflection point may emerge tomorrow.

If price chooses to go up, it will move above the MA 5 again and form the double bottom pattern with decent gains. If BTC moves in the opposite direction, however, MA 120 will be completely broken, leading to the crumble of bullish logic in the short term and a long-term consolidation pattern.

As we all know, MA 120 is regarded as the last support to bulls and it has stopped price from falling further during most corrections towards MA 120. Coincidentally, $10,000 happens to be near MA 120, making the oscillating moves around $10,000 normal.

We have not seen any changes in current downtrend on neither weekly nor daily chart, indicating a short-term and oscillating move within the range from $10,00 to $11,600. In the medium term, however, price remains bearish.

Original by Kuang Ren, translated by AICoin Jami.

Full-version analysis is here: https://www.aicoin.net.cn/article/11527.html

A very nice technical analysis overviews!  However a fundamental issues may come out in days to come that may push bitcoin price below $10,000 push it is  price above $20,000 I do used MA 200 as a support or resistance levels and I will set this 120 to actually see if bitcoin is sensitive to it! My general view is that bitcoin will resume it upward trend by the end of next month and according to some expert we may see bitcoin above $50,000 in 2018.

[uslfd]

8K is so very much possible. I would say btc price touching $8K is higher than not touching $8K at all.

[crairezx20]

Honestly few days ago the price was hit $9k plus which is below $10k so $8k is possible but since there are supporters that they don't want to drop more below $10k  just lets hope that its true.. bitcoin is really volatile you cannot even know when the price could drop a lot or increase more. If  we know the price will increase more i think we are all getting benefits because we know when the price drop or increase but its impossible we are just speculating the price and everything can be change or happen in bitcoin if you are holding a good amount of bitcoin its depends to you if how you manage your profit. that is why there are people are still keep holding because they lose or they are waiting for the price increase to make profit..
That is why right now i am monitor the price because the price is honestly in critical price and i feel the price can go more down below $10k..

[STT]

Nothing is impossible !   This is a dynamic market based on dollar value which itself changing all the time.   Dollar has lost 10% of its value in the last year which is a ton actually.

That inversely helps bitcoin some but obviously has a much greater gain and interest from the decline of the worlds most used reverse currency.


What will happen is the bottom must be confirmed by a new top.  If a declining set of tops occurs, it will lend momentum to a new lower low.   This is how markets move, nothing is fixed as a boundary that cant be breached.

Here is a channel for BTC I drew in, speculating a negative trend which is a fair call from the ATH.   If we break out of 12,000 as a top then I will agree with OP roughly but it must not continue in a simple downward trajectory indefinitely

[SheepSuit]

Nothing is impossible, but it is looking like we are finding a lot of support around the $10k level.

[johnnywoo2015]

I'm on the opinion that technical analysis and indicators are not applicable to bitcoin and crypto currencies.

Some people are making some 'analysis' and then other people with a lot coins are doing what they are doing.

But I'm hoping that it will not dip to 8K anyway...

[1Referee]

I'm on the opinion that technical analysis and indicators are not applicable to bitcoin and crypto currencies.

I am basically on the same level here. I personally have never worked with technical analysis for that specific reason. It may be worthwhile in some cases, but it will never be the same as how technical analysis applies to the stock market for example. The crypto market is so emotion driven, sentiment driven, greed driven, where we also have to take the free market aspect in consideration, that it more often than not is a waste of time to focus on technical analysis. I honestly don't believe that we're completely safe yet, because all it takes is one major player initiating a large dump causing the market to instantly change overall sentiment. We need to add at least another $3000 to $4000 to make it less likely to see the price dip well under $10,000 again.

[phr0stbyt3]

It can it just differs because of the price. There is a way bigger demand of the coin than it was last year but the market still depends on many forces who still seem to control the price , if they decide the price has to fall then it will happen. This effects the short investment a lot so after they are able to create a downtrend in the market they will eventually create a uptrend

[Tankdestroyer]

Nothing is impossible, but it is looking like we are finding a lot of support around the $10k level.

Just you wait that support around 10,000$ level will crumble once there are many bad news concerning Bitcoin in the next coming days. Also it would be broken when expensive fees and slow transaction confirmation times are not solved this year. Another spam in the network will cause panic and for this reason you are right for saying that it is possible.

[Murloc]

I'm on the opinion that technical analysis and indicators are not applicable to bitcoin and crypto currencies.

Some people are making some 'analysis' and then other people with a lot coins are doing what they are doing.

But I'm hoping that it will not dip to 8K anyway...

They are. Why not? Technical analysis can be applied to any market: forex, stocks, cryptocurrencies, whatever. The problem is that fror a decent analysis market should be stable at least at the current moment. As we know cryptocurrencies react on every word from the chinease government and the FUD is real but you can still analyse this market (yes, it have its own specific). Tech analysis is not appliable anywhere during the panic sellings.
I think that BTC still can go below 10k, we are still not that far from 8k. The only thing we need is another FUD.

[Apened]

There's no such impossible thing that can occur in bitcoins price. Even technical analysis or charting is not applicable to the bitcoins price they have already done it. Its just only a FUD to make bitcoins dump and im open for every possibilities. Instead of being disappointed i will make advantage on my own to buy that dips. Im so sure that it can drop up to $7k-8k before it flews up again.

[gabmen]

There's no such impossible thing that can occur in bitcoins price. Even technical analysis or charting is not applicable to the bitcoins price they have already done it. Its just only a FUD to make bitcoins dump and im open for every possibilities. Instead of being disappointed i will make advantage on my own to buy that dips. Im so sure that it can drop up to $7k-8k before it flews up again.

Probably not. As what many believe, even if btc touched below 10k for a little while, that support point is strong. Even with all the fud and negative news and remarks about btc, it's now clinging above 11k so that must mean something positive