Momentum Proves Weak OR Rising to 14,000$

[hugeblack]

4-hour chart

Only a high volume break above the trendline resistance on the 4-hour chart would add credence to the bullish doji reversal and open doors for a sustained move higher to $13,000 and $14,250.
On the other hand, rejection at the falling trendline followed by a high volume drop below $10,300 (rising trendline support on the 4 - hour chart) could yield re-test of last week's low of $9,005.
That said, only a daily close (as per UTC) below $10,391.02 (50 percent Fibonacci retracement of 2017 low to 2017 high) would revive the bearish outlook.[1]


Bullish doji reversal was confirmed yesterday but so far bitcoin has been unable to generate the follow through necessary to declare that the bottoming process is complete.[1]

Based on the analysis of the writer. What are your expectations for the price in the coming days Do you think that an adjustment of the corrections will occur or whether the price will rise?

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Source: https://www.coindesk.com/bitcoin-bull-reversal-sighted-momentum-proves-weak/

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[tokeweed]

I don't know why there's still some people who believe in Japanese candle sticks or market predictions based off of it for that matter.  I mean it could interpret the paychology of the market and its players, but I don't think it's anything good for predicting on what would happen next...

[pereira4]

I don't know why there's still some people who believe in Japanese candle sticks or market predictions based off of it for that matter.  I mean it could interpret the paychology of the market and its players, but I don't think it's anything good for predicting on what would happen next...

The fact that other people care is proof of how technical analysis is relevant. If other people think that that analysis is a plausible outcome, the analysis is a potential self-fulfilling prophecy, and this is the basis for all technical analysis as far im concerned, in fact I cannot fathom any other reason as to why TA would predict anything.

[Rozita]

I don't think technical analysis work now. Bitcoin price is now affected by news and rumors and also the whales. Sudden rises and falls is not normal. We should wait until every thing become normal again.

[richardsNY]

I don't think technical analysis work now.

It has never really worked. I have never even done any technical analysis because of how unpredictable an open market is. I just look at the market and try to make an as unbiased guess as possible about what might happen, where you just have to accept that the chance for it to be wrong is on the higher side. I believed that with how the market corrected last week, people would wire money to their exchanges, which then woud/should result in the market to bump up. Technically speaking it did, but my prediction was and still is that we reach $13-$14k this week. With how thin the current market is, it takes just a matter of minutes for a large player to lift the market significantly, so I'm still not backing off on my initial prediction.

[DustyRah]

I don't think technical analysis work now. Bitcoin price is now affected by news and rumors and also the whales. Sudden rises and falls is not normal. We should wait until every thing become normal again.

TA (technical analysis) has always been a one sided coin (pun intended) since FA (fundamental analysis) appears to affect Bitcoin significantly.

[crairezx20]

Mostly what i seen right now if there are great news about bitcoin the price can be increase but if there are bad news expect that the price go down..
Technical analysis only works in altcoin but if bitcoin is affected by news and whales altcoin are also affected..
For now its hard to predict the price of bitcoin if you can hold your coin for a long time better to hold it and wait for the great news and watch the burst increase of bitcoin again.. And also there are large pump and dump group so its would be hard to us to predict it with technical analysis..

[timerland]

Momentum is definitely weak right now but i do think bitcoin will rise to $14k this month or the next. Simply a matter of time. People are paranoid that this may be a bull trap and the whole thing comes crashing down after this small adjustment, but as time goes on and bitcoin just stays at around the current value, they'll realize that bitcoin isn't going anywhere downwards, at all.

The support has been raised from $10k to $11k, it seems. But the first barrier that bitcoin will need to break on the way up is $12k, and turn that into the floor. Yes, we've broken $12k multiple times but it just never stuck.

My personal strategy right now is to buy when you still can, and not sell when the price is low. I'm holding through this.

[ktabb]

Honestly I think all of this TA is very unreliable. You can draw any lines on any graph to make it look like its going to do whatever you want. I don't think there is any real consistent TA strategy that has proven to be reliably accurate, or even more accurate than random guessing. The only exceptions I would say are double tops/bottoms, and head/shoulders, but even those are subjective and shaky.

[uslfd]

TA is unreliable however i have mentally prepared for a possible dip towards 8K

[DPoS2]

it has ALWAYS been the FLOW which controls BTC price.. if you want to predict the market, just get a job working the check/wire processing at the major exchanges.   

[pereira4]

And here we go again. I don't know what the hell is going on but we just can't either break out or go below the $10,000 range. We saw a big dump from $11,641 to $10,261, this was an huge red candle, but it has jumped back to $11,000+ territory... I don't believe manipulation of this precision is possible, I think the market is just uncertain to go either way.

We should be see a capitulation of the ongoing triangular formation before January 29th, so Monday we should have a result, either a breakout or a dip to $7,500.

[ene1980]

And here we go again. I don't know what the hell is going on but we just can't either break out or go below the $10,000 range. We saw a big dump from $11,641 to $10,261, this was an huge red candle, but it has jumped back to $11,000+ territory... I don't believe manipulation of this precision is possible, I think the market is just uncertain to go either way.

We should be see a capitulation of the ongoing triangular formation before January 29th, so Monday we should have a result, either a breakout or a dip to $7,500.

The problem with today is that there was a big hack in a Japanese exchange and hopefully so is the reason the market went down and they have lost millions of dollars and hopefully the news will scare every investor and there is a possibility that the price would go down further from this point,manipulation is possible by big investors.

[pereira4]

And here we go again. I don't know what the hell is going on but we just can't either break out or go below the $10,000 range. We saw a big dump from $11,641 to $10,261, this was an huge red candle, but it has jumped back to $11,000+ territory... I don't believe manipulation of this precision is possible, I think the market is just uncertain to go either way.

We should be see a capitulation of the ongoing triangular formation before January 29th, so Monday we should have a result, either a breakout or a dip to $7,500.

The problem with today is that there was a big hack in a Japanese exchange and hopefully so is the reason the market went down and they have lost millions of dollars and hopefully the news will scare every investor and there is a possibility that the price would go down further from this point,manipulation is possible by big investors.

The market doesn't seem to care. Im looking at bitstamp right now and there was a big bull run from $10,911 all the way up to $11,582, pretty much on a single hourly candle. This puts us again in a realistic breakout scenario, as long as we keep having these back and forts and make it to next week without breaking the $10,000 floor, we may go to the upside and finally consolidate the new bull run that will last weeks, all the way up to another all time high. The next 24 hours are crucial for the capitulation of the triangle formation. Right now it's looking like a perfect triangle and we are spending more time on the upper side so im confident we can make it and break it on the 29th.

[gatti]

Now the price of bitcoin reaches 11500$,so we can expect this to raise the value of 14k$ followed by 12k$.So you have to hold some more hours yo get huge profit in hand.

[Slow death]

I don't know why there's still some people who believe in Japanese candle sticks or market predictions based off of it for that matter.

In the tradeview had some guys who made predictions that the price of bitcoin would fall to $0. according to their forecasts they had no error, well today we are in the $10,000... another guy made predictions that ripple would reach more than $5 and so far it has not reached  $5. if people put too much emphasis on these predictions they may end up losing money.

Now the price of bitcoin reaches 11500$,so we can expect this to raise the value of 14k$ followed by 12k$.So you have to hold some more hours yo get huge profit in hand.

humm, better not be so optimistic, the latest events are not in favor of bitcoin, there have been many criticisms about bitcoin

[BitHodler]

humm, better not be so optimistic, the latest events are not in favor of bitcoin, there have been many criticisms about bitcoin

What events are not in favor of Bitcoin? I hope you're not referring to the recent round of fud that we have seen circulate through the market. It's just game play in the hope that noobs end up doing what they do the best.

And that's panic selling everything they have. We have dealed with so much fud already, that it baffles me that people are still falling for it. It can't be coincidence how after every pump, we get flooded with fud.

Thus far each bottom we touched after reaching an all time high has always resulted in the market to reach a newer all time high after that. Current situation is definitely not an exception, especially with lightning network coming up.

[HabBear]

I don't know why there's still some people who believe in Japanese candle sticks or market predictions based off of it for that matter.  I mean it could interpret the paychology of the market and its players, but I don't think it's anything good for predicting on what would happen next...

What's with the "still believe" talk? Technical analysis of investments has used candle stick charts for 100 years. And the candle stick style of the OP's chart isn't even the part of the chart he's asking questions about.

Candle stick report shows the price range within the trading day, that forms the candle stick shape, the fat vertical line.

You clearly don't understand what you are criticizing.

The OP is talking about breakout patterns as they relate to recent price volatility, the angle of the price growth and the range of the swings is an indicator of a breakout or breakdown opportunity. The chart certainly indicates we're building some positive momentum.

And to tokeweed, of you toked less weed you'd know that this commentary is the basis for technical analysis...it's not crypto currency theory, it's investment theory and it's been followed for decades.

[tokeweed]

^ Before you reply, make sure you read the whole post.  Read again, from the OP:

Only a high volume break above the trendline resistance on the 4-hour chart would add credence to the bullish doji reversal

Yeah, I say 'still believe' because all these 'chartists' keep churning out all the same useless bs that noobs shouldn't even base their trading decisions on.  And the funny thing is most people take charting like it's a f*cking science.  It's not.  It's something like a guy trying to look at a picture under different shades to see what he wants to see.

And followed for decades?  No wonder lot's of speculators went to the poor house.  Rofl!  

[iram1011]

Bitcoin is making higher highs and lower lows which is a good indicator of trend reversal. So far, according to the chart analysis, downtrend seems to be over and inflection point is reached indicating towards bullish trend reversal. If Bitcoin breaks $13200 mark, it will go a parabolic trajectory and altcoin's market will squeeze.