Alarm! BTC breaks below MA 120, is 8K far away?

[AICoin_Official]

The fact that BTC has never dipped below MA 120 (blue line as marked) since the end of 2016 makes MA 120 the boundary between bulls and bears by default, but today, price just breaks below it, what's your comments for this?

See the original analysis from Kuang Ren, and feel free to leave your comments below:

The fact that BTC has never dipped below MA 120 (blue line as marked) since the end of 2016 makes MA 120 the boundary between bulls and bears by default. Finally, price broke below MA 120 after closing at 8 am this morning, meaning that market has stepped into the bearish segment. Though it’s hard for some investors to accept that, that’s just how market goes, the best thing we can do now is to trade in a bearish mind. Except that price manage to remain above MA 120 with huge volumes, or we’d better take a rest.


Though bears pull price down to the strong support at $9,800, bid orders set at the bottom are still insufficient, making it clear that the support at $9,800 may not be able to hold price up, nor will it bring price back above MA 120.


$9,8000, the highest level among the 3 support levels as marked, has been the strongest support so far, we can’t imagine what will happen next if price breaks below $9,800, price will find further support at $7,200 and near the area between $5,000 and $5,400. Overall, price remains bearish on weekly chart, as mentioned in my previous analysis, do not buy any chips until price moves back and remains above MA 5.

Original by Kuang Ren, translated by AICoin Jami.

For real-time pice information or global news, please visit www.aicoin.com.

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[trobin]

The fact that BTC has never dipped below MA 120 (blue line as marked) since the end of 2016 makes MA 120 the boundary between bulls and bears by default, but today, price just breaks below it, what's your comments for this?

See the original analysis from Kuang Ren, and feel free to leave your comments below:

The fact that BTC has never dipped below MA 120 (blue line as marked) since the end of 2016 makes MA 120 the boundary between bulls and bears by default. Finally, price broke below MA 120 after closing at 8 am this morning, meaning that market has stepped into the bearish segment. Though it’s hard for some investors to accept that, that’s just how market goes, the best thing we can do now is to trade in a bearish mind. Except that price manage to remain above MA 120 with huge volumes, or we’d better take a rest.


Though bears pull price down to the strong support at $9,800, bid orders set at the bottom are still insufficient, making it clear that the support at $9,800 may not be able to hold price up, nor will it bring price back above MA 120.


$9,8000, the highest level among the 3 support levels as marked, has been the strongest support so far, we can’t imagine what will happen next if price breaks below $9,800, price will find further support at $7,200 and near the area between $5,000 and $5,400. Overall, price remains bearish on weekly chart, as mentioned in my previous analysis, do not buy any chips until price moves back and remains above MA 5.

Original by Kuang Ren, translated by AICoin Jami.

For real-time pice information or global news, please visit www.aicoin.com.

While it's quite clear to see for everyone that there is a bearish outlook right now and that they're winning the battle, I choose not to look too deeply in to it. We have been hit by more bad news in the last month than we would normally expect throughout the course of a year or so and that's why the bears have been able to win out. If some of that bad news starts to turn to good news or even if we take the approach that 'no news is good news' then I think we'll see a reversal fairly soon.

[matteo96]

i'm selling everything today, because i expect a long bear market from here

[fabiorem]

TA is failing hard for bitcoin, in both directions.

Trading in shorts is risky and stressful, its bad for health. You will never know when theres a reversal, and since bitcoin is a ongoing project (LN, MAST and Schnorr signatures are some implementations coming to it), the possibility of a new bull run is much more clear.

I believe we are in a very short-lived bear market, which will last some weeks. Its better even to call it a bear trend, since a bear market usually lasts months, if not years.

[TravelMug]

i'm selling everything today, because i expect a long bear market from here

On the contrary, I'm still holding because this is the last time that we are going to see bitcoin falls below the 5 digit mark. I can still see it hurdle this big task that is has facing and then go up again and hit $20K in the next couple of months.

I'm expecting a reversal in February, there will be positive news that will come our way that will push the price above $10K and never look back. We have been in this long crypto winter, I'm sure that the bulls will come back strong this February. So I suggest just to hold and wait it out.

[richardsNY]

i'm selling everything today, because i expect a long bear market from here

Good luck buying back at higher levels then. I don't see any indication for the price to go down much lower than $9k, and especially so because the bottom on January 15th has not been tested yet, but even if so, it shouldn't crack $9k. Main point of importance is that this isn't our first visit below the $10k level, and also not the last one -- we just have to accept the fact that without anything to tease the market to start buying, we likely won't manage to break through the current range of +-$10k+-$12k. Accept it and use these levels to start buying as many coins as possible, because we have been there last year as well. People wouldn't buy at $1000 at the exact same day last year, and look where we are today.... Don't believe me? Fine, then believe the charts.

[Palmerson]

i'm selling everything today, because i expect a long bear market from here

Lol. You sell everything? How do you bitcoins? I think that a maximum of 0.01 btc. Such small users only create an atmosphere of panic. Large holders of coins will not sell bitcoin. To sell the coins when price is at the bottom makes no sense. It will bring great losses. They will have to wait. This gives me confidence that the price will go up.