Bitcoin Price Analysis Today

[snowblack]

The cryptocurrency is finding buyers at lower levels who are using the sharp plunge in prices to buy for the long-term.
So, is the downtrend over or will the market resume its fall after a short pullback?

During a strong downtrend, a 1 to 3-day pullback can be expected. The counter-trend move usually faces selling at the 20-day EMA or at previous supports, which now act as resistance.
The BTC/USD pair is likely to face resistance at $9,500, which was the high on February 3. Above this, a move to $9,920 can’t be ruled out, but we expect the range of $9,920 to $10,700 to act as a strong resistance.

I believe that the cryptocurrency will turn down from one of the above-mentioned levels. If the retest of the lows is successful, i may add long positions for the long-term.

If the lows break, i’ll have to wait for a few more days.   

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[Andrey123]

Now bitcoin will grow!
All the news about the ban of mining in China, turned out to be the tricks of hackers who earned on the fall of the course!

You can not forbid something that you can not even hold in your hands 

[Sept93]

Now bitcoin will grow!
All the news about the ban of mining in China, turned out to be the tricks of hackers who earned on the fall of the course!

You can not forbid something that you can not even hold in your hands 

I don't think so.
The downtrend will continue. Because of Tet holiday of Asian people.
All Asian people want to sell bitcoin for their holiday.

May be in March, bitcoin can grow again.

[metenjean]

Couldnt agree more, the price has found support in $7k range however we need more confirmation to define if the downtrend has reversed and in this case we need to see the price break $9,5k trendline for short term trading and retest back into $8,5k which will be the the second buy setup i've been waiting since buying in $7k area. This however only confirm that the trend will gain slight momentum towards $10k area. The price needs to break around $12k area to totally regain the upwards momentum and starting the bullish trend. Stoploss set below $5.9k but noted this review and suggestion didnt intended for choppytraders 

Ranging price between $6k - $7,5k so there will be my most buying position and limit setup and anywhere below $6k will be my stoploss, need to see more closing candle confirmation, mostly done by using line chart.

Here is the 4H chart with the same trendline which conform the downtrend still in play with some pullback momentum upwards, however this doesnt mean the trend has changed. However we need to know that bitcoin movement is the most volatile and trend can be changed in days countdown and not weeks or months 

[Sept93]

Couldnt agree more, the price has found support in $7k range however we need more confirmation to define if the downtrend has reversed and in this case we need to see the price break $9,5k trendline for short term trading and retest back into $8,5k which will be the the second buy setup i've been waiting since buying in $7k area. This however only confirm that the trend will gain slight momentum towards $10k area. The price needs to break around $12k area to totally regain the upwards momentum and starting the bullish trend. Stoploss set below $5.9k but noted this review and suggestion didnt intended for choppytraders 

Ranging price between $6k - $7,5k so there will be my most buying position and limit setup and anywhere below $6k will be my stoploss, need to see more closing candle confirmation, mostly done by using line chart.

Here is the 4H chart with the same trendline which conform the downtrend still in play with some pullback momentum upwards, however this doesnt mean the trend has changed. However we need to know that bitcoin movement is the most volatile and trend can be changed in days countdown and not weeks or months 

The biggest problem is goverment. Downtrend will be continue...

[snowblack]

Now bitcoin will grow!
All the news about the ban of mining in China, turned out to be the tricks of hackers who earned on the fall of the course!

You can not forbid something that you can not even hold in your hands 

I don't think so.
The downtrend will continue. Because of Tet holiday of Asian people.
All Asian people want to sell bitcoin for their holiday.

May be in March, bitcoin can grow again.

I agree with downtrend. Uptrend will happen if have good news with government!

[metenjean]

Couldnt agree more, the price has found support in $7k range however we need more confirmation to define if the downtrend has reversed and in this case we need to see the price break $9,5k trendline for short term trading and retest back into $8,5k which will be the the second buy setup i've been waiting since buying in $7k area. This however only confirm that the trend will gain slight momentum towards $10k area. The price needs to break around $12k area to totally regain the upwards momentum and starting the bullish trend. Stoploss set below $5.9k but noted this review and suggestion didnt intended for choppytraders 

Ranging price between $6k - $7,5k so there will be my most buying position and limit setup and anywhere below $6k will be my stoploss, need to see more closing candle confirmation, mostly done by using line chart.

Here is the 4H chart with the same trendline which conform the downtrend still in play with some pullback momentum upwards, however this doesnt mean the trend has changed. However we need to know that bitcoin movement is the most volatile and trend can be changed in days countdown and not weeks or months 

The biggest problem is goverment. Downtrend will be continue...

Fundamentally speaking government and taxing will be the problem since last year even before bitcoin booming into mass outburst last december and as i say the downtrend still in play and the price need to break a few levels to conform uptrend movement however the price already found support around $6k - 7k which is i think normal price because its the price when China start banning bitcoin last october if i'm not mistaken and the price still thrive, and if you read the news around that India and russia are starting to implement cryptocurrencies tax, which means that they start recognizing bitcoin and because they cant control the mass overflow of it, why dont they reap some fee from the transaction itself moreover because it happens in their own countries with their own countrymen.

Looking from these perspective as such big and powerful country started to legalize bitcoin in an economic way which generated income tax, i'm sure other countries will follow and its just a matter of time 

[Alex_nutis]

On the lateral movement the purchase is holding and it seems that there will be an attempt to bring prices to 9,000 in the next 1-2 days. Then the resistance line will work and with a high probability we will go again to test the bottom. Hence, a second vertex (double bottom) will appear or minimum will be updated with an output of 5500 and possibly lower. All the altcoins follow BTC. Don't expect miracles from them.

[snowblack]

On the lateral movement the purchase is holding and it seems that there will be an attempt to bring prices to 9,000 in the next 1-2 days. Then the resistance line will work and with a high probability we will go again to test the bottom. Hence, a second vertex (double bottom) will appear or minimum will be updated with an output of 5500 and possibly lower. All the altcoins follow BTC. Don't expect miracles from them.

Today bitcoin still 8k3. Don't have any signal

[shulio]

The price must pass the 9500 dollars, otherwise we can not say that we are in a mid term bullish trend.

[Kidmat]

On the lateral movement the purchase is holding and it seems that there will be an attempt to bring prices to 9,000 in the next 1-2 days. Then the resistance line will work and with a high probability we will go again to test the bottom. Hence, a second vertex (double bottom) will appear or minimum will be updated with an output of 5500 and possibly lower. All the altcoins follow BTC. Don't expect miracles from them.

Today bitcoin still 8k3. Don't have any signal

I think we can still experience of a downtrend anytime. Let's see if the resistance will not break or will not continue to subside. It will take time that we can see of bull trend from this time.

[ipbitrung01]

Couldnt agree more, the price has found support in $7k range however we need more confirmation to define if the downtrend has reversed and in this case we need to see the price break $9,5k trendline for short term trading and retest back into $8,5k which will be the the second buy setup i've been waiting since buying in $7k area. This however only confirm that the trend will gain slight momentum towards $10k area. The price needs to break around $12k area to totally regain the upwards momentum and starting the bullish trend. Stoploss set below $5.9k but noted this review and suggestion didnt intended for choppytraders 

Ranging price between $6k - $7,5k so there will be my most buying position and limit setup and anywhere below $6k will be my stoploss, need to see more closing candle confirmation, mostly done by using line chart.

Here is the 4H chart with the same trendline which conform the downtrend still in play with some pullback momentum upwards, however this doesnt mean the trend has changed. However we need to know that bitcoin movement is the most volatile and trend can be changed in days countdown and not weeks or months 

The biggest problem is goverment. Downtrend will be continue...

In recent days, bitcoin prices have started rising again but we can see the past two days bitcoin prices are leveling off and can not pass the threshold $ 8300. That happened to sellers are much stronger than buying power, and bitcoin prices for the whole day. This is a bad signal, there is a risk of bitcoin will continue to decrease in the coming days.

[FrueGreads]

Looking at the BTC/USD price at Gdax, on the daily and the 4h time frame, I would say that everything bellow $12k is still a lower high, and we need to break that level in order to prove that the bulls are back in action. I think the markets will slowly recover by forming higher highs and higher lows from the current levels until a clear break from the $12k happens. I expect some small pullbacks after crossing the $9500 and the $10.200 level. This should be good because this way bitcoin will be building support on it's way up. I prefer this kind of sustainable and healthy increase, being done at a small pace, than a huge bull run, that will then call for a massive correction.

[niteroy]

Analysis of searches in Google indicates that the Downtrend on the price bitcoin may have reached the lower threshold, and can again to turn around to the side of growth. Price bitcoin reached a record Heights in the middle of December, approaching to the level of a 20,000 dollars. Schedule searches on bitcoin also reached a peak values in the same time. Data last January assumed sudden and a quick growth. Forecast was true, even if short calm in the first two months (similar to the fact that we are seeing now). Analysts said searches, now we see the repetition of last year's trend. Graph shows turn to the side of growth in February. Thus, if you believe that the price of bitcoin formed in part, on the basis of the level of public interest in the phenomenon, the high probability that bitcoin can beat the new records in next few months, according to some predictions analysts.

[Miracleismyidol]

The cryptocurrency is finding buyers at lower levels who are using the sharp plunge in prices to buy for the long-term.
So, is the downtrend over or will the market resume its fall after a short pullback?

During a strong downtrend, a 1 to 3-day pullback can be expected. The counter-trend move usually faces selling at the 20-day EMA or at previous supports, which now act as resistance.
The BTC/USD pair is likely to face resistance at $9,500, which was the high on February 3. Above this, a move to $9,920 can’t be ruled out, but we expect the range of $9,920 to $10,700 to act as a strong resistance.

I believe that the cryptocurrency will turn down from one of the above-mentioned levels. If the retest of the lows is successful, i may add long positions for the long-term.

If the lows break, i’ll have to wait for a few more days.   

The market in recent days is fluctuating constantly and very hard to predict, today can see the bitcoin price reached $ 9000 but then immediately fell back strongly. We can see the current price of bitcoin is only $ 8100, with the current strong selling power, I believe that bitcoin prices will continue to decline in the next few days. The bitcoin price will reach $ 6800 in the coming days.

[MURONDI]

I think bitcoin is still in downward trend, I hope the price can go back up as before, I was stuck in the price of $ 1100, expect the storm to pass.. 

[Tynovten_]

All hopes btc soon will end and up again, yes but this few days i see resistance at 9k but is still down. It's difficult to predict in the current circumstances. And today i'm going to put up 7.5k net and i think it's already the lowest number to up again.

[Nerman]

Yes Bitcoin is still a downtrend but and $8,000 support level is being tested again. I hope the $8,000 support will hold. If it does not hold it may go back again to the $6,000 area. As of now I do not see any price rise for Bitcoin, almost all indicators are still bearish.

[Osaid1]

It will stay down till 16th Feb maybe due to the Chinese new year (might go down more), that is what I think + many people are talking about it.

[Sept93]

It will stay down till 16th Feb maybe due to the Chinese new year (might go down more), that is what I think + many people are talking about it.

Yes, China is a biggest country invest to coin. So their holiday is problem that make bitcoin downtrend.

[Herbert2020]

The BTC/USD pair is likely to face resistance at $9,500, which was the high on February 3. Above this, a move to $9,920 can’t be ruled out, but we expect the range of $9,920 to $10,700 to act as a strong resistance.

you can't expect anything in this range in my opinion. the $9500 level is an important price level but beyond that things may speed up by a lot because it may act as a signal to a lot of investors to start FOMO buying bitcoin because it has reached some arbitrary resistance. and FOMO buyers can push the price super fast and the more resistances that are broken the bigger the rise will go and the following resistances will become smaller.

[Wolfwar]

The BTC/USD pair is likely to face resistance at $9,500, which was the high on February 3. Above this, a move to $9,920 can’t be ruled out, but we expect the range of $9,920 to $10,700 to act as a strong resistance.

you can't expect anything in this range in my opinion. the $9500 level is an important price level but beyond that things may speed up by a lot because it may act as a signal to a lot of investors to start FOMO buying bitcoin because it has reached some arbitrary resistance. and FOMO buyers can push the price super fast and the more resistances that are broken the bigger the rise will go and the following resistances will become smaller.

everything is rightly said, but we also need to take into account that to date, the drop of bitcoin has not stopped and we are only observing fluctuations in one or another side of the price. I think that uniquely many wait for time to buy an even cheaper bitcoin.

[snowblack]

We were expecting Bitcoin to retest the lows after turning down from the trendline. But the bears could not break below the $8,000 mark. 

Currently, the price is likely to face resistance at the downtrend line and above it, at the 20-day EMA. We expect the $8,600 to $9,400 levels to be a real test for the bulls.

If they succeed in breaking out of this zone, a quick rally to $12,000 might take place, where it will again face resistance from the 50-day SMA and the resistance line of the descending channel.

Therefore, the traders can wait for a breakout above $9,500 to buy. The stop loss for the trade should be kept at $7,800. The profit objective is a move to $12,000.

And what if the BTC/USD pair fails to break out of $9,500 and turns down once again?

In this case, traders should wait, resisting the urge to buy at lower levels because if the price breaks below $7,800, we might see it go down to the $7,000 point.

We always provide both the bullish and bearish scenarios because the traders should be aware of what to expect in both cases. It would be irresponsible to provide levels only in one turn of events.   

[nicolas1979]

The cryptocurrency is finding buyers at lower levels who are using the sharp plunge in prices to buy for the long-term.
So, is the downtrend over or will the market resume its fall after a short pullback?

During a strong downtrend, a 1 to 3-day pullback can be expected. The counter-trend move usually faces selling at the 20-day EMA or at previous supports, which now act as resistance.
The BTC/USD pair is likely to face resistance at $9,500, which was the high on February 3. Above this, a move to $9,920 can’t be ruled out, but we expect the range of $9,920 to $10,700 to act as a strong resistance.

I believe that the cryptocurrency will turn down from one of the above-mentioned levels. If the retest of the lows is successful, i may add long positions for the long-term.

If the lows break, i’ll have to wait for a few more days.   

Nice analyze and I believe it's true, that's why I'll wait until March to buy back again. I'm not surprised with your analyze result because many people already say that but with different indicator and also history chart. The question is, can we patience to wait and also how to not lost faith when down trend happen?. Wait is boring and some people sometimes change their faith because they can't accept the situation. Any answer please ?

[malikusama]

Now bitcoin will grow!
All the news about the ban of mining in China, turned out to be the tricks of hackers who earned on the fall of the course!

You can not forbid something that you can not even hold in your hands 

Indeed you can't control what is not even in your hold but don't forget that the manipulators are always here to create dips, they are controlling in the real sense.
Not sure when it will going to grow again but after observing the market i am not expecting any further drop in price during this month.

[slothboy]

Chinese New Year coming. Wonder what's the history bitcoin price action during Chinese New Year