BTC breakout

[Crytptohack]

BTC broke above the 9017 resistance point which was a low produced on January 17th, 2018 from the GDAX exchange.  

The next resistance level is 9499 which was a high point on Feb 3rd before the last drop.

Why is this important?  Because BTC will be producing higher highs and higher lows which is the definition of an uptrend. This suggests that the previous low MAY have been the bottom price for 2018.

I say _may_ because BTC is still in the downwards trend channel. Once it breaks out an over the upper trend line, I speculate that it's off for a bullish (and volatile) run for 2018.

[hase0278]

BTC broke above the 9017 resistance point which was a low produce on January 17th, 2018 from the GDAX exchange. 

The next resistance level is 9499 which was a high point on Feb 3rd before the last drop.

Why is this important?  Because BTC will be producing higher highs and higher lows which is the definition of an uptrend. This suggests that the previous low MAY have been the bottom price for 2018.

I say _may_ because BTC is still in the downwards trend channel. Once it breaks out an over the upper trend line, I speculate that it's off for a bullish (and volatile) run for 2018.

I am glad that you have presented a good speculation there but on what grounds do you base your facts on? Is it only because of price movements in the past few months? If that is the case then your speculation have low chance of it happening since bitcoin price cannot predicted merely by looking at charts and past price movements alone. It needs to also be backed by good and bad news(upcoming ones) and other factors for a more accurate guessing.

[alyssa85]

BTC broke above the 9017 resistance point which was a low produce on January 17th, 2018 from the GDAX exchange. 

The next resistance level is 9499 which was a high point on Feb 3rd before the last drop.

Why is this important?  Because BTC will be producing higher highs and higher lows which is the definition of an uptrend. This suggests that the previous low MAY have been the bottom price for 2018.

I say _may_ because BTC is still in the downwards trend channel. Once it breaks out an over the upper trend line, I speculate that it's off for a bullish (and volatile) run for 2018.

I am glad that you have presented a good speculation there but on what grounds do you base your facts on? Is it only because of price movements in the past few months? If that is the case then your speculation have low chance of it happening since bitcoin price cannot predicted merely by looking at charts and past price movements alone. It needs to also be backed by good and bad news(upcoming ones) and other factors for a more accurate guessing.

He's using TA, which has been pretty reliable recently. But as you say, there could be unexpected news that disrupts teh charts - anything from a major exchange collapse to a world war could affect the price of bitcoin!

[ASHLIUSZ]

After a long time stability gain now the price has moved forward breaking the $9000 mark. Possibly as the Chinese new year celebrations were getting closer the price will continue to travel towards the growth further. Hope this will take the price cross $10000 at the earliest with more circulation happening.

[YuginKadoya]

As of now the Price of bitcoin is $9,218.82 USD and as you say that the next resistance level would be at $9499 and I really think we can break through from that resistance And if your speculation was base on the TA chart it can be pretty accurate but unless there were negative news that happens again or a continues people spreading a lot of FUD in the community.

[Tashi]

It's nice to see bitcoin creating a breakout. Bitcoin last week was down to 6k usd. But now it is bouncing from 5.8k range. Bitcoin will now go to the moon once 10k's been breached. Good things will come and go to bitcoin.

[peter0425]

As of now the Price of bitcoin is $9,218.82 USD and as you say that the next resistance level would be at $9499 and I really think we can break through from that resistance And if your speculation was base on the TA chart it can be pretty accurate but unless there were negative news that happens again or a continues people spreading a lot of FUD in the community.

Exactly, it will be just a matter of days to break the $9499 is that's what the chart is pointing. Why? Breaking $9K was not to be expected at this early, speculators says that it will happen after the celebration of Chines New Year. Is this another bull trap again or this for real?

In my view, this is the start of the rally that we all have been waiting for. Right before the end of the Chinese New Year, it will break and test $10K and never look back. That's how I see it.

Of course, FUD will always be present in this market, its how we respond and react to them that will make the difference.

[Crytptohack]

BTC broke above the 9017 resistance point which was a low produce on January 17th, 2018 from the GDAX exchange.  

The next resistance level is 9499 which was a high point on Feb 3rd before the last drop.

Why is this important?  Because BTC will be producing higher highs and higher lows which is the definition of an uptrend. This suggests that the previous low MAY have been the bottom price for 2018.

I say _may_ because BTC is still in the downwards trend channel. Once it breaks out an over the upper trend line, I speculate that it's off for a bullish (and volatile) run for 2018.

I am glad that you have presented a good speculation there but on what grounds do you base your facts on? Is it only because of price movements in the past few months? If that is the case then your speculation have low chance of it happening since bitcoin price cannot predicted merely by looking at charts and past price movements alone. It needs to also be backed by good and bad news(upcoming ones) and other factors for a more accurate guessing.

This was answered already by the person that replied, but yes I am specifically using technical analysis as a basis to form my opinion/speculation.  My facts are the price levels on the charts over the last few weeks, specifically since the February 6th low. (Which I also speculate was the low for 2018. Why? Because of the volume around the spike low, it was the highest since the December peak)

With hedge funds and large banks involved with BTC, there are a lot of traders looking at the charts and speculating accordingly. They have large amounts of capital to accumulate positions and they typically look for trends on the charts. I know that a lot of people have not learned technical analysis and most do not need to, especially if one purchases an hodL's.  But it is useful to find lows for purchasing, even if you are not a trader.

I know that reading price support / resistance levels are hard to visualize on a forum, so here is a 4hr chart that I am looking at.

[rayk]

I think it can't break $10K and we will see another dip, down trend will probably continue till maybe summer. I hope it will break resistance levels and go new higs. 

[eminemcookie]

The resistance around 9k had already been tested on 2/3 occasions before being broken, I actually perceive that to be a stronger sign than if it were to be broken at the first attempt. It shows that the market is managing to regain strength despite facing adversity and that gives me hope that we can keep breaking through resistance levels for a while yet. I think if/once we break 10k there won't be much resistance back towards the 12-13k price level.

[JL421]

Hell yeah it's finally happening after more than 2 months bitcoin is rising again I'm so happy right now i just have a feeling that price might fall again one more time , i saw on coindesk or somewhere that people are purchasing more bitcoin than normal there is a chance they sell it and it causes a downfall again I'm not completely sure about thia news

[richardsNY]

I think it can't break $10K and we will see another dip, down trend will probably continue till maybe summer. I hope it will break resistance levels and go new higs. 

It's too much of an exaggeration to consider a down trend to be a realistic forecast. It might not be able to break through $10k initially, maybe not even with a second attempt, but eventually it will if the short term demand is there. Currently we have gone through $9.5k which might indicate that the market is ready for a further bump, but we'll see what happens. I don't mind the market to remain below $10k for a longer while, and I don't mind the price to jump over $10k for good. I am prepared for whatever the market comes up with, so I am good.

[pooya87]

I think it can't break $10K and we will see another dip, down trend will probably continue till maybe summer. I hope it will break resistance levels and go new higs. 

would you mind explaining why you think this is possible?

because the way dips work is usually in a way that price rises, tests the resistance if it doesn't break it then there is a fall. if it breaks the resistance that alone is like a global signal for buying, that is why they call it "breakout"! price rises fast after that at least for a while. and $10k is that resistance.

not to mention that as OP said bitcoin is starting to have higher highs and higher lows which is indication of a uptrend.

[Crytptohack]

The chart that I posted previously has some type of error and is not showing (It was before). I did a quick search and I found that the photo is size limited, so I reduced the size but still have problems re-uploading it.  I'd like to post up another updated chart b/c the price hit $9745 on GDAX which surpassed the $9499 level.

If the bullish trend continues, I'd suspect a pause at the 'round' number of 10k. The upper (descending) trend line is around 11.1k or so and this would definitely be a resistance point.

As mentioned, hedge funds and pro traders are also watching this market and they like trends, either up or down. There is room to run in the current trend, so I'll speculate that more trading $$$ will be pouring in, at least for the time being.

[Borisov]

In General, I open you a secret) Bitcoin by the end of the week breaks 10 and is fixed there. all this will talk about the reversal of the trend and many who are hidden will enter , thus the price will go even higher! so who else thinks that we will go down to 7, that is mistaken, it was necessary to enter then-when such chance was given to you!

[timerland]

BTC broke above the 9017 resistance point which was a low produced on January 17th, 2018 from the GDAX exchange.  

The next resistance level is 9499 which was a high point on Feb 3rd before the last drop.

Why is this important?  Because BTC will be producing higher highs and higher lows which is the definition of an uptrend. This suggests that the previous low MAY have been the bottom price for 2018.

I say _may_ because BTC is still in the downwards trend channel. Once it breaks out an over the upper trend line, I speculate that it's off for a bullish (and volatile) run for 2018.

Bitcoin has already broken both of these resistances.

I think that we're off to a good start. The rumors that people were generating about the Chinese New Year seems to be true at the moment. Obviously right now, if we can hit $10k, then the uptrend will pretty much be confirmed.

Even if BTC goes down, I doubt that it'll break the $6k low. That January low should stay there as the year's low for at least a few more months as bitcoin continues to recover. This is why you never sell into FUD, guys.

[fulmetal08larz]

If this momentum with BTC price rising, it is possible that we may see another $15k breach by end of February. Good news are spreading everywhere now and new players are entering the market. The chart is already showing bullish divergence and the whales are already creating waves in the market.

[buwaytress]

BTC broke above the 9017 resistance point which was a low produced on January 17th, 2018 from the GDAX exchange.  

The next resistance level is 9499 which was a high point on Feb 3rd before the last drop.

Why is this important?  Because BTC will be producing higher highs and higher lows which is the definition of an uptrend. This suggests that the previous low MAY have been the bottom price for 2018.

I say _may_ because BTC is still in the downwards trend channel. Once it breaks out an over the upper trend line, I speculate that it's off for a bullish (and volatile) run for 2018.

Bitcoin has already broken both of these resistances.

I think that we're off to a good start. The rumors that people were generating about the Chinese New Year seems to be true at the moment. Obviously right now, if we can hit $10k, then the uptrend will pretty much be confirmed.

Even if BTC goes down, I doubt that it'll break the $6k low. That January low should stay there as the year's low for at least a few more months as bitcoin continues to recover. This is why you never sell into FUD, guys.

Agreed on breaking resistance, although I would probably still be conservative on chances of maintaining that resistance. I recall buying volumes over the past 2 weeks suggesting for a sustained uptrend only for lines to retreat again.

But if I take the general sentiment to be self fulfilling, then there's absolutely a swing in opinion across most speculators I'm following and that would carry prices through 10k within this month, if not by the weekend.

@op, volatility? That's the constant!

[BrewMaster]

The chart that I posted previously has some type of error and is not showing (It was before). I did a quick search and I found that the photo is size limited, so I reduced the size but still have problems re-uploading it.  I'd like to post up another updated chart b/c the price hit $9745 on GDAX which surpassed the $9499 level.

upload them to imgur.com i find it much easier to use and it always shows up easier than other photo sharing sites.

If the bullish trend continues, I'd suspect a pause at the 'round' number of 10k. The upper (descending) trend line is around 11.1k or so and this would definitely be a resistance point.

i also think $10k may be "weird" with some ups and downs like always. as if bitcoin is playing jump rope with the price.
but above that i don't think it will go around $11k,... it may go up so much faster because of how FOMO always works with bitcoin.

[cynical]

If this momentum with BTC price rising, it is possible that we may see another $15k breach by end of February. Good news are spreading everywhere now and new players are entering the market. The chart is already showing bullish divergence and the whales are already creating waves in the market.

Its funny how the market reacts to good news, people get more confident and dont want to miss the rolling snowball,
 
While looking at the last week on cpoinmarketcap the price has risen for over a week now and has come a long way from a low of nearly $6000 last week to €9904

we could be looking at the snowball making its run downhill