BTC breakout

[tomahawk9]

It seems like the market only needed a little push to go past the previous resistance level, and I'm pretty sure that push was the beginning of the Chinese New Year (it is not a coincidence that the recent spike in the price matches the date of the CNY).
I'd dare to say that we might be on the verge of a new bull run, though it might be too early to say.

If this momentum with BTC price rising, it is possible that we may see another $15k breach by end of February.

I'm with you, perhaps we're being bullish, but I think a $5k increase in the next couple weeks doesn't sound that crazy if the uptrend continues, especially if FOMO kicks in.

[serjent05]

It seems like the market only needed a little push to go past the previous resistance level, and I'm pretty sure that push was the beginning of the Chinese New Year (it is not a coincedence that the recent spike in the price matches the date of the CNY).
I'd dare to say that we might be on the verge of a new bull run, though it might be too early to say.

If this momentum with BTC price rising, it is possible that we may see another $15k breach by end of February.

I'm with you, perhaps we're being bullish, but I think a $5k increase in the next couple weeks doesn't sound that crazy if the uptrend continues, especially if FOMO kicks in.

It is reasonable considering the previous ATH of Bitcoin.  Increasing 5k on the next couple of weeks can be expected.  I believe whales had completed its accumulation stage and now wants to cash out profit so they will probably do the best they can to hype Bitcoin so that FOMO will kick in.  The best time to do it because of the upcoming lightning network update.  FUD gone, hype is increasing, FOMO kicking in together with the scalability issue solved. What else to expect? 

[Crytptohack]

Here is an update from this evening, 19:00 PST.

I have a Heikin Ashi overlay on the candlesticks which makes the trend on the chart easier to see, Green - bullish, Red - bearish. There is a little algorithm in the Heikin Ashi overlay, so each bar does not always represent one day.

You can see that BTC easily took out the 9017 and 9499 levels. (Price is from the GDAX exchange) It is creating higher highs and even though it is in a bullish trend, it is still not out of the downwards channel.


Here is a 4 hour chart with the 10K level loaded in. I put it in because it is a significant 'round' number which would typically be a resistance point.

There is some pretty good volume in this bullish leg, something that was missing from the previous bullish trends since the peak in December 17. (Some big $$$ is making it's way into BTC)

If BTC should continue the bullish trend, the upper trend line is near 11K which would definitely be a resistance area. IF it does bounce off of the trend line, 10K should be support. It's all speculation, so we shall see.


The low price for BTC in 2015, 16 and 17 was in January. In 2018 it _MIGHT_ have be in February, the 6th to be exact.

[Crytptohack]

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

Thanks for the tip, I used Imgur to host the images. (I did see the chart that I initially uploaded, it appears and disappears)

[okala]

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.

$9,499 has been broken without mush resistance and the bears do not put up much figh at that level. A's at the time of making this post bitcoin's  price is $10,107! I see the next fight around  $10,250 if here is broken then I will believe that the bullish trends has commence.

[magneto]

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.

$9,499 has been broken without mush resistance and the bears do not put up much figh at that level. A's at the time of making this post bitcoin's  price is $10,107! I see the next fight around  $10,250 if here is broken then I will believe that the bullish trends has commence.

Yep. We're currently down a few hundred dollars from today's high, though. I think that markets are still preparing for a full on bull ride, and right now it's just not ready for that kind of action yet.

Support at $10k hasn't been fully established yet, for bitcoin to continue its way up.

Give it some time, though. We're in the classic adjustment phase and when that passes, we'll see some bullishness once again. Short term speaking, I can see alts going down a bit from the high. Right now bitcoin dominance is still below 40%, it'll correct itself soon.

[mia khalifa]

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.

yes do not worry bitcoin will go back up starting from the end of this year bitcoin will be at the pump hard to print the highest price at the end of this year. Naturally bitcoin is very expensive because many new players who want to have bitcoin and make the supply thinner and harder to get.

[Crytptohack]

Here is a 4hr chart from the GDAX exchange and a brief review (speculation) and update.

BTC is still on a bullish run with the green Heikin Ashi bars in green. If it continues, the upper trend line may provide resistance and then a potential pullback near the 10K support level.

Then off for another attempt to break the upper trend line, after that is a question mark. (Break through or reverse back to the downside?)  There has also been some significant volume associated with the current uptrend. (Not shown on the chart)

When it does break the upper trend line, I think it will be 'off to the races' for 2018. (BTC is still technically in a downtrend as it is still within the bearish channel). There will be the typical pullbacks for sure, but the overall trend will be up.

[maku]

Here is the story behind recent bitcoin bull run. Apparently, we have someone very rich who bought $344 million worth at an average of $8400 from 9 to 12 February.
Meanwhile, noted cryptocurrency analyst Tom Lee, who has a $25,000 price target for bitcoin by the end of this year, has predicted a bump in its prices starting in July
And this mysterious buyer doubled down on bitcoin by purchasing even more BTC. 41,000 coins this time, just before its price hit $10,000.

More info here: https://www.investopedia.com/news/bitcoin-price-retreats-10k-mysterious-buyer-emerges/

[Crytptohack]

Here is the story behind recent bitcoin bull run. Apparently, we have someone very rich who bought $344 million worth at an average of $8400 from 9 to 12 February.
Meanwhile, noted cryptocurrency analyst Tom Lee, who has a $25,000 price target for bitcoin by the end of this year, has predicted a bump in its prices starting in July
And this mysterious buyer doubled down on bitcoin by purchasing even more BTC. 41,000 coins this time, just before its price hit $10,000.

More info here: https://www.investopedia.com/news/bitcoin-price-retreats-10k-mysterious-buyer-emerges/

Thanks for the info...  I did see a headline regarding a whale that recently executed a fairly large purchase. Looking at the chart since the peak in Dec 17, there is high volume around the last dip low, suggesting that it was the bottom for the downtrend.

There are also some large green bars over the last few days which shows some of 'whales' purchases. The blue line on the volume is a 20 day moving average and it is at the highest point since the peak. It appears that Feb 6th may have been the low for 2018. (As mentioned before)

[Claudyah]

once again I remind the bitcoint price is not fixed, rising or falling prices can not be predicted, we can only see and monitor, if indeed the increase is true yes that's good news for bitcoint users, only the data source is less clear, it could be just a dream only

[timerland]

Nice analysis...

I do think thta you're right in saying that $11k will be a major resistance and would signal a trend reversal. We haven't seen a lot of activity in both ways today, but rather the price is down -.01% at the moment which is pretty much stable from the last 24 h.

Floor should be $10k, otherwise BTC would have crashed through that yesterday/today.

We're going to be in this little area for a while I suppose. Until the trend goes either way.

[nightfury]

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.

Bitcoin has even reached 11,000$ plus but it went down again today pulling some cryptos down too. But of course, it's normal that bitcoin's price will go down whenever it rises because others are selling their bitcoin while bitcoin's price is high.

I just hope that bitcoin will breakout to 15,000$ before the end of 1st quarter of this year.

[alyssa85]

Looking at the chart since the peak in Dec 17, there is high volume around the last dip low, suggesting that it was the bottom for the downtrend.

There are also some large green bars over the last few days which shows some of 'whales' purchases. The blue line on the volume is a 20 day moving average and it is at the highest point since the peak. It appears that Feb 6th may have been the low for 2018. (As mentioned before)

That's some fine analysis - looks like Bitcoin tried and failed to break out of the downward channel last night. I expect it will make another attempt today.

[Crytptohack]

Thanks for the feedback and your opinions as well guys. Here is another bit of information that suggests that the low point for 2018 MAY have been on Feb 6th.

This is a daily chart from the Bitstamp exchange. (Technicals are a little bit different depending upon which exchange your looking at)

There is a fibonacci retracement set from the low from July 2017 to the Peak in December 17. BTC declined and spiked low to the 23.6 'fib' level as seen with the blue line which was a -76.4% decrease in price between those price levels.
The low at 23.6% was also very close to the Nov 17 low (double bottom)
It is also at the 50% retracement level which a resistance point. (A psychological and technical one)


There have been some deep crashes/pullbacks and 70% to 80% may be normal for BTC and the crypto market. Here is the crash in 2013 for example, a -81% drop in price.


The last pullback of 76% is probably about average as far as the major percentage declines which also suggests that the bottom for 2018 was set. (We shall see)

Lastly, you may be able to tell that I am not new to technical analysis... I've been watching the charts of Gold/Silver since ~2006 or so...

[Crytptohack]

Thanks for the feedback and your opinions as well guys. Here is another bit of information that suggests that the low point for 2018 MAY have been on Feb 6th.

This is a daily chart from the Bitstamp exchange. (Technicals are a little bit different depending upon which exchange your looking at)

There is a fibonacci retracement set from the low from July 2017 to the Peak in December 17. BTC declined and spiked low to the 23.6 'fib' level as seen with the blue line which was a -76.4% decrease in price between those price levels.
The low at 23.6% was also very close to the Nov 17 low (double bottom)
It is also at the 50% retracement level which a resistance point. (A psychological and technical one)
~

There have been some deep crashes/pullbacks and 70% to 80% may be normal for BTC and the crypto market. Here is the crash in 2013 for example, a -81% drop in price.
~

The last pullback of 76% is probably about average as far as the major percentage declines which also suggests that the bottom for 2018 was set. (We shall see)

Lastly, you may be able to tell that I am not new to technical analysis... I've been watching the charts of Gold/Silver since ~2006 or so...

Thanks for the info, so does this mean that you expect BTC to be higher than feb 6th for the rest of the year?

I really hope that is the case!  

Yes, because of the volume at the last low, the high volume buys after the low, the fib retracement to 23.6 and that the percentage drop from the peak was between 70% and 80% which most of the major BTC declines have been.

Also as mentioned, the lows for 2014, 15 & 16 were all in the month of December, in 2018 it may have been in February. The trend is that the low price for BTC is in the first few months of the year.

[ihaveaquestion]

Lol, and there are still people saying that bitcoin is over, bla bla bla and that it is a ponzi scheme by the same size than Bitconnect..

 came on people, open your eyes.. this was just a pump and dump and it is common in here.

[Crytptohack]

Here is an update on for this thread. The daily chart from the GDAX exchange with a Heikin Ashi overlay on the candlesticks.
You can see that the uptrend off of the last bottom found resistance at the upper descending trend line
After a 5 day decline, BTC found support at the 9499 level
It has pierced the upper trend line and if it continues to gain momentum, I'll speculate that the bottom was set on Feb 6th, 2018.
It just needs to break above 11,695 level to produce higher highs and higher lows, the definition of an uptrend.

[Kemarit]

Here is an update on for this thread. The daily chart from the GDAX exchange with a Heikin Ashi overlay on the candlesticks.
You can see that the uptrend off of the last bottom found resistance at the upper descending trend line
After a 5 day decline, BTC found support at the 9499 level
It has pierced the upper trend line and if it continues to gain momentum, I'll speculate that the bottom was set on Feb 6th, 2018.
It just needs to break above 11,695 level to produce higher highs and higher lows, the definition of an uptrend.

That $11700 barrier was really a tough nut to break it. We have been tested that price already like twice in the last two weeks, but we can't really get over it resulting to the price going downtrend last week. But its good to see that you chart was a good guide to see where the price would go. Currently we are just a shade above $11,000 so its another wait and see scenario. Bulls vs Bears will fight it out and let's see it we could at least get near the $11,700 levels and see it we can break it this time, otherwise it will be just a repeat of the previous week's, back to square one, moving up slowly and testing new psychological barriers. It will be exciting though to see break $11,700 and see it if can be sustainable. If it did hold and sustained at the levels then $15K will be next.

[arpon11]

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.

This your prediction has come to pass and we have taking advantage of it to make some money. Bitcoin has make significant progress since the beginning of this week till now and this morning I can see that it above $11,000. I think bitcoin is going to have another great progress that will push bitcoin above $20,000  that might trigger another bullish trend that will make December high a child play.