BTC/USD Idea

[BatuhanU]

https://www.tradingview.com/chart/BTCUSD/Y5cP2VBo-BTC-USD-4-Hour/

"Price is currently testing support. If it doesn't hold, we could experience a quick panic drop like the previous ones(in red). If it does end up holding, and we break the downwards trend-line, we will probably experience another strong bull run."

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[zazzbg]

So you tell us that BTC can go up but it can also go down? 

[BatuhanU]

So you tell us that BTC can go up but it can also go down? 

I thought someone would ask this,
Right now, I don't know which way it would go, so I wouldn't do a trade. What I'm trying to say is, if the price goes below 9k, it will likely continue down to 6.5k, so you should sell when that happens. If it goes above the downwards trendline(at around 11k), it means there is an upwards breakout and would be a good opportunity to buy, as the price will probably continue up. It's too early to know what is going to happen yet.

[richardsNY]

What I'm trying to say is, if the price goes below 9k, it will likely continue down to 6.5k, so you should sell when that happens. If it goes above the downwards trendline(at around 11k), it means there is an upwards breakout and would be a good opportunity to buy, as the price will probably continue up. It's too early to know what is going to happen yet.

I do somewhat agree with this, but the lowest point I can see become reality is NOT below the $7000 level. If it crosses the following line just under the previous one, at that point it might turn out to be an indicator of the market to potentially test the $6000 level in worst case scenario. Important to point out is that this is based on a basic form of TA, and that it may not even hold one single grain of reality to it. For now it's waiting to see whether or not the $9000 level will hold, but when it doesn't, and that on every market, we'll be heading down further, that's almost a certainty. It basically means that current levels are just too high for the moment.

[jmlona]

I expect that there will be another large level of support around 8k and as RichardsNY said just above me, I don't see the price testing 6k again too soon. It seems that if we do go down to such levels now it's a sure confirmation we're in for an extended bear market. There's been little to push the price down from 11-12k in terms of negative news.

[BatuhanU]

What I'm planning to do is to sell(I never sell all of it, just the portion I'm actively trading) if this level doesn't hold, and having around 5 buying orders spread between 8.5k to 6k in order to get back in at a cheaper price. It might not hit the lowest priced orders, but I'm okay with that.

[memequiserle]

bitcoin pric several week ago down can reach until 6k dollar
so this now still not low price, maybe can still down price

[jimbo2000]

I think you're right that the market is in some what of a limbo at the current price and any major news could send it one way or the other. I do think that if there's no big news that the bulls will win out, purely because with time confidence tends to grow more than negativity.

[BitHodler]

I do somewhat agree with this, but the lowest point I can see become reality is NOT below the $7000 level.

That I can agree with. I think it's pretty safe to say that there isn't much incentive to support anything above the $10,000 mark just yet, but on the other hand, I don't see anything to worry about either.

I think people just need to realize that the recovery to almost $12,000 happened a bit too fast, and thus the market due to the lacking buying incetive above $10,000 came back down to where it actually belongs for now.

Great thing of BitcoinWisdom being lazy to update their site, is that it still shows BTC-E's ticker being stuck at $2546, and China's OKCoin ticker being stuck at $6124. All these prices are a reflection of what happened last year.

In other words, we are still up big time, and that's how everyone should look at the market.

[Thirdspace]

"Price is currently testing support. If it doesn't hold, we could experience a quick panic drop like the previous ones(in red). If it does end up holding, and we break the downwards trend-line, we will probably experience another strong bull run."

So you tell us that BTC can go up but it can also go down? 

I think if it breaks support around $9000, it will go down a bit more and next support will be ~$8000
if it bounces back, it will go up as high as $10k+ and will try to pass resistance level at $10500
and there's a chance to keep going up to $12000 and even higher 

[An0nyMoose]

Don't focus too much on the shortterm, swing trading is risky. Maybe it's fun to do it with a small amount but HODLing is much safer.

[pooya87]

that is a lot of "ifs".
to be honest i don't see either of these happening for at least another week. we may continue seeing the same sideways action all throughout February without breaking anything at all. and even if the support holds (which i think it might) there won't be any major rises either. we might be seeing the same stable/accumulation phase as we see before any major rally before this.

[magneto]

https://www.tradingview.com/chart/BTCUSD/Y5cP2VBo-BTC-USD-4-Hour/

"Price is currently testing support. If it doesn't hold, we could experience a quick panic drop like the previous ones(in red). If it does end up holding, and we break the downwards trend-line, we will probably experience another strong bull run."

I think that the first option seems likely to me.

Bitcoin has been under $10k for a few days now and the $10k support seems very far away at this point.

Really depends on whether $9k decides to hold up or not. If it doesn't then prepare for a bear market and panic dumping people. Similar to January, but definitely not going to be down to $6000. Most likely the minimum we'll see during this bearish market will be around $7.5-8k.

Or we could consolidate at $9k or so and then make our way up to 5 figures again. Which I think has almost an even chance of happening.

[Wind_FURY]

that is a lot of "ifs".
to be honest i don't see either of these happening for at least another week. we may continue seeing the same sideways action all throughout February without breaking anything at all. and even if the support holds (which i think it might) there won't be any major rises either. we might be seeing the same stable/accumulation phase as we see before any major rally before this.

Yes, that is if every component that affects Bitcoin's price stays the same. But if we have another FUD campaign in our hands, I believe there will see a lot of weak hands dumping again.

Plus if some of you assumed that the "Bitcoin soap opera" is over, no. The Roger and Jihan show will be on again in a few weeks. Hahaha.

[aardvark15]

https://www.tradingview.com/chart/BTCUSD/Y5cP2VBo-BTC-USD-4-Hour/

"Price is currently testing support. If it doesn't hold, we could experience a quick panic drop like the previous ones(in red). If it does end up holding, and we break the downwards trend-line, we will probably experience another strong bull run."

If Bitcoin drops again, be ready to buy. This could be our last chance to get relatively cheap Bitcoins. Not only that, but if Bitcoin drops, it will most likely bring the whole cryptocurrency market down with it. So we may have another opportunity to buy most altcoins cheaper as well. I like to buy when others are panic selling because you can get really good deals that way.

[YuginKadoya]

I expect that there will be another large level of support around 8k and as RichardsNY said just above me, I don't see the price testing 6k again too soon. It seems that if we do go down to such levels now it's a sure confirmation we're in for an extended bear market. There's been little to push the price down from 11-12k in terms of negative news.

And we might see some panic seller again doing there waves of panic mode tantrums if the price will test another $6,000 value again, But I wish it will never happen because the movement of bitcoin is in a resistance level right now we can see that if there would be a negative news about bitcoin the pumping will stop and the dump and panic will continue and we might see another $6000 or even below that.

[jmlona]

I expect that there will be another large level of support around 8k and as RichardsNY said just above me, I don't see the price testing 6k again too soon. It seems that if we do go down to such levels now it's a sure confirmation we're in for an extended bear market. There's been little to push the price down from 11-12k in terms of negative news.

And we might see some panic seller again doing there waves of panic mode tantrums if the price will test another $6,000 value again, But I wish it will never happen because the movement of bitcoin is in a resistance level right now we can see that if there would be a negative news about bitcoin the pumping will stop and the dump and panic will continue and we might see another $6000 or even below that.

Price has recovered to above 10k today which is a good start, it seems that after a period without any negative news the bulls are coming out on top. If we do end up testing 6k again there will potentially be a bigger panic than the first time around.