9.2K remains the effective support, will BTC break below it in the short term?

[Sir Cross]

As always the price of bitcoin will mostly be driven by news. If there's no negative news then the 9.2k support will hold and the price will move upwards as we've seen today. If there's a big negative news story then the support can fall in an instant. TA is great for identifying support and resistance but it's useless at predicting news stories and market feeling.

TA can allow us to follow patterns and trends however news is still great influence to the price. We can say that 9.2K would be the current support but if we consider other factors such as when negative news would come out, we can’t necessarily follow TA. The moment when all hell breaks loose and people start to panic sell, the TA won’t follow and the price will likely dip even lower than the support level of 9.2K

[tdrinker]

As always the price of bitcoin will mostly be driven by news. If there's no negative news then the 9.2k support will hold and the price will move upwards as we've seen today. If there's a big negative news story then the support can fall in an instant. TA is great for identifying support and resistance but it's useless at predicting news stories and market feeling.

TA can allow us to follow patterns and trends however news is still great influence to the price. We can say that 9.2K would be the current support but if we consider other factors such as when negative news would come out, we can’t necessarily follow TA. The moment when all hell breaks loose and people start to panic sell, the TA won’t follow and the price will likely dip even lower than the support level of 9.2K

Exactly, as soon as shit hits the fan people start to panic and TA cannot effectively predict peoples emotions. I think within certain ranges TA can show how the price moves, in terms of volatility in a fairly stable market (stable in terms of no major good or bad news) but beyond that it's really quite redundant.

[onecall123]

As always the price of bitcoin will mostly be driven by news. If there's no negative news then the 9.2k support will hold and the price will move upwards as we've seen today. If there's a big negative news story then the support can fall in an instant. TA is great for identifying support and resistance but it's useless at predicting news stories and market feeling.

TA can allow us to follow patterns and trends however news is still great influence to the price. We can say that 9.2K would be the current support but if we consider other factors such as when negative news would come out, we can’t necessarily follow TA. The moment when all hell breaks loose and people start to panic sell, the TA won’t follow and the price will likely dip even lower than the support level of 9.2K

Exactly, as soon as shit hits the fan people start to panic and TA cannot effectively predict peoples emotions. I think within certain ranges TA can show how the price moves, in terms of volatility in a fairly stable market (stable in terms of no major good or bad news) but beyond that it's really quite redundant.

Yup, the chart doesn't look great, but we're experiencing fairly stable market. So, here I'm still holding start to panic even Down 50% of my portfolio. I have that much faith that the market will back 50% or more so.

[juicyjanet88]

The support around 9k held strong, that seems like it could be the new bottom but we'll have to see if it's tested again. If the price can get back up to the resistance at 11.8k in the next few days then I think we could be in for a nice bull run. I wouldn't be surprised to see the price ping pong between 9.5k and 11.5k for a week or two first.

[tdrinker]

As always the price of bitcoin will mostly be driven by news. If there's no negative news then the 9.2k support will hold and the price will move upwards as we've seen today. If there's a big negative news story then the support can fall in an instant. TA is great for identifying support and resistance but it's useless at predicting news stories and market feeling.

TA can allow us to follow patterns and trends however news is still great influence to the price. We can say that 9.2K would be the current support but if we consider other factors such as when negative news would come out, we can’t necessarily follow TA. The moment when all hell breaks loose and people start to panic sell, the TA won’t follow and the price will likely dip even lower than the support level of 9.2K

Exactly, as soon as shit hits the fan people start to panic and TA cannot effectively predict peoples emotions. I think within certain ranges TA can show how the price moves, in terms of volatility in a fairly stable market (stable in terms of no major good or bad news) but beyond that it's really quite redundant.

Yup, the chart doesn't look great, but we're experiencing fairly stable market. So, here I'm still holding start to panic even Down 50% of my portfolio. I have that much faith that the market will back 50% or more so.

Chart actually looks fairly solid to me, 9k support was majorly tested and held strong and then the last few days it seems there's been some solid support at 10k. There's now resistance around 11k which there wasn't much of previously but it looks like that's going to fall in the coming hours or days. I think we will be to testing 11.8k soon and after that it could be a fairly clear shot back to 15k.

[Bardman]

We just broke a daily downtrend from 17-12-2017 so it looks really good now. There is definitely a tightening pattern and we will probably see a break in the next few days. We might potentially see a lower high on the daily but could also be a higher high, we will have to wait.

[rizkyhiw]

The fact that price lacks the momentum to decline further after the bounce starting from the support at $9,200 indicates that price will remain in an oscillating move pattern within the range from $9,200 to $10,000 in the short term. Since price fails to dip below the support at $9,200 in the past 2 sessions, support at $9,200 is effective, meaning that price will mainly focus on a small-range bounce in the next session with weak strength.

Feel free to leave your comments below

See more news here: https://www.aicoin.com

Well, this will continue to last for the next few weeks starting between $ 9000 to $ 10,000 continue up and down.
Will continue to survive, but I do not feel bitcoin will experience a big fall back.
If I am right, after the many issues this all ended bitcoin will skyrocket to reach $ 19,000 even beyond it.

[BitHodler]

I think we will be to testing 11.8k soon and after that it could be a fairly clear shot back to 15k.

I don't see any optimism towards the $15,000 mark yet, especially because of the fact that $13,000 is going to be the next resistance point. It's however positive that the market climbed back to +$11,000 levels faster than expected.

I still don't believe that we're entirely safe from sub $10,000 levels, but at least we can say that the bottom of just under the $6000 mark is the actual bottom, where from here the next bottoms will only become higher.

Let's hope that the SegWit adoption boost due to the released 0.16 core client will give the market that extra push. Current number of unconfirmed transactions is around 1000 while yesterday it was like 22,000.

I thought it would be the start of a new spam attack, but I'm glad it wasn't.

[tdrinker]

I think we will be to testing 11.8k soon and after that it could be a fairly clear shot back to 15k.

I don't see any optimism towards the $15,000 mark yet, especially because of the fact that $13,000 is going to be the next resistance point. It's however positive that the market climbed back to +$11,000 levels faster than expected.

I still don't believe that we're entirely safe from sub $10,000 levels, but at least we can say that the bottom of just under the $6000 mark is the actual bottom, where from here the next bottoms will only become higher.

Let's hope that the SegWit adoption boost due to the released 0.16 core client will give the market that extra push. Current number of unconfirmed transactions is around 1000 while yesterday it was like 22,000.

I thought it would be the start of a new spam attack, but I'm glad it wasn't.

I agree that 13k will probably offer more resistance but I neglected to mention it because it's fairly close to the 12k figure. I think really from 11k through to 13k is just going to be a big wall of resistance but once that's broken down it really would signal a bullish trend.

There's a good chance we'll see sub 10k again but I don't think we will go below 9k unless there's some major negative news to cause it, that seems like the bottom to me now.

Segwit coupled with a decrease in transactions has really improved things and it now dispels all those people who were saying that bitcoin is useless as a payment system, I'm not sure quite how directly that will impact the price however.

[pooya87]

I think we will be to testing 11.8k soon and after that it could be a fairly clear shot back to 15k.

I don't see any optimism towards the $15,000 mark yet, especially because of the fact that $13,000 is going to be the next resistance point. It's however positive that the market climbed back to +$11,000 levels faster than expected.

I still don't believe that we're entirely safe from sub $10,000 levels, but at least we can say that the bottom of just under the $6000 mark is the actual bottom, where from here the next bottoms will only become higher.

Let's hope that the SegWit adoption boost due to the released 0.16 core client will give the market that extra push. Current number of unconfirmed transactions is around 1000 while yesterday it was like 22,000.

I thought it would be the start of a new spam attack, but I'm glad it wasn't.

I agree that 13k will probably offer more resistance but I neglected to mention it because it's fairly close to the 12k figure. I think really from 11k through to 13k is just going to be a big wall of resistance but once that's broken down it really would signal a bullish trend.

There's a good chance we'll see sub 10k again but I don't think we will go below 9k unless there's some major negative news to cause it, that seems like the bottom to me now.

Segwit coupled with a decrease in transactions has really improved things and it now dispels all those people who were saying that bitcoin is useless as a payment system, I'm not sure quite how directly that will impact the price however.

i agree with your first post.
i think the $12k is a bigger resistance since it was tested multiple times (the near $12k not exactly $12k) and it dropped back down, and when that is broken we may see some FOMO buying because it is a breakout out of the resistance. with all the lines the TA fans draw on the charts they have to act on them sometime!
because of that $13k and up to $15k may prove to be smaller resistances.

[PalindromemordnilaP]

The fact that price lacks the momentum to decline further after the bounce starting from the support at $9,200 indicates that price will remain in an oscillating move pattern within the range from $9,200 to $10,000 in the short term. Since price fails to dip below the support at $9,200 in the past 2 sessions, support at $9,200 is effective, meaning that price will mainly focus on a small-range bounce in the next session with weak strength.

Feel free to leave your comments below

See more news here: https://www.aicoin.com

You are right, but the technical analysis with bitcoin is not true most of the time. I lost 50 percent of my money with technical analysis 2-3 times. I think you should be a bit cautious when opening new orders with bitcoin.

Yes and talking about technical analysis and how the graph looks like, we can not simply jump to a conclusion that bitcoin is on its way to a big pump just what like happened last year. But as we can see in the graph, bitcoin is already in the 11K USD mark and seems on a real pump already so i don't think it will go down below 9.2K USD mark again.

[tdrinker]

I think we will be to testing 11.8k soon and after that it could be a fairly clear shot back to 15k.

I don't see any optimism towards the $15,000 mark yet, especially because of the fact that $13,000 is going to be the next resistance point. It's however positive that the market climbed back to +$11,000 levels faster than expected.

I still don't believe that we're entirely safe from sub $10,000 levels, but at least we can say that the bottom of just under the $6000 mark is the actual bottom, where from here the next bottoms will only become higher.

Let's hope that the SegWit adoption boost due to the released 0.16 core client will give the market that extra push. Current number of unconfirmed transactions is around 1000 while yesterday it was like 22,000.

I thought it would be the start of a new spam attack, but I'm glad it wasn't.

I agree that 13k will probably offer more resistance but I neglected to mention it because it's fairly close to the 12k figure. I think really from 11k through to 13k is just going to be a big wall of resistance but once that's broken down it really would signal a bullish trend.

There's a good chance we'll see sub 10k again but I don't think we will go below 9k unless there's some major negative news to cause it, that seems like the bottom to me now.

Segwit coupled with a decrease in transactions has really improved things and it now dispels all those people who were saying that bitcoin is useless as a payment system, I'm not sure quite how directly that will impact the price however.

i agree with your first post.
i think the $12k is a bigger resistance since it was tested multiple times (the near $12k not exactly $12k) and it dropped back down, and when that is broken we may see some FOMO buying because it is a breakout out of the resistance. with all the lines the TA fans draw on the charts they have to act on them sometime!
because of that $13k and up to $15k may prove to be smaller resistances.

Exactly my thinking, we tested it before a couple of times and are now beginning to test it again. We also tested lows around 9-10k and seem to have found a bottom there.

Given that there's security around 10k and the upside of buying at 12k is the price could quickly move through to 15k it's a much more attractive proposition than when the support wasn't defined so was still considered to be at around 6k.

[Tzupy]

The only bearish event that could test, and maybe break support at 9.2 k$, is a possible sale of up to 40 thousand BTC and BCH by the MtGox bankruptcy trustee.

[Tzupy]

The only bearish event that could test, and maybe break support at 9.2 k$, is a possible sale of up to 40 thousand BTC and BCH by the MtGox bankruptcy trustee.

Funny (or rather very sad for the MtGox creditors), the sale already happened... So it might have contributed to the February crash.

[crypto1010]

We did see a burst to ~11,500 dollars but that didnt last very long now price is dragging back to ~10500

I wonder whats causing all this when I thought we had progress, and for a second I thought bitcoin could actually be on its way to 19k or 20k dollars. We need to wait a little longer and see how the pump and dump traders will help push prices up and maybe above $15k