$7,700 will be the next hurdle on the upside

[AICoin_Official]

BTC fails to dip below $6,600 effectively, if you’ve learnt to use my theory of selling at breakthrough point, decent profits should be easy to make. Take a look at hourly chart:



BTC has been remaining supported at $6,600 in the past 3 sessions, volumes obviously shrink today, making the dip below $6,600 not an effective breakthrough, or we can say it’s fake.

Later, an upper shadow just brings price back above $6,600, bulls are temporarily guarding important levels and lack the momentum to initiate a reversal in trend as volumes remain low.

The minor bottom formed at $6,600 is expected to witness an oscillating rally, which is believed to lengthen the period of downtrend, if price manages to hold above it.



As mentioned in my previous analysis, strength of such rally will be limited, making it possible for price to remain above $6,600 in the past 3 sessions.

Volumes during current uptrend remain insufficient, indicating that the range of a short-term rally will be small.

$7,700 will be the ceiling for a rally as bullish momentum is limited and the overall downtrend remains intact, making it profitable for daily traders.

Original by Kuang Ren, translated and posted by AICoin Jami.

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[Palmerson]

Trade volumes can grow at a tremendous rate. Morally, the market has long been ready for price growth. One week of stable price growth is enough now, and the situation can change dramatically in a positive direction. I do not trust the forecasts because they always rely on the statistics of past periods. My opinion is that in order to move forward, you can't look back.

[vit05]

There are still many difficulties that have considerably reduced the volume. We need positive news that re-establishes market confidence. But at the same time, the stock market is also facing problems. So everyone is looking for safe haven instead of big and risky returns.

[MoonIsBlue]

Interesting I hear more people call for 7700 as top of the rally. Volume is absolute garbage though.

[fabiorem]

This price is tempting people to buy. I can feel it.

Whatever manipulation the sharks from Wall Street are doing, it will fail. The more the price fall, the wider will be the distribution.

And if we reach 8k again, we will have a double bottom, which might spark FOMO.

On the other hand, if they keep dumping it, we will reach 1k in a short time, but it will be artificially engineered, and the temptation to buy will be greater, widening the distribution even more. The price will not stay there for too much time.

People are willing to buy, but they see the price keeps falling, and nobody wants to lose money, so they wait. Some are still buying it with the current price, but their volume is smaller, the distribution is tight (only the richer will be willing to take the risk), so it will need some buying effort to go back to 8k and form the double bottom.

[airdagon]

as far as i know bitcoin will keep going up and move upwards after reflecting the price, $ 7,700 will indeed be difficult to penetrate, but not as difficult as time passes through the $ 10,000 mark which in the end continues to decline. I think bitcoin will soon release On the second thought
to take care of this situation. I am sure the bullish market will soon approach bitcoin and bitcoin will soon leave bear market.

[NeuroticFish]

$7,700 will be the ceiling for a rally as bullish momentum is limited and the overall downtrend remains intact, making it profitable for daily traders.

From what I've seen in other graphs, $7700 is harder to reach than $6600 (3700 BTC vs 2700 BTC). But this means nothing. I think that Bitcoin price rise is now a matter of "when", not "if". And when it'll happen, many sell positions may get moved upwards, making the current numbers deceiving. (The same goes for $6600: at that level many new buyers can come in). For now I'd not follow the numbers too strictly.

Volume is absolute garbage though.

There are graphs here and there showing that the volumes in BTC are not actually smaller than in mid-December. Of course, if you count in Dollars, the numbers become almost 3x smaller.

[Theb]

Before we even go to the 7-770$ - 7,800$ level we need to break the 1st resistance at 7,200$, if you look at the hourly chart and most the 15 minute chart of Bitcoin you will see that it has rejected 7,200$ for several days now, and if we break it (with volume) we may able be going to that price range. After that we can expect Bitcoin to hover around 8,200$ - 8,400$ level all of this can happen in a week.

Now you might be saying that isn't the price of Bitcoin going up to fast? Well to answer your question last week we experience Bitcoin going down from 9,100$ to 6,500$ in a week. So 8,200$ might not be as fast as how BTC drop last week. Hopefully the Bulls decided to have a bull run even passed the 8,400$ level. A lot of us here have already accumulated a lot of BTC during this drop.

[YuginKadoya]

Trade volumes can grow at a tremendous rate. Morally, the market has long been ready for price growth. One week of stable price growth is enough now, and the situation can change dramatically in a positive direction. I do not trust the forecasts because they always rely on the statistics of past periods. My opinion is that in order to move forward, you can't look back.

Well great ideal in your positive outlook of things and I admit I am doing the same thing and not looking back, Just keep on moving forward we can not rely on past movements because it is a different thing that can happen with the value of bitcoin, But there are still a percantage that some movement fluctuation in the past can surely be seen in the future of movement of bitcoin just like the yearly increase bitcoin have taken but we can not rely just on that theory alone and make an assumption ourselves.

[Canis Majoris]

$7,700 will be the ceiling for a rally as bullish momentum is limited and the overall downtrend remains intact, making it profitable for daily traders.

From what I've seen in other graphs, $7700 is harder to reach than $6600 (3700 BTC vs 2700 BTC). But this means nothing. I think that Bitcoin price rise is now a matter of "when", not "if". And when it'll happen, many sell positions may get moved upwards, making the current numbers deceiving. (The same goes for $6600: at that level many new buyers can come in). For now I'd not follow the numbers too strictly.

I strongly support your stance. In my opinion, we will fare better if we look at recent volatility levels. Today's price doesn't look very stable to me. I know that past behavior doesn't mean anything but I wouldn't be surprised if Bitcoin rises a couple thousand dollars overnight like it had happened less than 2 months ago. Apart from that, I take TA, and especially TA in this market, with a spoonful of salt. If you need a crutch for your trading decisions, then definitely use it. Otherwise stay away from it, as simple as it gets.

[debuni]

Interesting I hear more people call for 7700 as top of the rally. Volume is absolute garbage though.

I also think that 7.7-8 is the top of the rally. At lease for another 20-40 days.

The volume is low due Easter holidays. It will increase in a few days.

[Jating]

Before we even go to the 7-770$ - 7,800$ level we need to break the 1st resistance at 7,200$, if you look at the hourly chart and most the 15 minute chart of Bitcoin you will see that it has rejected 7,200$ for several days now, and if we break it (with volume) we may able be going to that price range. After that we can expect Bitcoin to hover around 8,200$ - 8,400$ level all of this can happen in a week.

For me I think the first resistance to break is $7100, we have attempted to break this barrier, unfortunately we have failed and then back to $6800 range but I see some strong push as well passing $7K multiple times but unable to get the hump over $7100 and then towards $7600-$7800

Now you might be saying that isn't the price of Bitcoin going up to fast? Well to answer your question last week we experience Bitcoin going down from 9,100$ to 6,500$ in a week. So 8,200$ might not be as fast as how BTC drop last week. Hopefully the Bulls decided to have a bull run even passed the 8,400$ level. A lot of us here have already accumulated a lot of BTC during this drop.

I hope this month will really bring new positive things so that all this bearish sentiments can be replaced. Last time we peaked at $11600, we though that the bulls has taken the market already. but we are all wrong. But we still in search of all the bulls and the herds, I'm sure that they are around, just waiting for the perfect time to make this bull run once again so that we see the price go and try to test the 5 figures once again.

[hase0278]

I hope this month will really bring new positive things so that all this bearish sentiments can be replaced. Last time we peaked at $11600, we though that the bulls has taken the market already. but we are all wrong. But we still in search of all the bulls and the herds, I'm sure that they are around, just waiting for the perfect time to make this bull run once again so that we see the price go and try to test the 5 figures once again.

To describe the situation of the market right now, bulls and bears are battling with each other and thus is the reason why bitcoin goes up and down in the past few weeks. I wonder though who will win the final battle? The bulls or the bears? What im sure of right now is that whoever runs out of money or supply to dump between the two is the team that will lose. For now let's hope the bulls win.

[tabas]

I'll wait until bitcoin hits again it's ceiling.

The volume is low due Easter holidays. It will increase in a few days.

And many are also selling since it is holidays. The same thing that we've been through during the first' holidays that we've been.

[AICoin_Official]

There are still many difficulties that have considerably reduced the volume. We need positive news that re-establishes market confidence. But at the same time, the stock market is also facing problems. So everyone is looking for safe haven instead of big and risky returns.

Will people transfer their money to Cryptocurrency market as we know China is fighting back and trading war is really threatening.

[DPoS2]

I hope this month will really bring new positive things so that all this bearish sentiments can be replaced. Last time we peaked at $11600, we though that the bulls has taken the market already. but we are all wrong. But we still in search of all the bulls and the herds, I'm sure that they are around, just waiting for the perfect time to make this bull run once again so that we see the price go and try to test the 5 figures once again.

To describe the situation of the market right now, bulls and bears are battling with each other and thus is the reason why bitcoin goes up and down in the past few weeks. I wonder though who will win the final battle? The bulls or the bears? What im sure of right now is that whoever runs out of money or supply to dump between the two is the team that will lose. For now let's hope the bulls win.

Bulls and Bears are the same Whales...  they lend out for shorts on one hand as they smash the market selling with other..  they rake in interest on the shorts and profit from the dump then as the shorts cover they know it is time to buy back what they dumped..  then they pump and squeeze the last of the shorts and then rally flies up on forced buying as they create the crowded FOMO bull market

[btcmegastar]

We don't know exactly, where the price of bitcoin reaches but now when compared to previous weekly the price of coin went high very quickly and hoping to reach more than $8000.

[Jating]

As I have said in my previous post, I personally thinks that the first barrier that we need to hurdle is $7100-$7200 and damn it looks like we slice it like a break in the last 2-4 hours when I was away. So it looks like the next big test is as what has @ AICoin_Official analysis (based on Kua Reng). So it remains to be seen.

As far as the bulls vs bears, well the bears is winning for the last 3 months and its about time that we need some change in the air. Today was a great day to see the price goes above $7300 very quickly Last time I checked the price before taking a nap is around $6800-$7000 so I'm glad to see the price going up again. And since is just the start of the month, it looks like we have started at the right foot. Let's see how it goes, but I'm sure that is very welcoming to see the price above $7300 as of this time.$7700 HERE WE COME.

[arpon11]

Bitcoin go below  $6,600 will be the most bad state of it momentum as it might fall to $3,000. I think a lot is going on at the back end and that is the major reason why people like mtgox and dumping they holding. Bitcoin has done well in 2017 and we should not give up in 2018 as bitcoin will soon get more new investors that may push the price above $10,000.

[timerland]

It may be broken but I think that it's confirmed that bitcoin isn't going to go above $10k again this year. We are still in a bear market, this is just a rebound from the low prices we saw in the few days of full on dumps we saw.

If we can break the $8k resistance, then it would probably just delay the bear market. But I don't believe we have yet reached the bottom.

I absolutely agree with the analysis, the volume is quite small and it is just extremely unlikely that the rally will turn out to be anything significant due to the fact that it's overwhelmingly bearish still. I expect it to top out at a maximum of $8.5k before another major pullback.