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

[snowdropfore]

every rebound is a good chance to get out off the train ,but i choose to stay ,becasue i am waiting foe the $100k .

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[STT]

I tend to agree short term but I think Bitcoin tends to overshoot in both directions, so really Im looking at 8500 and 9500 beyond that for an upside target.   The reasoning being its quite a significant turn around which then draws in alot of previous bearish sellers.

Especially this might occur if futures sold before the end of the quarter but can now go long again.    Anyhow I have it above a trend again which apparently is very bullish to fake out then recover in short time

[AICoin_Official]

every rebound is a good chance to get out off the train ,but i choose to stay ,becasue i am waiting foe the $100k .

Whoa, are you a rapper?

[Ararbermas]

every rebound is a good chance to get out off the train ,but i choose to stay ,becasue i am waiting foe the $100k .

me also 'cause i don't believe those always saying it will die in the future because it plunges back ti lowest price again.  How funny  ppl nowadays , lol they just quick jump on others predictions without creating their own speculation and strategy, which the common reason also why they sell immediately when the market fluctuate and without knowing it's just a normal correction of price.

[Canis Majoris]

I tend to agree short term but I think Bitcoin tends to overshoot in both directions, so really Im looking at 8500 and 9500 beyond that for an upside target.   The reasoning being its quite a significant turn around which then draws in alot of previous bearish sellers.

Well, it doesn't look like it is going to overshoot to the upside. The effort to keep over 7000 seems to have failed. It just proves that nothing has changed since the beginning of this year - apart from prices spiraling down most of the time. Whenever Bitcoin makes an effort to shoot up, people start jumping off the ship - or the train, and then we are back to square one. And the square one here means continuation of the spiraling down.

[crzy]

every rebound is a good chance to get out off the train ,but i choose to stay ,becasue i am waiting foe the $100k .

No room for me to get out because I know bitcoin can really hit that price in due time. Bitcoin may not break that resistance and continues to dump for me it is still valuable to hold for, the price is still good compare last year and I know it will keep on climbing up until it reach another peak.

[JMD07]

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:

[sniff]

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.

[sniff]

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.

It seems that the daily traders had been controlling the market and they will not give us a chance to reach the price at $8k as they will counter it with their more dumps and get their profits easily.

[matanglawin]

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.

It seems to be true. Bitcoin is indeed having a hard time to pass the 7000 usd market value and is also having difficulties on being into it for a period of time since fluctuations are immediately happening right after reacheimg the said market value mark. For now hold and knvest while the price is low. Once it starts to recover profit will be earned.

[Reatim]

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:

[sniff]

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.

[sniff]

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.

It seems that the daily traders had been controlling the market and they will not give us a chance to reach the price at $8k as they will counter it with their more dumps and get their profits easily.

Exactly, very sad that this will be the new trend, daily traders will take every opportunity to get the profits resulting in the price not getting as what we are expecting it to be.

I'm happy seeing the price getting to almost $7500 and before daily traders took over and now we are back below $7K the last time I check the price. Unless we see the bulls, the daily traders will simply book anything even if its just minor profit.

[magneto]

Prices plunged below $7000 today following a strong day yesterday.

As I expect, this rally is short-lived. There is really no momentum for a bull market to break out at the moment, so it's just a short term adjustment. The resistance at $7500 was pretty strong, as expected as profit takers seem to be selling as soon as market picks up a bit.

There will be some more dips in the following months, followed by small rallies following those dips, but in general it is safe to say that we still have some space to go down before consolidation at the bear market's bottom can fully occur.

[Ultegra134]

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.

It's definitely an interesting analysis, I take your hat off, however we still can't be exactly sure on whether or not it's accurate. I really do hope that it does recover and surpass $7.700 soon, since I've bought at $7.500 and the price is currently still falling down to $6.600, which is depressing. Honestly, it's quite tiring.

[xuan87]

Yes maybe 7k could be the indicator to go up but the problem is the price went back again, and this already happened for few times, seems like the market is struggling to go up, maybe the market need to stay under 6k for a while then able to continue rising to higher limit

[Fuhre]

Yes maybe 7k could be the indicator to go up but the problem is the price went back again, and this already happened for few times, seems like the market is struggling to go up, maybe the market need to stay under 6k for a while then able to continue rising to higher limit

oh my god, no matter how long this situation will continue. this has become A hot potato from early januari until now. it seems that bitcoin will continue to get stuck in this wild jungle full of question marks. whether by pressing the market bitcoin prices will start to improve? yes, we have to try with the market, so keep pumping the price, so the bear market will soon end soon. I think everyone is waiting for the bull market soon to happen. as far as i know, if we manage to break the price of $ 7k - $ 8k we will be quite easy to achieve the values in the next level.

[snowdropfore]

let us hope $6500 will be the last bottom .and end the bear market now .i do not want to be in 2014 again.

[futureofeth]

every rebound is a good chance to get out off the train ,but i choose to stay ,becasue i am waiting foe the $100k .

Like you, i will also wait as many days as possible to reach the high value in the market, for that it will surely take a lot of time and hoping the positive trend with the Bitcoin price.

[Canis Majoris]

Prices plunged below $7000 today following a strong day yesterday.

As I expect, this rally is short-lived. There is really no momentum for a bull market to break out at the moment, so it's just a short term adjustment. The resistance at $7500 was pretty strong, as expected as profit takers seem to be selling as soon as market picks up a bit.

There will be some more dips in the following months, followed by small rallies following those dips, but in general it is safe to say that we still have some space to go down before consolidation at the bear market's bottom can fully occur.

I agree with almost everything you said, except the the profit-taking part. It looks like the whole market switched into a day-trading mode of operation, but it is not necessarily profit takers who don't allow the price to rise higher. The swings are too small, and it may be an artificial resistance created by someone who doesn't want the price to rise. Today, when the market sentiment is all doom and gloom, it won't take a lot of financial resource to keep prices contained and constrained, especially to the upside.

[magneto]

Prices plunged below $7000 today following a strong day yesterday.

As I expect, this rally is short-lived. There is really no momentum for a bull market to break out at the moment, so it's just a short term adjustment. The resistance at $7500 was pretty strong, as expected as profit takers seem to be selling as soon as market picks up a bit.

There will be some more dips in the following months, followed by small rallies following those dips, but in general it is safe to say that we still have some space to go down before consolidation at the bear market's bottom can fully occur.

I agree with almost everything you said, except the the profit-taking part. It looks like the whole market switched into a day-trading mode of operation, but it is not necessarily profit takers who don't allow the price to rise higher. The swings are too small, and it may be an artificial resistance created by someone who doesn't want the price to rise. Today, when the market sentiment is all doom and gloom, it won't take a lot of financial resource to keep prices contained and constrained, especially to the upside.

It could be. However with any sort of pump there is going to be profit takers, whether that constitutes a small or large percentage. I suspect that most big players now are probably trading bitcoin for the short term movements, either shorting or going long for a few days/weeks at a time with margin, otherwise they would not be selling as soon as there is 8-10% rise in price.

The artificial resistance that you mentioned could be possible through a group of shorters, or just someone with a huge stash of BTC bought earlier.

But overall as I've said, unless a sizable short squeeze happens due to a sudden reversal in the market sentiment, we're not going to see any major bullish activity for the time being. And even if a bull run starts occurring, there is reason to suspect that it's a bull trap if prices have not plunged further and consolidated there before making its way up.