Will BTC follow the same pattern in February 2018?

[timerland]

I do think that BTC is probably overbought at the moment.

This bull run will most likely end at around the $10k mark, when the resistance is too strong for the market to push through. Then the correction will probably take us down to $6k to test the support and see if it holds up within a few months. In February, the resistance was at $12k where bitcoin couldn't push through which caused the dump back to $6k. I don't think that resistance is that high this time.

I'm bullish on bitcoin long term, but honestly I don't see bitcoin's $6k level being the bottom of this bear market. More likely than not, prices will dip below that support temporarily before forming a bottom and making a recovery upwards. This current rally isn't the rally that will end up being a bull market either. We need some more time for that.

[pooya87]

I do think that BTC is probably overbought at the moment.

i strongly disagree.
bitcoin has been underprice for a very long time now. and what we are seeing these days is merely bitcoin going back to its real value.

I'm bullish on bitcoin long term, but honestly I don't see bitcoin's $6k level being the bottom of this bear market. More likely than not, prices will dip below that support temporarily before forming a bottom and making a recovery upwards. This current rally isn't the rally that will end up being a bull market either. We need some more time for that.

this rise is so strong that it doesn't seem to be dropping at all, and even if a correction happens and we see a drop it won't be back to $6k or below. a correction would be back to $8500 after testing $10k and only if it couldn't break it.
otherwise if it breaks $10k we may even see a surge and a bubble then a correction back to $11.5k

[thecodebear]

I do think that BTC is probably overbought at the moment.

i strongly disagree.
bitcoin has been underprice for a very long time now. and what we are seeing these days is merely bitcoin going back to its real value.

I'm bullish on bitcoin long term, but honestly I don't see bitcoin's $6k level being the bottom of this bear market. More likely than not, prices will dip below that support temporarily before forming a bottom and making a recovery upwards. This current rally isn't the rally that will end up being a bull market either. We need some more time for that.

this rise is so strong that it doesn't seem to be dropping at all, and even if a correction happens and we see a drop it won't be back to $6k or below. a correction would be back to $8500 after testing $10k and only if it couldn't break it.
otherwise if it breaks $10k we may even see a surge and a bubble then a correction back to $11.5k

yes. agreed. It will not fall back to $6000s. The whole sentiment of the market has shifted to be positive now after being so negative the past few months. A correction of a thousand dollars or so will be incoming at some point, but people will be ready to buy any correction and not let the price slide down anywhere near the lows of the crash. I think we'll probably see a correction before $10k back to the 8000s before then pushing up and taking on the $12k resistance in late May. It seems pretty clear going by the charts that the 6000s was the end of the price discovery for the bottom of the market, as the price stayed there for two weeks and nothing happened - no further drop as volatility slowed way down until it became obvious bitcoin wasn't gonna drop anymore and there was that huge surge back to $8000 in less than an hour, and since then the bear market was over and it's been steadily climbing. Of course steady climbing means a correction is coming soon, but it will just be a small correction to slow things down, not to re-test the lows of the crash.

[hugeblack]

In my mind, the Bitcoin traded in a "symmetrical triangle" more than "same pattern".
This triangle has a stabilizing point at $ 8000 and its peak at $ 9700 and bottoms at $ 6,000 and $ 7,000.
The stability point will move from the $ 8000 barrier at the break of $ 9700 to $ 10,000, peaks at $ 12,000 and bottoms at $ 9000.
So if the price does not break the $ 9700 barrier will remain at $ 8000 levels.

[AakZaki]

I believe in bitcoin, I can not make an analysis, but I believe in the market, I make more estimates of price by looking at the volume market, and your analysis is very helpful, thank you.
I am actually still confused, what is the connection between bitcoin and altcoin, why the change in bitcoin prices is seen to always have an effect on altcoin prices, like these two days, bitcoin prices go up, and almost all alt uptrend as well, including Ethereum.

at the end of this I read in each of my predictions, there is a similarity trend where as Bitcoin ride Alt ride up, I think because the movement of Bitcoin itself is not stable and still uptrend stage after reaching the lowest point last month. and I think all will be reversed if Bitcoin is as stable as it should be.

[khaled0111]

I am not an expert in analysing charts but what any one can notice is that it is following the same pattern.
Let's hope it will not go that way otherwise we will loose alot of money especially that many people started buying because they think prices will rise and Bitcoin will recover.
I am an optimistic person thus I think Bitcoin will not fall again, there is no reason why that may happen.

[dothebeats]

Seems overbought to me, though it's kinda fascinating that the price hasn't taken a beating yet despite the fact that we've been into continuous gains for 2 weeks now. Naturally, there would be a form of correction along the way but for the case of bitcoin right now, it's as if it just ignores any selling pressure and the overall market sentiment until now is still positive. We'll see by the end of this week whether traders are still going to make a push or some will call it and collect profits.

[thecodebear]

Seems overbought to me, though it's kinda fascinating that the price hasn't taken a beating yet despite the fact that we've been into continuous gains for 2 weeks now. Naturally, there would be a form of correction along the way but for the case of bitcoin right now, it's as if it just ignores any selling pressure and the overall market sentiment until now is still positive. We'll see by the end of this week whether traders are still going to make a push or some will call it and collect profits.

Though also plenty of altcoins have gone up a lot more than bitcoin these two weeks. So we could see people take altcoin profits by selling back for bitcoin and pushing the price even further up.

[Greenkarki]

Just read through the article/news from www.ccn.com. An investor (bull) predicts that the value would hit $11500 very soon. https://www.ccn.com/bitcoin-price-will-top-11500-soon-says-crypto-bull-predicted-recent-crash-and-rally/

But according to Coin Desk, "BTC can drop before $10000". It says that if the current upturn continues, the bit coin could rise to $10,300. On the other hand, if they can not keep up, they could fall to $8930 or $8550.

Hope at least this trend does not be as like in Febrary 2018. The recent growth has brought in too many investors into it recenty. Hope the stable growth remains same and healthy.

[Tigerw]

Seems overbought to me, though it's kinda fascinating that the price hasn't taken a beating yet despite the fact that we've been into continuous gains for 2 weeks now. Naturally, there would be a form of correction along the way but for the case of bitcoin right now, it's as if it just ignores any selling pressure and the overall market sentiment until now is still positive. We'll see by the end of this week whether traders are still going to make a push or some will call it and collect profits.

Though also plenty of altcoins have gone up a lot more than bitcoin these two weeks. So we could see people take altcoin profits by selling back for bitcoin and pushing the price even further up.

it can be said quite differently, since Bitcoin is being sold, and Bitcoin is being bought. And this is what gives rise to Bitcoin's demand in the market. This, in turn, increases the stabilization of the market and we can hope for a promising future for the crypto-currency market.

[fabiorem]

I like your optimism dude. But let's see first if we can get back at $10K levels before we can even talk $12K.

10k was tested several times during the last rise, and 8k was regarded as the user support level for a long time.

What the market was searching for was a bottom, and the bottom was found: it was 6k. It cant go any lower than that, as we had four bottoms already.

I think the price will go straightfoward to the double of the bottom, that is, 12k, then it will try to find a new bottom for consolidation, which, I hope, will be around 10k.

[BaraxLo]

I do think that BTC is probably overbought at the moment.

i strongly disagree.
bitcoin has been underprice for a very long time now. and what we are seeing these days is merely bitcoin going back to its real value.

I'm bullish on bitcoin long term, but honestly I don't see bitcoin's $6k level being the bottom of this bear market. More likely than not, prices will dip below that support temporarily before forming a bottom and making a recovery upwards. This current rally isn't the rally that will end up being a bull market either. We need some more time for that.

this rise is so strong that it doesn't seem to be dropping at all, and even if a correction happens and we see a drop it won't be back to $6k or below. a correction would be back to $8500 after testing $10k and only if it couldn't break it.
otherwise if it breaks $10k we may even see a surge and a bubble then a correction back to $11.5k

yes. agreed. It will not fall back to $6000s. The whole sentiment of the market has shifted to be positive now after being so negative the past few months. A correction of a thousand dollars or so will be incoming at some point, but people will be ready to buy any correction and not let the price slide down anywhere near the lows of the crash. I think we'll probably see a correction before $10k back to the 8000s before then pushing up and taking on the $12k resistance in late May. It seems pretty clear going by the charts that the 6000s was the end of the price discovery for the bottom of the market, as the price stayed there for two weeks and nothing happened - no further drop as volatility slowed way down until it became obvious bitcoin wasn't gonna drop anymore and there was that huge surge back to $8000 in less than an hour, and since then the bear market was over and it's been steadily climbing. Of course steady climbing means a correction is coming soon, but it will just be a small correction to slow things down, not to re-test the lows of the crash.

Bitcoin is following the same pattern since several days and it does not seem for few days but the graph is pointing towards positivity and wants to touch something else according to its demand and supply rule as now days we are observing we can say that throughout the year 1018 the value will keep going upward. We have to discuss present and not about past because looking forward is our benefit always.

[naidray]

I think will hold bitcoin longer, regardless of the price this month, I will wait until $ 50k, I have not dared to trading scalping. honestly, i can't read your analysis, but I see something positive from your writing. can you give an idea, among what price should we buy?

From what I have gathered, his post is predicting that the price will continue a downtrend like it did in Feb, and we may go lower than the low of 6k.

Yeah, we are all simply looking out for the same thing anyway with the way the market is going and the buying momentum is gradually dying down. However, we may still have some days before we would really know how this would end as things may turn out slow a little bit before then. So far, the chances of breaking lower are increasing with the indicators and normally, we would get to see a reversal, but how long this reversal would be way down, is pretty much what no one can say.

[barbara44]

In my mind, the Bitcoin traded in a "symmetrical triangle" more than "same pattern".
This triangle has a stabilizing point at $ 8000 and its peak at $ 9700 and bottoms at $ 6,000 and $ 7,000.
The stability point will move from the $ 8000 barrier at the break of $ 9700 to $ 10,000, peaks at $ 12,000 and bottoms at $ 9000.
So if the price does not break the $ 9700 barrier will remain at $ 8000 levels.

Bitcoin is not following the same pattern because in 2017 in the month of February and March the price was going high and the market was bright but in this year the price had been going low relative to last year. However the price these days is increasing regularly and for our profit we are looking daily at the market to find a way out by monitoring the value so that we can reach towards selling process for the well of our economy.