Bumpy Road Ahead Despite Strong Rally

[bbc.reporter]

Please click the link below. The article has some objective price analyses on other cryptocoins that some of you might agree with. I reckon they are a far cry from the mainstream media's hypey and pumpy price analyses.

Also, some of you may have become too excited on another article predicting that bitcoin will be $25,000 by end of 2018 and $250k on 2022. Be careful, the future is still open to anything. $2500 is also possible hehehe.



Bitcoin surged past the $7650 and $8000 levels in the matter of hours, but the move is still not sufficient for a trend change, despite the long period of relative strength, as the broad declining trendline is still ahead as resistance.

BTC held up above the February low, likely forming a base formation, and long-term investors could still add to their holdings here, although further consolidation is possible. Crucial resistance is ahead between $9000-$9200 and near $10,000 and $11,300, with further support found in the $6150-$6250.

Read the full article https://hacked.com/long-term-cryptocurrency-analysis-bumpy-road-ahead-despite-strong-rally/

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[Baofeng]

Personally though, I don't really need to look at those TA to come up with my own conclusion. A $1K increased in a matter of hours? Price stuck and fluctuating somewhere between $7800-$8K? If you have been here in this market for about a year, instinct will tell you that we don't need to celebrate and think that their is a imminent bull run in the horizon. I will still be very cautious about this price movement but I will just kept my 'prediction' for now and see how it goes.

[pooya87]

Personally though, I don't really need to look at those TA to come up with my own conclusion. A $1K increased in a matter of hours? Price stuck and fluctuating somewhere between $7800-$8K? If you have been here in this market for about a year, instinct will tell you that we don't need to celebrate and think that their is a imminent bull run in the horizon. I will still be very cautious about this price movement but I will just kept my 'prediction' for now and see how it goes.

this is why these jumps exist actually.
many of us are doing the same, for example while price was at $6800 predicting it was impossible, there was no reason for drop and no signs for a rise so most investors stayed out only watching things. as the signs for rise started to show up some of them who were fast or had some alerts set, jumped back in hence the big greed candle.
and that is part of the problem with using TA to speculate bitcoin. talking about resistances, etc while things like this happen is impossible. if a small momentum shapes up and price reaches $9k+ we may see a shoot up right over all the numbers they think is "resistance"!

[okala]

That is why we have to used good money management in trading. If you did not know mush about money management and you put all your money into crypto currencies and it fall to $2,500 you will have yourself to blame.

[liseff3]

Also, some of you may have become too excited on another article predicting that bitcoin will be $25,000 by end of 2018 and $250k on 2022. Be careful, the future is still open to anything. $2500 is also possible hehehe.

Bitcoin is struggling towards that number, but we are not sure what will happen in the future, but I am very optimistic that bitcoin will reach $ 25,000 by the end of 2018 according to its character. (Although the decline often occurs, bitcoin prices will continue to grow printing new prices) as predicted by many analysts before. 

[ladyinredcoins2018]

Please click the link below. The article has some objective price analyses on other cryptocoins that some of you might agree with. I reckon they are a far cry from the mainstream media's hypey and pumpy price analyses.

Also, some of you may have become too excited on another article predicting that bitcoin will be $25,000 by end of 2018 and $250k on 2022. Be careful, the future is still open to anything. $2500 is also possible hehehe.

https://hacked.com/wp-content/uploads/2018/04/btcusd0414.jpg

Bitcoin surged past the $7650 and $8000 levels in the matter of hours, but the move is still not sufficient for a trend change, despite the long period of relative strength, as the broad declining trendline is still ahead as resistance.

BTC held up above the February low, likely forming a base formation, and long-term investors could still add to their holdings here, although further consolidation is possible. Crucial resistance is ahead between $9000-$9200 and near $10,000 and $11,300, with further support found in the $6150-$6250.

Read the full article https://hacked.com/long-term-cryptocurrency-analysis-bumpy-road-ahead-despite-strong-rally/

Regardless if it is a bull or a hype we all need this price increase. It is given that we must be careful with every movements in the bitcoin market but price increase is much better than a falling price so just size the moment and let us enjoy it because in the crypto world nothing last forever.

[imapessimist]

The price could reach 9k but no more than that.  Before the whales swoop and take their profits.  This is just to tempt people in with their hard earned money.  Buy but sell when you have a profit.  It's the only way as can be seen from all the recent price fluctuations.

[BitHodler]

While I am mildly happy with current increase, I am also very conservative, especially because of how close we right now are to important resistance levels. I will only get excited once we hop over the $10,000 mark again.

It would very likely indicate that we are done with the downward spiral we were in for months, and hopefully will be building our way up slowly. On the other hand, it would be hilarious if this turns out to be a trap.

In most cases people's excitement indicates the opposite of what might be happening. From there I rather have people continue to expect the worst instead of a further increase. This market as always is full of surprises.

It's not for nothing that traditional market gurus time on time again fail to predict this market. Nothing can predict spontaneous movements breaking through bottoms or peaks effortlessly while TA pointed out something else.

[Lucius]

The price could reach 9k but no more than that.  Before the whales swoop and take their profits.  This is just to tempt people in with their hard earned money.  Buy but sell when you have a profit.  It's the only way as can be seen from all the recent price fluctuations.

If this is just bull trap then they have some level when will start selling,we seen that many times-but why not more then 9000$,maybe it is not trap and time is come for continuous growth like last year.This is always slippery grounds for traders,but for holders there is no overwhelming significance in short term.

I agree with OP in one thing,and this is the title-there is a long bumpy road ahead of BTC,has there ever been an easy path or will exist in the future?Of course the answer is no,just relax and enjoy the ride although the road is quite bumpy

[thecodebear]

Absolutely it will be a bumpy road for bitcoin. It is always a bumpy road for bitcoin.

But the price movements the past few weeks seem to have established the 6000s as the bottom of the market and once that was firmly established the bulls started to come back in and now we have a price rising in the 8000s.

I see a small chance that this is just a trap and it could potentially head down further to the 4000-5000 range before fully starting recovery. But I have much much higher confidence in that this is indeed the start of the switch from bear market to bull market, lifting off that 6000s floor. Even if it is we can all expect a very bumpy road. It may go back to 7000s for a bit, it may take a two or three months to get firmly established above 10,000 again. It may take 6 months to get back over $15k. But, based purely on reading the charts, to me this seems the very start of a slow build back up. I wouldn't expect a true bull run to form (started to get people very hyped and bring in lots of new money) until after it passes $20k which might be around the end of the year.

Just as the price rise from $200 in mid 2015 back to $1000 on Jan 1 2017 was slow and rocky and a new hype phase bull run wasn't initiated until 4 months later around May 1st, we can expect the buildup fro $6000 to $20k to take a while and have ups and downs and could easily take more than 6 months, but once it firmly establishes the price above $20k, perhaps in early 2019, we are likely to enter a new hype phase as the media goes crazy that Bitcoin has recovered and is back over the 2017 high when they were all predicting it to go to zero after that, and by this time LN will probably be usable and Bitcoin will be a much more useful payment network (though still a long way from being useful on a mass market scale), and institutional investors will probably be jumping in a lot more than they did in late 2017, a new wave of normal people will be coming in, millions more millennials will jump on board, etc so that a new price boom will start.

[Bessta]

Yes always a bumpy road for bitcoin inspite the big rally these few days. Cryptos will always experience to be bumpy just like before but they will manage to turn from bearish to bullish in few months from now, By managing to bounce back to $8000 is a good sign for me that it will gonna be stronger.

[bobo012]

Anything could happen, and i dont rely much on the technical analysis. It just cant predict breaking news that can wreck a setup in a matter of a hour. I think bitcoins fundamentals are solid and while short term downside is possible, there is much more upside to be gained

[sindikat]

I do not believe in any technical analysis and predictions. It is fud. In fact, no one can predict the behavior of bitcoin. Even if one of the analysts guesses the behavior of bitcoin prices, it will be no more than a coincidence. Next time, these analysts won't guess. We can only trust our own eyes.

[aoluain]

We have seen it many times last year where the markets react totally
different to news than was expected. And any sort of news can have
Any sort of effects on the markets.

I however have no doubt its all plain sailing ahead, the markets will
continue to be volatile, positively and negatively.

[eaLiTy]

Also, some of you may have become too excited on another article predicting that bitcoin will be $25,000 by end of 2018 and $250k on 2022. Be careful, the future is still open to anything. $2500 is also possible hehehe.

Anything is possible in this market and there are two sides when it comes to analysis, the ones who are having an optimistic approach to bitcoin and they will always see  the good side while a Pessimists see the worst side of bitcoin, it is evident from the articles which starts popping up when ever the market recovers and the kind of articles with negative shade when there is a market correction, the momentum just shifts according to the market sentiments. 

[magneto]

Correct, bullish momentum is weak and therefore i just don't see this as being the reversal of trend.

A lot of people are still not willing to buy in because the prices are quite high. The rally can take bitcoin up above 5 figures, but only for a very limited amount of time. All the bullish predictions saying that bitcoin is going to go to $50k by the end of the year clearly don't know what they're talking about.

After this pump which may well last until the end of the month, expect more dips incoming our way. It's not going to be a smooth growth curve upwards all the time, we aren't out of the bear market yet.

[bbc.reporter]

Oh look another forced perspective chart and a post by someone with a fudder username to try and gain false reputation and confidence. Now why should I take any consideration into your post?

But oh look, another person who cannot accept other people's perspective except his favorite, to the moon, and an attack on someone's character to make up for his own lack making a real argument.

[timerland]

The current rally can go to $9k+, before a correction hits hard.

I personally think that we have not finished consolidating yet, there is still some room for us to move downwards before finally consolidation at the real bottom. $6.6k may be the bottom currently, but that support can still be easily broken.

It's probably going to be bumpy for sure, and the bulls are still far away from us at the moment. I don't think that we're going to go as far down as $2.5k, as that is just a huge buying opportunity for most long term holders, although anything is possible.

If bitcoin does get dumped past the $6k support, then it's definitely time to accumulate and fill up your bags.