Bitcoin price May.01

[phuong kim]

We didn't get the volume I was expecting yesterday  and hoping for and with the sideways action we couldn't break through the 9400 barrier.  We continued to move right and crossed the upward trendline last night causing a dump to the 8920 Support.  We are still showing negative divergence so we may see further downside until we get that volume.  Our goal is 9160 to get back on track but right now signs are showing further downside with the weak volume. 
I think a lot of people are holding due to fear of Mt Gox, or this sell off could be Mt Gox.  Either way we need to big buy volume to come in to get the momentum going.  Tether Volume is back over 5B
We have Consensus in two weeks!

[1714989702]

1714989702

[CryptoForWealth]

Sorry for such a newbie question but could I ask how it is you see that there is weak or strong volume? And likewise could I ask what you mean by we have consensus in two weeks?

[Suharti12]

That's right with what you say, we'd better get together to make a purchase to raise the bitcoin price for now, and I think that might help.

[liamnorthcoins]

We didn't get the volume I was expecting yesterday  and hoping for and with the sideways action we couldn't break through the 9400 barrier.  We continued to move right and crossed the upward trendline last night causing a dump to the 8920 Support.  We are still showing negative divergence so we may see further downside until we get that volume.  Our goal is 9160 to get back on track but right now signs are showing further downside with the weak volume. 
I think a lot of people are holding due to fear of Mt Gox, or this sell off could be Mt Gox.  Either way we need to big buy volume to come in to get the momentum going.  Tether Volume is back over 5B
We have Consensus in two weeks!

Yes this is what i think too of why it can not break the 9k barrier. Many were a bit disappointed for not being able to reach their expectations just to even reach 10k price, though I am thinking also that once we break this barrier we will have a continous uptrend of price even reaching 12k before the end of May.

[ladyinredcoins2018]

We didn't get the volume I was expecting yesterday  and hoping for and with the sideways action we couldn't break through the 9400 barrier.  We continued to move right and crossed the upward trendline last night causing a dump to the 8920 Support.  We are still showing negative divergence so we may see further downside until we get that volume.  Our goal is 9160 to get back on track but right now signs are showing further downside with the weak volume. 
I think a lot of people are holding due to fear of Mt Gox, or this sell off could be Mt Gox.  Either way we need to big buy volume to come in to get the momentum going.  Tether Volume is back over 5B
We have Consensus in two weeks!

Yes, also people are also still in disbelief that the bitcoin price is actually recovering..They are thinking that the price will crash any minute and this uptrend is just a trap they are still testin more the market if it has actually become stable. Once we break this 9k barrier im expecting a boost in price because people will then realize that bitcoin is gaining a momentum to shoot maybe higher than last year's 20k!

[Herbert2020]

Sorry for such a newbie question but could I ask how it is you see that there is weak or strong volume? And likewise could I ask what you mean by we have consensus in two weeks?

it doesn't seem like a newbie question. i would also want to know why OP thinks the volume is weak! it actually has been about 6-8 billion dollar every day of the past week.
with that said the price and how it currently is performing has nothing to do with the volume, the volume is always lower when price movements are smaller. but the fact that it is still higher that other times when price was stable you can consider this phase as an accumulation where buys are happening a lot despite price being kept down.

[dcif80]

Due to the volume is very low
it could not break the up line, the bitcoin will go into the dip

[Tankdestroyer]

i would also want to know why OP thinks the volume is weak!

Op thinks that way because of his subjectivity. Like what you stated, volume of btc transaction is big despite of the current bearish trends that have happened(which is stated on chart's data).

I ask what you mean by we have consensus in two weeks?

By saying concensus, he meant that we will see what is the market's general decision(in two weeks). If the trend continues, we will know that most of the users decided to buy some btc and accumulate and vice versa.

[Kemarit]

We didn't get the volume I was expecting yesterday  and hoping for and with the sideways action we couldn't break through the 9400 barrier.  We continued to move right and crossed the upward trendline last night causing a dump to the 8920 Support.  We are still showing negative divergence so we may see further downside until we get that volume.  Our goal is 9160 to get back on track but right now signs are showing further downside with the weak volume. 

I share your observation however, 24 hours later bitcoin and we are now approaching $9200 again. So the negative divergence you saw was overturn and we are not back on track. Trading volume is above $20 million so the minor dip is over as investors are clawing back and investing again.

I think a lot of people are holding due to fear of Mt Gox, or this sell off could be Mt Gox.  Either way we need to big buy volume to come in to get the momentum going.  Tether Volume is back over 5B
We have Consensus in two weeks!

I have to disagree with the Mt. Gox influence. So I won't mind if he decided to offload again. We are tired of him trying to pull the price again and I'm sure that everyone knows about him and I'm sure that if even the price goes down because of the Mt. Gox, people are still going to purchase bitcoin once more specially if the price goes down.

[talkbitcoin]

I think a lot of people are holding due to fear of Mt Gox, or this sell off could be Mt Gox.  Either way we need to big buy volume to come in to get the momentum going.  Tether Volume is back over 5B
We have Consensus in two weeks!

I have to disagree with the Mt. Gox influence. So I won't mind if he decided to offload again. We are tired of him trying to pull the price again and I'm sure that everyone knows about him and I'm sure that if even the price goes down because of the Mt. Gox, people are still going to purchase bitcoin once more specially if the price goes down.

i am fairly certain that Mt Gox trustee had nothing to do with the drop or any of the subsequent drops that followed. the trustee like anyone else was a seller and like any other sellers they don't want the price to drop since they are going to receive a lot more if the price is still up.

all the  drops were corrections, panic sells,... and the Mt Gox news was FUD like any other news including China, Russia, Korea, India, ... banning bitcoin that kept coming out.

[hugeblack]

The definite point is that the Bitcoin has seen some stability in recent times as the price remained steady at $ 8000 range for relatively long periods. This is good for both:
1. Who want to use Bitcoin as a currency: stability is appropriate for buying and selling
2. Stability confirms confidence: away from all analyzes that say the price will return to 1000 and "Bitcoin bubble."
Personally, $ 9000 is a reasonable price.

[starblocks]

The next MT Gox sell off is not expected to occur until September so that shouldn't be having too much effect on the price for now

There is consensus and the soccer world cup to take into consideration that will generate some hype so we should see more positive sentiment adding value to the market