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Author Topic: [2018-05-04] Bitcoin Sets Sights Above $10K After Bull Breakout  (Read 35 times)
Psicotico
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May 06, 2018, 01:58:19 PM
 #1

Following a bull breakout last night, bitcoin (BTC) looks set to test $10,000 and could possibly move higher over the weekend.

Bitcoin closed yesterday (as per UTC) at $9,759 on Bitfinex - the highest daily close since March 7 - signaling the upside break of the week-long narrowing price range we've been anticipating.

The cryptocurrency also clocked a two-month high of $9,875 yesterday. At time of writing, BTC is changing hands at $9,776 and remains on the hunt for a big break above the $10,000 mark, as indicated by the bullish setup in the technical charts below:
https://www.coindesk.com/bitcoin-sets-sights-10k-bull-breakout/
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May 06, 2018, 04:09:33 PM
 #2

Small correction happened after that - 5% decrease in last 24 hours, nothing critical. It will take 2 days to get back to 10k.

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bitcoinisbest
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May 06, 2018, 05:13:50 PM
 #3

Small correction happened after that - 5% decrease in last 24 hours, nothing critical. It will take 2 days to get back to 10k.

The correction was minor nothing to worry and also now btc back to 9550$. It was only for a day that fell by 200 - 300$ but started to pull back and in this week we should see 10k above btc prices. Also in May we  might even cross 11k in price if things go smooth for btc.


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May 06, 2018, 05:23:24 PM
 #4

I constantly see people keep asking when we will recover back to the $20,000 level, but they fail to understand that it was a hype based peak; there is simply nothing to recover from.

If we do happen reach the $10,000 level somewhere in the coming days/weeks, it should be seen as a new all time high based on a more moderate form of demand, which holds way more value than the empty $20,000 peak of last year. It should result in a more sustainable form of growth that we can build on, but I'm not yet confident that the next base bottom will top the $10,000 level. My best guess would be between $7000-$9000, short term speaking.

Previous bottoms Bitstamp;

November 2017, $5550
February 2018, $5920
April 2018 (likely base bottom), $6427

What this shows is that regardless of the explosive growth we experienced last year, the bottoms indicated a stable growth, which is something not many people look at.

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May 06, 2018, 05:55:39 PM
 #5

Small correction happened after that - 5% decrease in last 24 hours, nothing critical. It will take 2 days to get back to 10k.

I thought we gonna sustain the bullish breakout unfortunately, minor correction happened pulling the price in the $9500-$9600 range. Which means the grip of the bulls and not that strong to really push the price above $10K. However, I have to agree that there's nothing to worry about. Maybe it was really overbought and we don't like that kind of scenario. What we wanted to see is the price moving on a 'normal', as compare to the artificial price increase last December which resulted in the price bottoming to $6500 from as high as $20K.

Let's see if this descending trend will continue or investors are matured enough to get back into the market and to rally again to inch closer to the $10K mark.

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May 06, 2018, 05:56:59 PM
 #6

I constantly see people keep asking when we will recover back to the $20,000 level, but they fail to understand that it was a hype based peak; there is simply nothing to recover from.

If we do happen reach the $10,000 level somewhere in the coming days/weeks, it should be seen as a new all time high based on a more moderate form of demand, which holds way more value than the empty $20,000 peak of last year. It should result in a more sustainable form of growth that we can build on, but I'm not yet confident that the next base bottom will top the $10,000 level. My best guess would be between $7000-$9000, short term speaking.

Previous bottoms Bitstamp;

November 2017, $5550
February 2018, $5920
April 2018 (likely base bottom), $6427

What this shows is that regardless of the explosive growth we experienced last year, the bottoms indicated a stable growth, which is something not many people look at.

if $20k was hype-based/sentiment (which it was), what is $10k based on? Bitcoin is completely speculative at this point.
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May 06, 2018, 06:17:20 PM
 #7

if $20k was hype-based/sentiment (which it was), what is $10k based on? Bitcoin is completely speculative at this point.

Bitcoin is indeed speculative in every way, that won't likely change in the forthcoming years, but the insane hype demand of last year was too extreme, which was my main point. Current demand is more natural in Bitcoin terms, and likely to allow support levels moving up higher to develop a more sustainable form of growth. That's exactly why I focus on how bottoms stack on top of each other throughout the years, because they mirror a healthy form of growth, while if you follow the peaks and bottoms, it's one big mess.

Peak to bottom increases and dumps are crazy, while bottoms show moderate increases time on time again, regardless of how deep the market has been tanking.

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May 06, 2018, 08:01:00 PM
 #8

Previous bottoms Bitstamp;

November 2017, $5550
February 2018, $5920
April 2018 (likely base bottom), $6427

I like how despite the massive jump last year, which started from levels below $1000, the bottom months later was severely higher than that. It's a gap of $4500 that the market filled in less than 10 months, which is pretty impressive. It's definitely the result of new investors hopping in, where if we focus on the other bottoms, the growth booked is almost in consistent steps of 7%. Past events are not guaranteed to happen in the future, but if we add another 7% then the next bottom hints at sub $7000 levels still, but wouldn't be surprised to see it be higher than that, especially so if there are bullish events backing up a higher increase, and thus likely a higher average bottom.
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