BTC: where is the market going

[bennie4]

Hello!
Sometimes we need to look at the charts, so that it becomes clearer where the market is now and where it is going to go further.
I decided to publish two graphics for bitcoin. Perhaps it will be useful for someone.

The first graph is the bitcoin schedule from February 2017. Here you can see the main trends. As we see the price has reached an important level of support and the decline has stopped.


On the second chart, a shorter period for information is happening right now. Here it is important to see that the fall occurs at large volumes, and growth occurs at low volumes.



Of course, it is difficult to make predictions on the crypto market, but based on these graphs, I can make a guess that the price may still fall in the near future.
I can assume that the bitcoin price will break down support at $ 6,400 and the price will go even lower. I think that only after this the market will begin to turn upward and we will see a new wave of growth.

This means that it's better not to rush to buy while waiting for a better moment for it.

You can see that bitcoin prices are going down sharply, the market is showing very bad when bitcoin prices have dropped to $ 7,500, according to my analysis, the bitcoin price will continue to fall sharply in time. and may drop to $ 6800. If the $ 6800 mark is broken, the bitcoin price could fall to $ 5100, so I believe you should get rid of the bitcoin at this point in order to preserve the capital.

[coin_1122]

Don't worry market will recover recently we have seen some growth from 6200$ to 8500$. Before reaching high value it should go down below to 7300$ and again it will cross the value more than 9500$. Everything we have to watch closely until it reaches high value.

[imsotiredofmoviereboots]

OP's conclusion about breaking the $6k support is correct but we are still not sure if after that, the market will start to recover and rise again. The large volume that made the dump is clearly from the people who FOMOed from last December so I expected a painful drop this year. And not its hard to convince new people to invest that is the missing factor for a huge bull run.

[wuvdoll]

Don't worry market will recover recently we have seen some growth from 6200$ to 8500$. Before reaching high value it should go down below to 7300$ and again it will cross the value more than 9500$. Everything we have to watch closely until it reaches high value.

Except for whales I guess, since they are the ones who are the market makers anyway and we are all just some puppets dancing to their tunes. It is one thing that I have noticed so far, which is the fact that technically, the market is highly volatile with a lot of manipulations and it takes extra carefulness to be able to get the best from it. For now, we just have to keep watching how far we will go high, Yes the chance of $20k is still there within this year.

I am still afraid of mtgox guy as I do believe he was the big force to drag back bitcoin prices from $12k to $6k levels. If he plans to sell some more coins after recent push back then we may sadly need to go back to support zones again.

[tbterryboy]

~snip~

Your post is more on speculation. Well based on what i see you are seeing a little bit more dump in the market. But, in the chart clearly pass the downtrend and now we are in good uptrend waiting only this approach in etf if it will be successful or being rejected by SEC.

We all know this thing that this crypto market is very much unpredictable and that things change quite rapidly especially when it comes to that of the market values of the crypto currencies. Since last few days, we have seen a much positive trend in the entire crypto market and that there are much brighter chances that soon the market value of different crypto coins will rise even higher.

[chainedblocks]

~snip~

Your post is more on speculation. Well based on what i see you are seeing a little bit more dump in the market. But, in the chart clearly pass the downtrend and now we are in good uptrend waiting only this approach in etf if it will be successful or being rejected by SEC.

This must be disclaimed as prediction. Nobody knows what is happening in the market and how it will behave very next moment. There are hundreds and thousands of investors throughout the world so one man can’t perceive the ideas of every other investor. Thus such assumptions must be declared as assumptions and need to be out just claimed as guesses.

[Victorycoin]

~snip~

Your post is more on speculation. Well based on what i see you are seeing a little bit more dump in the market. But, in the chart clearly pass the downtrend and now we are in good uptrend waiting only this approach in etf if it will be successful or being rejected by SEC.

This must be disclaimed as prediction. Nobody knows what is happening in the market and how it will behave very next moment. There are hundreds and thousands of investors throughout the world so one man can’t perceive the ideas of every other investor. Thus such assumptions must be declared as assumptions and need to be out just claimed as guesses.

Speculation is exactly what it is and no one ever attached certainty to their predictions, but being that trading is one of human endeavors where human nature and psychology can never be discounted, it stands to reason that certain behavioral patterns are recognizable and traceable. Knowing that history repeats itself, therefore predictions made on some of the observations, have proven to come to pass most of the time.

A case in hand is the current resilience seen in Bitcoin. While most altcoins have plunged, Bitcoin is still holding strong above the $6500 price level and that is attributable to traders and investors positive disposition and anticipation for SEC approval of a Bitcoin ETF in about 3 weeks time. You'll see the price of Bitcoin will continue to firm higher as the day draws near and would likely breakout if any of the applications got approved.