Bears are still playing, and Bitcoin doing sideways

[mahbuboracle]

Bitcoin update:-

Nothing really changed, sitting in the same zone, yesterday jumped a little but not that much potential which can take it to 6500$ or above, so far just a small pump and then big dump, it's been doing the same for many months now and just dumping after a little pump! We are still in bearish zone and market conditions aren't good to trade, and if you in case open any trade, make sure to use tight stop-loss rather than keeping the trades open for days and lose the most of your money!


If Bitcoin consolidates around 6000-6500$ and do not go above this area, I am expecting a drop to 4500-5000$, so for me, every pump is an opportunity to short the Bitcoin at Bitmex, margin trading is more profitable in this kind of situation where Bitcoin is dumping!


Recommended leverage: 5x-10x

Exchange- Bitmex


We will analyze the Bitcoin and if we find any update, we will post here!

Meanwhile, you can watch the market reaction for new few hours/days to see if the market is good to trade!


BTC dominance 41.6%   DOWN 0.3% in 24h  Long-term downside resistance remains at 35.5%.  40% is now the new short-term resistance.  Next major upward support is 42.7% (April 12th BTC buy candle level). resistance.  After that, 45.7% would make a higher high for BTC dominance overall in 2018.

Global Cap $253B   UP $12B in 24h  The 2018 low of $248B has been broken.  $291B short-term upward resistance.

Daily Global Volume $15.8B.  UP $2.3B
 
BTC dominance peaked at an incredible 42.4% yesterday.  Only 0.3% away from the historical support mentioned above.  It went back down below 42% as Asia woke up only to return to the 42% level again and then finally decline after Europe woke up.  This is an incredible run out of alt-coins over the past 6 weeks that just will not let up.  Trends in BTC dominance tend to last weeks or months.  Even when they don’t seem to make sense as we add more coins hitting markets post-ICO, it would seem obvious that BTC dominance would continue to fall as a long-term trend.  But for some reason that is not the case.

 The rise in BTC dominance does not mean that people want to choose to bet on BTC over alts.  It means when global cap is falling, that people are moving their alts to BTC temporarily on the way back to fiat.  It also means that new money into the space enters at BTC and exits back to fiat of stays in BTC ready for a quick exit.  It is a change in speculative sentiment that is undeniable right now.

As much as I hate to say this, the move this morning feels more like a chance to clean up or close some old alt-coin positions rather than take new ones unless doing so only for a scalp trade of a few hours duration.  Volume is good but we need to see consecutive green candles trending higher with increasing volume for more than a few hours to call a bottom.

[Herbert2020]

If Bitcoin consolidates around 6000-6500$ and do not go above this area, I am expecting a drop to 4500-5000$, so for me, every pump is an opportunity to short the Bitcoin at Bitmex, margin trading is more profitable in this kind of situation where Bitcoin is dumping!

you have no reason for expecting that, you are basically making a guess here and also the worst part is that you can not make up your mind about it either. your title says "bitcoin is doing sideways" then you want to margin it?!! you do that when price is falling and now price is NOT falling. it is NOT rising either but not rising doesn't mean it should fall.

BTC dominance 41.6%   DOWN 0.3% in 24h  Long-term downside resistance remains at 35.5%.  40% is now the new short-term resistance.  Next major upward support is 42.7% (April 12th BTC buy candle level). resistance.  After that, 45.7% would make a higher high for BTC dominance overall in 2018.

using this only proves that you are not familiar with the market and you should be very careful when trading because your decisions are based on false factors.
what you are calling "market dominance" is the product of total market capitalization being a fake number thanks to nearly 2000 shitcoins with gigantic supplies. when it goes up and down like 41% to 40% to 50% that doesn't mean anything at all about the price of bitcoin.

The rise in BTC dominance does not mean that people want to choose to bet on BTC over alts.  It means when global cap is falling, that people are moving their alts to BTC temporarily on the way back to fiat.

WRONG.
that simply means altcoins are dumping. it is a simple math thing. let me explain it for you:
we have bitcoin with about 17,000,000 supply
then we have shitcoins, each with billions of supply. when bitcoin drops about 5% for instance. these shitcoins drop from 10% to 20% for instance ETH dropped 12% when bitcoin dropped 5%.

now each of them are losing 10% of their bloated market cap. 10% * 100,000,000 supply * price will be a huge amount and the total decreases with it a lot.
that is why it is not called "dominance" it is a dump thing created by the altcoin bag holders to undermine bitcoin.

[mahbuboracle]

BTC dominance 41.6%   DOWN 0.3% in 24h  Long-term downside resistance remains at 35.5%.  40% is now the new short-term resistance.  Next major upward support is 42.7% (April 12th BTC buy candle level). resistance.  After that, 45.7% would make a higher high for BTC dominance overall in 2018.

whether there is a sign that prices will rise this year?

[JustinBrenda]

everyone knows that this market is passing very bad time based on this you need to learn more about this market based on this market conditions all you need that is patience it can only help you to motivate also after few days later this price will increase.

[hukes]

You can't forecast everything right. But in this market you need this but you can’t always 100%correct.In recent times bitcoin price is stable. But in near future price will fall down also. But we hope price will rise.

[Currencyguide]

Bitcoin can never do sideways because it can never be margined. The volatility of the bitcoin will always change its flow of transactions.

[Pursuer]

bears got boned in the ass too in the past couple of weeks as the market was going sideways instead of going down you can see the symptoms of them getting "boned" on bitcointalk as there has been an increased activity of butthurt people who repeat the same doomsday theories again and again and wish for the price to go down so that they can make profit or possibly earn back what they have lost.

[jonalva]

Yes, the bear trend in the market is still persisting. It is hoped that within a week or two, the price of Bitcoin will start rising. Let's see what happens!

[jonloner011]

Before making such comments or statements, one needs to have a complete and correct knowledge about the market. The market is unstable and price will fluctuate all the time. Also it is very visible that altcoins are being dumped and people are going for bitcoins again for their investments in the market.

[carlisle1]

Would you please stop updating from time to time about the downtrend of bitcoin and altcoins?youre not helping the community,why not instead of posting something like this why not make it positive,post like many of usill be boosted and make us trust that market will grow sooner,but dont put misinformation campaign because this will kill the faith of others

[shackleford]

Bitcoin update:-

Nothing really changed, sitting in the same zone, yesterday jumped a little but not that much potential which can take it to 6500$ or above, so far just a small pump and then big dump, it's been doing the same for many months now and just dumping after a little pump! We are still in bearish zone and market conditions aren't good to trade, and if you in case open any trade, make sure to use tight stop-loss rather than keeping the trades open for days and lose the most of your money!


If Bitcoin consolidates around 6000-6500$ and do not go above this area, I am expecting a drop to 4500-5000$, so for me, every pump is an opportunity to short the Bitcoin at Bitmex, margin trading is more profitable in this kind of situation where Bitcoin is dumping!


Recommended leverage: 5x-10x

Exchange- Bitmex


We will analyze the Bitcoin and if we find any update, we will post here!

Meanwhile, you can watch the market reaction for new few hours/days to see if the market is good to trade!


BTC dominance 41.6%   DOWN 0.3% in 24h  Long-term downside resistance remains at 35.5%.  40% is now the new short-term resistance.  Next major upward support is 42.7% (April 12th BTC buy candle level). resistance.  After that, 45.7% would make a higher high for BTC dominance overall in 2018.

Global Cap $253B   UP $12B in 24h  The 2018 low of $248B has been broken.  $291B short-term upward resistance.

Daily Global Volume $15.8B.  UP $2.3B
 
BTC dominance peaked at an incredible 42.4% yesterday.  Only 0.3% away from the historical support mentioned above.  It went back down below 42% as Asia woke up only to return to the 42% level again and then finally decline after Europe woke up.  This is an incredible run out of alt-coins over the past 6 weeks that just will not let up.  Trends in BTC dominance tend to last weeks or months.  Even when they don’t seem to make sense as we add more coins hitting markets post-ICO, it would seem obvious that BTC dominance would continue to fall as a long-term trend.  But for some reason that is not the case.

 The rise in BTC dominance does not mean that people want to choose to bet on BTC over alts.  It means when global cap is falling, that people are moving their alts to BTC temporarily on the way back to fiat.  It also means that new money into the space enters at BTC and exits back to fiat of stays in BTC ready for a quick exit.  It is a change in speculative sentiment that is undeniable right now.

As much as I hate to say this, the move this morning feels more like a chance to clean up or close some old alt-coin positions rather than take new ones unless doing so only for a scalp trade of a few hours duration.  Volume is good but we need to see consecutive green candles trending higher with increasing volume for more than a few hours to call a bottom.

Great post you have. In some moments, I do not agree with you that many people do not buy altcoins, because it is difficult to go to Fiat from them. I believe that Altcoins is currently a bitcoin-dependent asset, but soon, it will not. Yes, I agree many speculate on the price of bitcoin for a short time, but this is a risk. because there is no constant trend of the last 4 hours.

[Wicked Sick]

So you are recommending a leverage of x10 during such a volatile period. And what makes you think that the price will fall to $4500 if prices aren't able to break above the $6000 price level. You cant just make predictions without providing any reason to back it up, these prediction aren't going to be of any use to anyone otherwise.

[availcrypto]

You have to keep patience. Nothing good comes so easily. A hard time goes before it comes. I will suggest you keep calm the change will come and I deeply trust that it will be visual within the end of this year.

[darkangel11]

bears got boned in the ass too in the past couple of weeks as the market was going sideways instead of going down you can see the symptoms of them getting "boned" on bitcointalk as there has been an increased activity of butthurt people who repeat the same doomsday theories again and again and wish for the price to go down so that they can make profit or possibly earn back what they have lost.

The best indicator is the chart showing the number of shorts opened. A huge amount opened last week when we started to fall from 6k USD, but the price stabilized right below. A huge number of those shorts is still open in hope for the price retesting the new bottom. If that doesn't happen within a week you can expect a short squeeze, meaning all those people switching stance, much like what happened between March 29 and April 12. Situation stabilized and we had a squeeze on the 12th.