Triple bottom: yes or no

[cellard]

I would like to find out what the sentiment on this is... some people are considering a triple bottom situation in which we'll not dip much further below the $5k range, and the beginning towards the next bull period will start, or at least a good rise if not necessarily reaching ATH without further big dips. Let's say testing $10k after a triple bottom, would do, then followed by a dip, then going for ATH.

Others say triple bottoms are like unicorns and it will just not happen, it's too rare, so we are going lower.

It's now or never, if there is a triple bottom, formation must happen rather soon, time for a poll.

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[dunfida]

I would like to find out what the sentiment on this is... some people are considering a triple bottom situation in which we'll not dip much further below the $5k range, and the beginning towards the next bull period will start, or at least a good rise if not necessarily reaching ATH without further big dips. Let's say testing $10k after a triple bottom, would do, then followed by a dip, then going for ATH.

Others say triple bottoms are like unicorns and it will just not happen, it's too rare, so we are going lower.

It's now or never, if there is a triple bottom, formation must happen rather soon, time for a poll.

I havent see on the poll which do tell "maybe" which i supposed to choose up. 

Even a double bottom would already give us a hint that the market would turn to reversal and we do see it happen on bitcoin but it fails up to reverse and now we are hitting triple bottom.Speculations would really always come out into these times when we do base technical aspects then we can really analyze such thing but these things do works on forex and stocks  but for this unpredictable market of crypto it can break those aspects anytime.

[BitcoinNewbie15]

I voted no... IMO, triple bottoms are indeed very rare. I don't think Bitcoin has ever had a triple bottom in the past (albeit, I could be wrong, haven't done extensive research). I, more than anyone, hope that we will see a triple bottom. it would be quite nice to have the price fully bottom out this year, and break the downtrend/start the uptrend by 2019. But I do not think this will be the case... I think we will drop further below a triple bottom, and see a small recovery, then a slow continuation of the bear trend. Eventually we may see a reversal by the end of 2019/beginning of 2020. That's just my 2 satoshis.

[blester]

In my opinion, if the price is testing so many times the same support, it will eventually break. Double/Triple bottoms are bearish and double/triple tops are bullish

It will break this triple bottom and go to 4500$

[cellard]

I would like to find out what the sentiment on this is... some people are considering a triple bottom situation in which we'll not dip much further below the $5k range, and the beginning towards the next bull period will start, or at least a good rise if not necessarily reaching ATH without further big dips. Let's say testing $10k after a triple bottom, would do, then followed by a dip, then going for ATH.

Others say triple bottoms are like unicorns and it will just not happen, it's too rare, so we are going lower.

It's now or never, if there is a triple bottom, formation must happen rather soon, time for a poll.

I havent see on the poll which do tell "maybe" which i supposed to choose up. 

Even a double bottom would already give us a hint that the market would turn to reversal and we do see it happen on bitcoin but it fails up to reverse and now we are hitting triple bottom.Speculations would really always come out into these times when we do base technical aspects then we can really analyze such thing but these things do works on forex and stocks  but for this unpredictable market of crypto it can break those aspects anytime.

While "Maybe" is the only sane option since we can't predict the future... what fun is there in that? You have to choose, yes or no, what are the odds? You don't make money on "maybes".

Im not voting but if I had to I would vote a "no", simply because of how rare triple bottoms are. Yet, this is Bitcoin, anything is possible. It just takes the right news to hit the press and then your TA is blown away. I believe fundamentals can defeat technical analysis, but there doesn't seem to be anything big lurking that could change the current trend.

[shulio]

It is the last day of CME Future contracts today. Maybe there will be some short term recovery but I do not think it will stop here. BTC price will go sub 5000 levels.

[mostkey]

It is the last day of CME Future contracts today. Maybe there will be some short term recovery but I do not think it will stop here. BTC price will go sub 5000 levels.

sure, think so, maybe this would be a surprise when btc broke below the 5000 level and not to be a big surprise. because I have prepared myself for the worst

[Idrisu]

If we relay on technical analysis alone we may have serious problem but if we can join them with sentimental and fundamentals analysis then we can make an informed investments decision.  The triple bottom's signals can be upset by just a little news that hit the market.  I therefore will advise us to get knowledge of both in other not to invest at the wrong time.

[exstasie]

I would like to find out what the sentiment on this is... some people are considering a triple bottom situation in which we'll not dip much further below the $5k range, and the beginning towards the next bull period will start, or at least a good rise if not necessarily reaching ATH without further big dips. Let's say testing $10k after a triple bottom, would do, then followed by a dip, then going for ATH.

Others say triple bottoms are like unicorns and it will just not happen, it's too rare, so we are going lower.

It's now or never, if there is a triple bottom, formation must happen rather soon, time for a poll.

Bulls are still managing to hold onto the $6,000 level for now, so we can't rule it out. But in terms of predictions, I'm in the "unicorn" camp. I've never really seen triple bottoms work on any instruments I trade.

I also wouldn't consider $5K and below a triple bottom. That's 16% + below the first bottom. But if we hit that range and see signs of accumulation, it could play out as ProwdClown is predicting in his thread: https://bitcointalk.org/index.php?topic=4466954.0

[STT]

I believe double bottom in a rough formation resembling a W shape is considered more reliable in resulting in a bullish move upwards.   Even when it occurs, the move up is in relation to the depth of the middle of the W section.   So not often massive but also it can be the start of a larger move.

For triple bottom its no longer a W shape but something more extended, I dont believe its as reliable in a positive outcome.    Repeated testing of a bottom can cause a breach which requires further support to be found.   FOr bars I think at least 4hr to confirm below the support to acknowledge its been passed



Here I think this action yesterday morning was quite bullish.   It fails to hold down, just 5 minute bars here.   We didnt rise but then traded sideways in a range.   Now recently we have the bullish move upwards but it built from this initial test I think.    Hard to say on our longer term triple bottom test

[Herbert2020]

i think yes, mainly because this seems to me like the last squeeze to get the last drops of blood out of the market and since there aren't that any weak hands left to panic sell and there has also been a lot of good news and lot of buys we may see a reversal.

but the problem is with the unpredictability. we have seen time and time again a lot of analysis that pointed to end of some trend (both end of rise and end of drop) but we saw it be defied and broken again.

[Soots]

i think yes, mainly because this seems to me like the last squeeze to get the last drops of blood out of the market and since there aren't that any weak hands left to panic sell and there has also been a lot of good news and lot of buys we may see a reversal.

but the problem is with the unpredictability. we have seen time and time again a lot of analysis that pointed to end of some trend (both end of rise and end of drop) but we saw it be defied and broken again.

The behaviour of bitcoin's price was unpleasantly worst since the end days of this month of June. But I do hope that after the price slightly pumped up few hours ago, it won't fall down as fast as what happened lastly. More traders was affected much on that scenario, and that's number one cause of drastic price fluctuations bounded at lowest price of $5700 to $6000. Right now if you have time to check on your blockfolio, green arrows were signing green arrows but it seems to smell something fishy about it because the bearish market is like a thief that intrudes a random surprise; which could fall back the price to lower value.

[Pursuer]

we have tested $6k resistance and the $5k waters 3 times now and each time price bounced back up above it and continued going up. I think it is safe to say that we have a very strong resistance around that price level that can not be broken that easily.

so yeah it can be considered a triple bottom in my opinion. and many are considering this as a good sign for a bullish movement to come.

of course some others are always going to sign the doomsday song and ask for a much lower price and there are whales dumping to get that price. but I think we are currently at a balance between that  dump and the strong buy support. so unless the dump grows bigger or we see a horribly negative news I doubt that price can go any lower.

[BillyBobZorton]

I would like to find out what the sentiment on this is... some people are considering a triple bottom situation in which we'll not dip much further below the $5k range, and the beginning towards the next bull period will start, or at least a good rise if not necessarily reaching ATH without further big dips. Let's say testing $10k after a triple bottom, would do, then followed by a dip, then going for ATH.

Others say triple bottoms are like unicorns and it will just not happen, it's too rare, so we are going lower.

It's now or never, if there is a triple bottom, formation must happen rather soon, time for a poll.

Bulls are still managing to hold onto the $6,000 level for now, so we can't rule it out. But in terms of predictions, I'm in the "unicorn" camp. I've never really seen triple bottoms work on any instruments I trade.

I also wouldn't consider $5K and below a triple bottom. That's 16% + below the first bottom. But if we hit that range and see signs of accumulation, it could play out as ProwdClown is predicting in his thread: https://bitcointalk.org/index.php?topic=4466954.0

Maybe the theory of miners not leaving Bitcoin go below $6,000 is real? remember that there is this big rumor of $6,000 being the price in which miners would start losing money. What dumb miner would sell their Bitcoin at a loss? I think this may be true after all. They will keep it above this range until bears give up, then the rest will FOMO back in.

[Catmony]

Even if price will test $10k by next month we will be in next bull ride by end of this year just like last year but price might move way further than just $20k.
Also every bull run will be followed by big dips so we should be careful.

The one who will sell at current point will loss for sure because almost all cryptocurriencies were over sold over last 6 month.

[fabiorem]

No, because there were two double bottoms already, and nothing changed, no bull market started.

This will be just another trap.

[Lancusters]

I would like to find out what the sentiment on this is... some people are considering a triple bottom situation in which we'll not dip much further below the $5k range, and the beginning towards the next bull period will start, or at least a good rise if not necessarily reaching ATH without further big dips. Let's say testing $10k after a triple bottom, would do, then followed by a dip, then going for ATH.

Others say triple bottoms are like unicorns and it will just not happen, it's too rare, so we are going lower.

It's now or never, if there is a triple bottom, formation must happen rather soon, time for a poll.

Bulls are still managing to hold onto the $6,000 level for now, so we can't rule it out. But in terms of predictions, I'm in the "unicorn" camp. I've never really seen triple bottoms work on any instruments I trade.

I also wouldn't consider $5K and below a triple bottom. That's 16% + below the first bottom. But if we hit that range and see signs of accumulation, it could play out as ProwdClown is predicting in his thread: https://bitcointalk.org/index.php?topic=4466954.0

Maybe the theory of miners not leaving Bitcoin go below $6,000 is real? remember that there is this big rumor of $6,000 being the price in which miners would start losing money. What dumb miner would sell their Bitcoin at a loss? I think this may be true after all. They will keep it above this range until bears give up, then the rest will FOMO back in.

I didn't hear that theory. It seems to me that $ 6,000 is much higher than the cost of bitcoin mining. It seems to me that the cost price is at $ 2000 per 1 bitcoin. There is a range for price reduction but this does not happen because people are not morally ready to sell bitcoins for 6000 dollars. The lack of a large number of proposals will push prices up.

[cellard]

I didn't hear that theory. It seems to me that $ 6,000 is much higher than the cost of bitcoin mining. It seems to me that the cost price is at $ 2000 per 1 bitcoin. There is a range for price reduction but this does not happen because people are not morally ready to sell bitcoins for 6000 dollars. The lack of a large number of proposals will push prices up.

It depends on many variables, mostly cost of electricity, which varies a lot depending on where you are and what your standing is, as in, some people with government connections get away with having free electricity in some places. I think it's not far fetched to think people like Jihan may have special deals with the government to have discounts in their electricity bills.

But I have heard too that around that price range, some miners may start losing money. All it takes is a self fulfilling prophecy and maybe $6k-ish becomes a floor.

[BrewMaster]

I would like to find out what the sentiment on this is... some people are considering a triple bottom situation in which we'll not dip much further below the $5k range, and the beginning towards the next bull period will start, or at least a good rise if not necessarily reaching ATH without further big dips. Let's say testing $10k after a triple bottom, would do, then followed by a dip, then going for ATH.

Others say triple bottoms are like unicorns and it will just not happen, it's too rare, so we are going lower.

It's now or never, if there is a triple bottom, formation must happen rather soon, time for a poll.

Bulls are still managing to hold onto the $6,000 level for now, so we can't rule it out. But in terms of predictions, I'm in the "unicorn" camp. I've never really seen triple bottoms work on any instruments I trade.

I also wouldn't consider $5K and below a triple bottom. That's 16% + below the first bottom. But if we hit that range and see signs of accumulation, it could play out as ProwdClown is predicting in his thread: https://bitcointalk.org/index.php?topic=4466954.0

Maybe the theory of miners not leaving Bitcoin go below $6,000 is real? remember that there is this big rumor of $6,000 being the price in which miners would start losing money. What dumb miner would sell their Bitcoin at a loss? I think this may be true after all. They will keep it above this range until bears give up, then the rest will FOMO back in.

it doesn't really have to be true! what else so far has been true that caused some rise or fall in bitcoin? i say so little. the market is mostly excited by the news and speculation. sometimes in a bad way and sometimes in a good way.

so far people seem to have come to consensus about $6000 to be the bottom. and they have all sorts of reasons for it. from it being "triple bottom" to it being "threshold where mining becomes unprofitable". and that has been enough to keep the price up there because of the strong buy support that has shaped up.

[Gaaara]

I didn't hear that theory. It seems to me that $ 6,000 is much higher than the cost of bitcoin mining. It seems to me that the cost price is at $ 2000 per 1 bitcoin. There is a range for price reduction but this does not happen because people are not morally ready to sell bitcoins for 6000 dollars. The lack of a large number of proposals will push prices up.

Video cards and other devices like cooling stuff it is not that easy to mine, the mining rig is not that much but if you'll combine it with monthly electricity that will cost more than you expect and before you can get a 1 bitcoin it will take time unless you will do a multiple mining rigs which will cost you so much then you'll have no guarantee you'll get bitcoin the same amount when you started mining since the price is moving constantly.

[figmentofmyass]

Maybe the theory of miners not leaving Bitcoin go below $6,000 is real? remember that there is this big rumor of $6,000 being the price in which miners would start losing money. What dumb miner would sell their Bitcoin at a loss? I think this may be true after all. They will keep it above this range until bears give up, then the rest will FOMO back in.

$6000 on average sounds kind of high, does it not? maybe times have changed---sometimes i forget that BTC isn't still trading in the $200s too.

gotta account for subsidized electricity too, and more importantly, bitmain. they have a near monopoly on chip manufacturing, then they mine with customer hardware and probably have the best electricity rates in the world. then again, i suspect bitmain withholds most of their coins from the market....

lots of variables here.

[Flagship11]

The Triple Bottom Line is all about sustainability, something which we all know Bitcoin and other alt coins are incapable of achieving.
Very, very tough to suggest when the price of a coin will not dip down any further, much more speculation and a matter of your opinion.

[sindikat]

All without exception know that the whales manipulate the prices of cryptocurrencies on the exchange. How can you believe that a triple bottom can be a powerful sign that the price will start to recover? What prevents the whales to make 4,5,6, etc.it seems to me that the behavior of bitcoin is impossible to predict. It can only be guessed.

[BillyBobZorton]

Maybe the theory of miners not leaving Bitcoin go below $6,000 is real? remember that there is this big rumor of $6,000 being the price in which miners would start losing money. What dumb miner would sell their Bitcoin at a loss? I think this may be true after all. They will keep it above this range until bears give up, then the rest will FOMO back in.

$6000 on average sounds kind of high, does it not? maybe times have changed---sometimes i forget that BTC isn't still trading in the $200s too.

gotta account for subsidized electricity too, and more importantly, bitmain. they have a near monopoly on chip manufacturing, then they mine with customer hardware and probably have the best electricity rates in the world. then again, i suspect bitmain withholds most of their coins from the market....

lots of variables here.

Indeed, and miners will ALWAYS mine with the latest, unreleased hardware. If Bitmain or whoever else makes a big advancement in mining technology, they aren't going to release it right away, they will take this advantage for themselves secretly, then sell it later on, so these big miners that have money invested in research always have the advantage. Best electricity rates and best technology, the competition in bitcoin mining is extremely high if you want to surpass the big names.

[darewaller]

These talks of "bottom" and "macd" and "bollinger band" and "rsi" etc etc all are bunch of attempts of making

bitcoin look like any other stock or forex currency but you guys are forgetting one important thing. No matter what you do bitcoin is still insanely volatile due to people. There are people who own thousands of coins and there are people who owns tens of thousands of coins we have seen what happened when mtgox trustee sold 44k btc at once.

What I mean is, a person may come up and buy 10k bitcoin at once and get us to 7k or maybe another person just sells 100k bitcoins which would cripple us for a long time. What will happen can not be explained via charts as long as these "one person changing the market" situation stays.

[BTCLovingDude]

These talks of "bottom" and "macd" and "bollinger band" and "rsi" etc etc all are bunch of attempts of making bitcoin look like any other stock or forex currency but you guys are forgetting one important thing. No matter what you do bitcoin is still insanely volatile due to people.

it is true that bitcoin is nothing like other markets and it is volatile but none of the things you said here means "bottoms",... are not true. the thing is you shouldn't be expecting that much out of TA in first place and this is not bitcoin related. if you lower your expectation to realistic levels then you can see how correct they are.

we have seen what happened when mtgox trustee sold 44k btc at once.

WRONG. what we saw was not effects of someone selling x amount of bitcoin. what we saw was the effects of the FUD scaring newbies into thinking someone is dumping bitcoin.
in reality MtGox was not even selling his coins on the market. google his statements and see for yourself...

What I mean is, a person may come up and buy 10k bitcoin at once and get us to 7k or maybe another person just sells 100k bitcoins which would cripple us for a long time. What will happen can not be explained via charts as long as these "one person changing the market" situation stays.

manipulation exists but it is not even close to the big illusion that you have made it to be like.

[Coffee135]

These talks of "bottom" and "macd" and "bollinger band" and "rsi" etc etc all are bunch of attempts of making

bitcoin look like any other stock or forex currency but you guys are forgetting one important thing. No matter what you do bitcoin is still insanely volatile due to people. There are people who own thousands of coins and there are people who owns tens of thousands of coins we have seen what happened when mtgox trustee sold 44k btc at once.

What I mean is, a person may come up and buy 10k bitcoin at once and get us to 7k or maybe another person just sells 100k bitcoins which would cripple us for a long time. What will happen can not be explained via charts as long as these "one person changing the market" situation stays.

What you write is correct. But you forgot that there are rules of trade. Why do people need to sell 100k bitcoins? To sell the last coins in two cheaper than the first? Lol. I think that the mtgox Manager did not do it by accident. He was acting on behalf of speculators who generously paid him a fee out of our pockets.

[BrewMaster]

What I mean is, a person may come up and buy 10k bitcoin at once and get us to 7k or maybe another person just sells 100k bitcoins which would cripple us for a long time. What will happen can not be explained via charts as long as these "one person changing the market" situation stays.

this is not some Sci Fi movie, this is real life. 10k bitcoin is worth $66+ million. you can't even transfer that much money into exchanges all at once. your bank won't even allow that to happen, not to mention all the red flags that you are going to rise if you do that.
selling it is the same, specially if you are talking about 100k bitcoin which is $660 million! you can't just throw random numbers without giving it some thought.

[BillyBobZorton]

What I mean is, a person may come up and buy 10k bitcoin at once and get us to 7k or maybe another person just sells 100k bitcoins which would cripple us for a long time. What will happen can not be explained via charts as long as these "one person changing the market" situation stays.

this is not some Sci Fi movie, this is real life. 10k bitcoin is worth $66+ million. you can't even transfer that much money into exchanges all at once. your bank won't even allow that to happen, not to mention all the red flags that you are going to rise if you do that.
selling it is the same, specially if you are talking about 100k bitcoin which is $660 million! you can't just throw random numbers without giving it some thought.

True that, many people think that it's just a walk in the park to move 9 figures into an exchange to buy or sell, but that isn't the case. It would raise all kinds of alarms when you moved that kind of money. It is NOT impossible tho. As far as I know (unfortunately I don't know by myself) you could theoretically move 9 figures, but it would take a long time, you need certain permissions, you need to talk to both bank and exchange about it. Also most likely anyone that has these huge amounts has it diversified into various bank accounts which result in more time invested as you would need to plan it up with every single different bank involved, then the government will be on your ass short after so you need to have everything ready paperwork wise. It's a big mess but you could do it. It would be extremely stupid tho, there's too much risk involved in having 9 figures in an exchange, better to do it in smaller batches, and you will also not make enemies in the process, since you will be damaging the price if you dump at once, holders will not appreciate that.

[wuvdoll]

The Triple Bottom Line is all about sustainability, something which we all know Bitcoin and other alt coins are incapable of achieving.
Very, very tough to suggest when the price of a coin will not dip down any further, much more speculation and a matter of your opinion.

Yes, what is the point calling a triple bottom anyway when there is no way we can be sure if it is going to hold or not. If we end up bouncing on a triple bottom, that still does not account the market will just turn out bullish all of a sudden as we could still end up forming a bigger bear flag anyway and depending on the time frame, the sentiments in a way changes.

What I see now is just some fake breakout and until we actually get to see how the pattern ends up forming out before we can even know which decision we should be making or not.

[talkbitcoin]

What I see now is just some fake breakout and until we actually get to see how the pattern ends up forming out before we can even know which decision we should be making or not.

but there hasn't yet been any "breakout" to be fake or real!

we just had a tiny rise after a long time of  going down (months of dropping and bear market). a "breakout" is generally when price goes above a major resistance and rises properly not just a 4-5% rise. and usually by that time it is too late to do anything about it.

[gentlemand]

True that, many people think that it's just a walk in the park to move 9 figures into an exchange to buy or sell, but that isn't the case. It would raise all kinds of alarms when you moved that kind of money. It is NOT impossible tho. As far as I know (unfortunately I don't know by myself) you could theoretically move 9 figures, but it would take a long time, you need certain permissions, you need to talk to both bank and exchange about it.

No one's going anywhere near an exchange with those amounts. OTC is where the real action is.

And it's not as if it's Terry Smith from rural Ontario who decides he's going to spend his mom's $600 million nest egg and is surprised when Coinbase is surprised. The people throwing those amounts around operate on another level in every sense and there are zero barriers for them.

[cellard]

Looks like we've had a pretty cool run to almost $7000. Poll still open until the end of the month. We really need to get past that $7000 annoying resistance before we start getting excited.

These talks of "bottom" and "macd" and "bollinger band" and "rsi" etc etc all are bunch of attempts of making bitcoin look like any other stock or forex currency but you guys are forgetting one important thing. No matter what you do bitcoin is still insanely volatile due to people.

it is true that bitcoin is nothing like other markets and it is volatile but none of the things you said here means "bottoms",... are not true. the thing is you shouldn't be expecting that much out of TA in first place and this is not bitcoin related. if you lower your expectation to realistic levels then you can see how correct they are.

we have seen what happened when mtgox trustee sold 44k btc at once.

WRONG. what we saw was not effects of someone selling x amount of bitcoin. what we saw was the effects of the FUD scaring newbies into thinking someone is dumping bitcoin.
in reality MtGox was not even selling his coins on the market. google his statements and see for yourself...

What I mean is, a person may come up and buy 10k bitcoin at once and get us to 7k or maybe another person just sells 100k bitcoins which would cripple us for a long time. What will happen can not be explained via charts as long as these "one person changing the market" situation stays.

manipulation exists but it is not even close to the big illusion that you have made it to be like.

Are you sure? I remember reading how he actually created an account in Kraken to do these dumps and Kraken knew this. Pretty hilarious the level of amateurism of the whole thing. Even if that wasn't the case, the situation has been dealt with very poorly. When will creditors get their damn BTC back?

[2weent6]

Looks like we've had a pretty cool run to almost $7000. Poll still open until the end of the month. We really need to get past that $7000 annoying resistance before we start getting excited.

Yep, we are too close to reach that level again and for sure it will break that resistance, we already hit the bottom for sure, as the recent dump able to survive on the level of $6k so technically its time for a reversal now.

[BitHodler]

Yep, we are too close to reach that level again and for sure it will break that resistance, we already hit the bottom for sure, as the recent dump able to survive on the level of $6k so technically its time for a reversal now.

You are pretty sure of yourself in a market not deserving any actual confidence or optimism. There are no certainties and we might yet again fail to break ~$6840 and fall down to the $6000 mark.

The volumes aren't really convincing and we probably won't have a large player spontaneously bumping the price over that important level. The overall downtrend is still pretty strongly represented.

I won't get excited about the market unless we break the $8000 mark. If you look at the all time chart and scroll out completely, you'll realize how retarded that near $20,000 peak looks. It makes you respect current levels more.

[thecodebear]

Only time will tell, but the bears have tried and failed to push down below the ~6000 level so many times now that it seems it really is the bottom of the market. ~$6000 was the bottom of the sharp crash in February, it was the bottom in March/April, it seems to have been the bottom in June/July. I think the most likely thing to happen the rest of the the year is we see a trend reversal and the beginning of the next long bear market which will probably last through 2019 and maybe even 2020. It is looking very much like we are at the mid-2015 point of the market when comparing this crash to the last crash. Perhaps we'll see $20k in roughly one year and then the next boom take place over the following year leading up to the halving.

[pooya87]

Yep, we are too close to reach that level again and for sure it will break that resistance, we already hit the bottom for sure, as the recent dump able to survive on the level of $6k so technically its time for a reversal now.

You are pretty sure of yourself in a market not deserving any actual confidence or optimism. There are no certainties and we might yet again fail to break ~$6840 and fall down to the $6000 mark.

The volumes aren't really convincing and we probably won't have a large player spontaneously bumping the price over that important level. The overall downtrend is still pretty strongly represented.

I won't get excited about the market unless we break the $8000 mark. If you look at the all time chart and scroll out completely, you'll realize how retarded that near $20,000 peak looks. It makes you respect current levels more.

to be fair this time that price went up to  $68..whatever the reason for coming down was the twenty something million dollar hack of the Bancor exchange which they stole a lot of altcoins and started dumping their prices which also brought down bitcoin price.
i wouldn't call that top a real "resistance". it was just a temporary disturbance in a trend that was forming up.

i agree with what you said though, there is no point in getting excited for this type of price rise/fall. we are still fluctuating withing a certain price range and unless we break out of it there is no clear "trend".

[cellard]

We just blasted through $7000 with an huge green candle, it's still going up, hitting higher highs right now in Bitstamp, specifically $7546, looks like it will not stop, we are on FOMO mode, something triggered this, perhaps the news of BlackRock getting involved made some people nervous about waiting for that perfect entry point and got pushed back into the market. It's looking good so far. Next stop $10k.

[btc_angela]

We just blasted through $7000 with an huge green candle, it's still going up, hitting higher highs right now in Bitstamp, specifically $7546, looks like it will not stop, we are on FOMO mode, something triggered this, perhaps the news of BlackRock getting involved made some people nervous about waiting for that perfect entry point and got pushed back into the market. It's looking good so far. Next stop $10k.

I'm telling you man, FOMO is real again and they are definitely back, from $6300-$6800-$7500 right now in a span of like what less than 2 days? the BlackRock news and perhaps the ETF news has put the confidence(?) on the market again. So it will continue to go up maybe until August.

[pooya87]

We just blasted through $7000 with an huge green candle, it's still going up, hitting higher highs right now in Bitstamp, specifically $7546, looks like it will not stop, we are on FOMO mode, something triggered this, perhaps the news of BlackRock getting involved made some people nervous about waiting for that perfect entry point and got pushed back into the market. It's looking good so far. Next stop $10k.

i think the main reason was that "it was time for a rise"!
if you remember a couple of days ago before the Bancor hack and the large altcoin dump began, we were basically the same place we were yesterday: around $6500 building up volume and momentum for a rise but then Bancor ruined the trend and price "took a detour" before rising back up. and like always as we pass some resistance like $7k the FOMO buyers start running back to bitcoin.  the BlackRock thing surely helped but the delay between the news and the rise leads me to say it was not the main reason but the icing on the cake.

[cellard]

Looks like this scenario of the triple bottom is playing out rather accurately:



Next stop should be somewhere around the $10k mark:



If we are able to cross $10k, everyone that is still in denial should be turning a bull, since you can't no longer call that a dead cat bounce. The road towards a new all time high would begin.

[cellard]

Today is the last day to be able to vote in this poll. If you want to make a prediction vote now. It's been a pretty even one.

Yes   - 17 (56.7%)
No    - 13 (43.3%)

I doubt this will change in the following hours but I would like some extra votes. A month of time to decide it's enough. Now we will just have to wait for the outcome. Thus far it's holding pretty well above $8k and there are now several resistance points that would need to be broke to destroy the triple bottom scenario and go to lower lows (below $4900). The ETF gap in the graph looks hilarious, many noobs got squashed there then the price went up as if nothing happened.