Is now the turnaround point?

[thecodebear]

The past week Bitcoin has been steadily moving up from its low in the high 5000s. Now that we have a triple bottom around the 6000 range over the past half year do you think this is the beginning of the turnaround from bear market to bull market?

I'm not asking if you think Bitcoin is gonna suddenly start booming, but do you think we'll see a gradual rise now and won't be returning to test the established bottom of the market again?

Personally I think over the next 2 or 3 months we'll see Bitcoin finally move off the bottom of the market and away from these 6000-level prices, representing the beginning of the next long bull market.

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[BitHodler]

Based on the relatively strong support around and especially under $6000 we might be up for a gradual increase, but we definitely need to see the trend reverse in order to see where we're at.

If we manage to break $7000 in the coming days, which should be possible, it will grant the market a positive vibe which may even result in a mini relief pump, but the market can just as easily fool every one of us.

I'm glad that I have bought in already and can happily look forward to what has to come. I have enough fiat ready to buy more, and enough patience to wait a couple of more months.

[pooya87]

the beginning of the "turnaround" was about 8 days ago when price reached the bottom at $5774 and couldn't break it for the third time and reversed back up to jump above $6000 in a couple of hours. the thing is we knew it is the reversal but we weren't sure about it. but with every day that price stayed above $6k and rose we became a little more sure about it and the accumulation started with a gradual rise. soon if the volume also picks up and the $7000 is broken we will officially be on the rise. it may not be a big-fast rise but it will be a slow rise nonetheless.

[cunese]

The price position of $6,800 is very critical. If it can effectively exceed $6,800, the price of BTC in the future market will be very likely to rise.

[davis196]

I wouldn`t bother about that.Just stop waiting every day for the next big bull run.
Everything will be all right in the end.It doesn`t matter if the support level is 6000 or 6800 USD.
Bitcoin will triple it`s value for sure.The regulation/ban storm is over and we are waiting for the crypto whales to start buying again.This will happen after 6 months.

[2weent6]

The price position of $6,800 is very critical. If it can effectively exceed $6,800, the price of BTC in the future market will be very likely to rise.

$6,800 for me is a great resistance and if btc able to break that for sure it will start to pump high. The marke is looking good, in the coming days btc will be at $7k level again.

[Pursuer]

It doesn`t matter if the support level is 6000 or 6800 USD.

it matters a lot for when you are also trading in short term too in addition to your long term investment. knowing the bottoms can help you make your decision about your entry. so if it is for instance $6000 then you should have placed your buy orders there and when a week went by without them being filled you should have placed higher bids.

The regulation/ban storm is over and we are waiting for the crypto whales to start buying again.

I disagree. there was no regulation/ban storm. there was a FUD storm instead. the regulations and ban cases are always around us even during the bull market of 2017 but people choose not to follow them or pay any attention to them. for example India situation today is similar to last year but you are hearing about it  constantly now whereas you never even head of it (possibly) last year.
as for the whales they have been buying again for some time now, they don't let anybody know their buys/sells. it is the FOMO market by the masses that causes those big jumps. and of course sometimes manipulation.

[zakariajaki]

The past week Bitcoin has been steadily moving up from its low in the high 5000s. Now that we have a triple bottom around the 6000 range over the past half year do you think this is the beginning of the turnaround from bear market to bull market?

I'm not asking if you think Bitcoin is gonna suddenly start booming, but do you think we'll see a gradual rise now and won't be returning to test the established bottom of the market again?

Personally I think over the next 2 or 3 months we'll see Bitcoin finally move off the bottom of the market and away from these 6000-level prices, representing the beginning of the next long bull market.

the movement of bitcoin in a week yesterday is highly anticipated by enthusiasts and crypto crushers of price increases and market activity has been too long listless and automatically lower bitcoin prices, my opinion for the future we should wait while looking at and analyze the potential that exists, I can not predict whether bitcoin will experience a price increase or will experience a price reduction that we can not determine, but several months yesterday related to the issue of bitcoin price is enough to be our record for the future, hopefully bermanfaar and success for all of us

[semobo]

The price position of $6,800 is very critical. If it can effectively exceed $6,800, the price of BTC in the future market will be very likely to rise.

$6,800 for me is a great resistance and if btc able to break that for sure it will start to pump high. The marke is looking good, in the coming days btc will be at $7k level again.

Today also we had some growth in the price which is about 3% but still we not yet reached $7000 hopefully we may reach that in couple of days.It now looks like the turnaroud was already happen when the price hits below $6000 a week ago.

[buwaytress]

the beginning of the "turnaround" was about 8 days ago when price reached the bottom at $5774 and couldn't break it for the third time and reversed back up to jump above $6000 in a couple of hours. the thing is we knew it is the reversal but we weren't sure about it. but with every day that price stayed above $6k and rose we became a little more sure about it and the accumulation started with a gradual rise. soon if the volume also picks up and the $7000 is broken we will officially be on the rise. it may not be a big-fast rise but it will be a slow rise nonetheless.

Yeah, the pace of this upwards movement is also quite telling, slow and steady, retracing every few steps and then building slow momentum. That it actually looks shy of 7k now on the weekend is another sign to me that there's a lot of underlying strength waiting to be tapped.

Still, this doesn't mean we're out of the woods. Was prepared to wait over a year for confidence to return to the markets. This isn't a dead car bounce or whatever people claim, for sure, but I also doubt this is the beginning of another bull rush. Not quite just yet.

[1Referee]

It's a 50/50 situation actually.

We have gone down so much from near the $10,000 level early May, that there was only one way for the market to move in the short term, and that was up. I even mentioned that like 10'ish days ago and went long under $6000 and it worked pretty well. It's not because I knew it was going to happen, but the likeliness of it to happen increased, and based on that it was a risk worth taking. In this market you wait for the best possible odds, and then you strike.

The downtrend however is still intact, and can remain intact even if we do cross the $8000 level in the coming weeks or months. The only thing an increase does is slow down the downtrend, but that's really it. Just don't expect anything from the market and you'll be fine. Average your buys on a weekly or monthly basis is the least risky way to buy into this market.

[LogitechMouse]

For me, bitcoin has made several runs in the start of the month of July which shows a good sign. Now base on the technical analysis of which I read, if the price of bitcoin reaches the 7k and it has a good amount of volume in it, there is a chance that it will continue to rise up to 8k.

I think the turnaround point of bitcoin starts when it broke the market structure (below 6k) and it immediately bounces up. Maybe it will continue to rise but there are small corrections in the way.

[MarquiseMuseum]

For me, bitcoin has made several runs in the start of the month of July which shows a good sign. Now base on the technical analysis of which I read, if the price of bitcoin reaches the 7k and it has a good amount of volume in it, there is a chance that it will continue to rise up to 8k.

I think the turnaround point of bitcoin starts when it broke the market structure (below 6k) and it immediately bounces up. Maybe it will continue to rise but there are small corrections in the way.

Better wait 10 days until we catch up with ethereums transaction growth history, it did a major negative turn a few days ago and there used to be correlation with global marketcap, don't know if its still the case. Be careful.

[Ararbermas]

For me maybe a gradual rise to the ATH because it already made a progress since bearish broke the 6k resistance which is from $5800 and now $6700 (the current price of market ,) that's why i believe soon the price of market will reach 9k again slowly but surely ,

[YuginKadoya]

We can not immediately say that this is a bull run it can be a regular increase with the price of bitcoin we can not see any sudden pump or what so ever with the price it is just continually increasing, I think we can also still see a drop and a sudden increase with the value of bitcoin, non the less this is just another regular movement we always use to see, If we say Bull Run it is a sudden rush in value and not just small pumps like this.

[BTCLovingDude]

i believe it is too soon to tell but from what we have we can see that there is a very nice upward momentum shaping up. if you look at the previous 10 days price you can see that we are constantly rising with small retracements which are small corrections which can point to a bigger upcoming rally.

[demenBTC]

The price position of $6,800 is very critical. If it can effectively exceed $6,800, the price of BTC in the future market will be very likely to rise.

$6,800 for me is a great resistance and if btc able to break that for sure it will start to pump high. The marke is looking good, in the coming days btc will be at $7k level again.

hopefully it happens not for a moment but the beginning of a big pump that happens gradually but shows a positive value, but we must still be careful in responding, whether this is just price manipulation or this real btc movement.

[timerland]

The past week Bitcoin has been steadily moving up from its low in the high 5000s. Now that we have a triple bottom around the 6000 range over the past half year do you think this is the beginning of the turnaround from bear market to bull market?

I'm not asking if you think Bitcoin is gonna suddenly start booming, but do you think we'll see a gradual rise now and won't be returning to test the established bottom of the market again?

Personally I think over the next 2 or 3 months we'll see Bitcoin finally move off the bottom of the market and away from these 6000-level prices, representing the beginning of the next long bull market.

I don't think that we've seen the bottom yet despite the fact that we're currently on a small bull run from sub-$6000 to over $6800.

I just don't believe that, looking at the magnitude of last year's pumps, we can safely say that this is the start of the recovery. Although I know that 2014's bear market which lasted until mid-2015 isn't going to be exactly mirrored during this bear market, I do believe that prices are going to continue to stay low (whether continuing to hover around the $6k region or potentially going even lower) for at least until the end of the year.

Having said that, we've probably already seen the worst of the dumps already considering that prices are only around 35% of what the peak price was last year, although it's very unlikely that we can say this will be the definitive turnaround point.

[exstasie]

The past week Bitcoin has been steadily moving up from its low in the high 5000s. Now that we have a triple bottom around the 6000 range over the past half year do you think this is the beginning of the turnaround from bear market to bull market?

Too early to say, unfortunately. It could easily be a short-term retracement, or the beginning of a longer term bull trap. We can only know in hindsight whether this is a major accumulation or distribution phase.

I know dmwardjr was looking at this as a Wyckoff accumulation schematic, with a major bottom in the $5K-$6K range. For now, that looks promising, but again it's too early to know for sure. It'll be telling to see how bulls react to a fishing expedition from the bears on the 4H and 1-day charts. I suspect bears will attempt a selloff sooner than later. I'm pretty sure Masterluc is still bearish.

I think any experienced trader is cautious here and probably unwilling to make grand predictions.

[Febo]

The past week Bitcoin has been steadily moving up from its low in the high 5000s. Now that we have a triple bottom around the 6000 range over the past half year do you think this is the beginning of the turnaround from bear market to bull market?

I'm not asking if you think Bitcoin is gonna suddenly start booming, but do you think we'll see a gradual rise now and won't be returning to test the established bottom of the market again?

Personally I think over the next 2 or 3 months we'll see Bitcoin finally move off the bottom of the market and away from these 6000-level prices, representing the beginning of the next long bull market.

After bottom is reach that dont mean that Bitcoin price will start growing. Price will stay stable not that higher from bottom and will go up and down. This stable market will last for at least half year.  I believe bottom we will reach in September and Bitcoin will start growing again in spring 2019.