[2018-07-10]Bitcoin Bull Bias Fades as Price Drops Below $6.5K

[portalnetwork]

Bitcoin (BTC) is on the defensive today and could suffer deeper losses in the next few days should the bulls fail to defend the key moving average (MA) support, the technical charts indicate.

The leading cryptocurrency looked vulnerable to a pullback 24 hours ago, courtesy of the signs of bullish exhaustion near key resistance of $6,800. Hence, the drop to $6436 seen today is not surprising, but has certainly boosted the odds of a close (as per UTC) below the all-important 10-day moving average (MA).

It is worth noting that the short-term moving average is still biased to the bulls (rising). So, as discussed yesterday, a strong defense of the 10-day MA support would reinforce the short-term bullish outlook and could yield a rally to $7,000.

As of writing, the leading cryptocurrency is trading at $6,460 on Bitfinex – down 5.5 percent from the high of $6,839 reached over the weekend.

See more: https://www.coindesk.com/bitcoin-bull-bias-fades-as-price-drops-below-6-5k/

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[cryptofonia]

I'm curious, is it the only way to predict Bitcoin market only through figuring out resistance lines and other stuff that was brought from forex and shares market?

[Slow death]

I'm curious, is it the only way to predict Bitcoin market only through figuring out resistance lines and other stuff that was brought from forex and shares market?

I think you should be asking what the chances of these predictions are right, because I've seen many of these analyzes and people are very committed when they do these analyzes, even make works of art, there are many lines, but in the end, the prediction failure. I one day I spent hours seeing graph analysis done by these guys:  https://www.tradingview.com/symbols/BTCUSD

Bitcoin (BTC) is on the defensive today and could suffer deeper losses...

Oh next days I will see many thread with the title: "already hit the bottom?"; "bitcoin will fall to $3000 "

[hatshepsut93]

Oh next days I will see many thread with the title: "already hit the bottom?"; "bitcoin will fall to $3000 "

Crypto news have been the same for years: a coin goes up a few percent - "bulls are taking over", "big rally ahead", etc.; a coin goes a few percent down - "bear market ahead", "deeper fall possible", "support broken". Same with countless new threads spawned by newbies.

People need to understand that on volatile markets such changes mean nothing, even bigger swings can be totally mitigated in weeks, like it happened in the last year when Bitcoin crashed many times but then returned to its course.

[richardsNY]

I like how Bitcoin is making even the semi interesting and promising projects of the last months fall down deeper and deeper, while they technically are due for an increase due to their noteworthy developments. XRP for example, what they achieved this year with their deals will probably never be replicated by other crypto currencies. I can smell the frustration of Brad Garlinghouse towards Bitcoin, and he hasn't been shy of sharing it publicly. This dude is in here for his personal wealth only with many billions of $$ worth of premine. I'm glad this shit doesn't get the shine it technically deserves....

[hatshepsut93]

I like how Bitcoin is making even the semi interesting and promising projects of the last months fall down deeper and deeper, while they technically are due for an increase due to their noteworthy developments. XRP for example, what they achieved this year with their deals will probably never be replicated by other crypto currencies. I can smell the frustration of Brad Garlinghouse towards Bitcoin, and he hasn't been shy of sharing it publicly. This dude is in here for his personal wealth only with many billions of $$ worth of premine. I'm glad this shit doesn't get the shine it technically deserves....

Those people are barking at the hands that feed them, without Bitcoin there would be no "blockchain technology" or even if there were, it would just be a boring database only discussed among some few engineers. All their profits are only possible because Bitcoin went from cents to hundreds and later thousands, and they have found a way to convince investors that the same level of returns can be repeated with "blockchain technology".

[felixesteban]

No indicator is very accurate because it is highly influenced by manipulation and speculation. In addition, the cases of hacking is another factor in the price decline. Let's see if the whole of 2018 is going to be like this, hopefully we'll get away soon from this bear season.

[BitHodler]

Every movement of the market results in a different article stating the very obvious, but totally contradicting what they thought would happen previously. It's an empty put that contains nothing of value in the short term.

I however get it that they have to produce content consistently, because if they don't do it, others will. In the end it's all about supply and demand. We don't consider these articles valuable, but noobs clearly do.

If there was no demand for these articles they wouldn't waste any time on them, it's that simple. Next article will highlight the bulls that are gaining an upper hand in the market, and then it's time again for bears to take over.