BTC - Drop and Snap

[GeckoTrader]

BTC
BTC is currently stable at the $8,140 level and has quickly recovered after slipping through the $8,100 support. Price touched the upper extremity of the lowest zone in this sideways trend, but the bulls swiftly fought back, and the price has snapped back up and is now sitting within the previous support zone.

We can see from the volume profile that buy volume stepped in to match the sell volume indicating that the struggle will continue. Something to note is that we are witnessing lower highs and lower lows forming indicating a slow downward climb.

[GeckoTrader]

BTC consolidation breaks

We’ve now broken out of the consolidation zone in what can also be seen as a descending triangle – a bearish pattern.

BTC completely disregarded the support zone and dumped straight through it, falling approximately 5%.  We are now sitting at the next lower support level at the $7,700 region.

We can see from historical price action back in June and more recently, prior to entering the consolidation zone, that there is plenty of support at this point.

Price is continuing to flirt with this support zone and we have not seen any sizeable influx of buy orders on the XBT chart as yet.

If we break this level we could see prices retreat to the low $7,000 levels where there is another consolidation zone.

We do think a push to $9,000/$10,000 over the short-to-medium term is possible and we will be looking for signs of stabilization and will keep you all posted.

[GeckoTrader]

update.....


BTC is currently sitting at the $7560 mark and is down approximately 2% since our last TA update.

Selling pressure is weighing down on the overall BTC market however, we did see a strong rebound at the $7480 level.

As can be seen from the chart, this level has historically been a strong resistance level and is now acting as a support.

We’re expecting price to come down and retest the $7,480 level – we will be watching closely for signs of strength at this point and may enter long depending on the price action.

Of course, it is entirely possible that price slips down further to the $7,200 level. - beyond this we could likely be exposed to the low $6,000 levels.

We’re not certain at this point and CIM is happy to be watching from the sidelines. As always, we will be sure to keep you updated with our views.

[williamcastaneda]

BTC
BTC is currently stable at the $8,140 level and has quickly recovered after slipping through the $8,100 support. Price touched the upper extremity of the lowest zone in this sideways trend, but the bulls swiftly fought back, and the price has snapped back up and is now sitting within the previous support zone.

We can see from the volume profile that buy volume stepped in to match the sell volume indicating that the struggle will continue. Something to note is that we are witnessing lower highs and lower lows forming indicating a slow downward climb.

I have to be careful, because I don't know for the future maybe the price will go up again or down, and this is very exciting

[bonballi]

Various news has been having an impact on the price of BTC. Recently BTC became stable after the rejection of Winklevoss' ETF. But, there are still more to come, which can completely turn the market scenario. I am quite optimistic that BTC will break the 9,000$ resistance by this year or ealry 2019.

[cryptodalton]

The drop and snap both happened in bitcoin I think . The level sometime slowly rising or sometime  the opposite happens . May be last June the price of bitcoin dropped. Cryptocurrency prices influed by mood and emotion so I think the drop and snap happened sometime.

[larkscrypto]

This brings hope to the prediction. BTC price is probably going higher though there were many news and hypes that made BTC market effected. By the end of the year we may see double increase in price what is in present. Most expert say that it will overreach $20000. We may now just wait and see.

[genuin]

BTC
BTC is currently stable at the $8,140 level and has quickly recovered after slipping through the $8,100 support. Price touched the upper extremity of the lowest zone in this sideways trend, but the bulls swiftly fought back, and the price has snapped back up and is now sitting within the previous support zone.

We can see from the volume profile that buy volume stepped in to match the sell volume indicating that the struggle will continue. Something to note is that we are witnessing lower highs and lower lows forming indicating a slow downward climb.

I am more inclined to position the price of bitcoin to decrease further this year. there are several causes of bitcoin going down, among them are news about the United States Securities and Exchange Commission (SEC) investigating the Bitcoin and other cryptocurrency exchanges, causing the decline in Bitcoin prices on February 28 yesterday

As part of the investigation, the SEC has issued "dozens of court calls" to obtain information from technology companies and advisors regarding the digital currency market.

[qazgroup]

Btc market has been like this from last few weeks, i know some short term traders are making good money from these spikes and dips but personally i think this is perfect consolidation after down trend and we might see strong bulls back soon.

[Slow death]

Various news has been having an impact on the price of BTC. Recently BTC became stable after the rejection of Winklevoss' ETF. But, there are still more to come, which can completely turn the market scenario. I am quite optimistic that BTC will break the 9,000$ resistance by this year or ealry 2019.

In the long term the price of bitcoin can rise much more than $ 9000, just have patient. Now in the short term we are dependent on the approval of the ETF, if by some miracle the ETF is approved then we will probably have an increase of more than $ 9000, but if the ETF is not approved then the price may fall below $ 6000. We are in a very bad situation.

By the end of the year we may see double increase in price what is in present. Most expert say that it will overreach $20000. We may now just wait and see.

I highly doubt that this will happen, I just see a possible approval of ETF as a short-term bailout that can create conditions for a large price increase.

[Oilacris]

Various news has been having an impact on the price of BTC. Recently BTC became stable after the rejection of Winklevoss' ETF. But, there are still more to come, which can completely turn the market scenario. I am quite optimistic that BTC will break the 9,000$ resistance by this year or ealry 2019.

In the long term the price of bitcoin can rise much more than $ 9000, just have patient. Now in the short term we are dependent on the approval of the ETF, if by some miracle the ETF is approved then we will probably have an increase of more than $ 9000, but if the ETF is not approved then the price may fall below $ 6000. We are in a very bad situation.

By the end of the year we may see double increase in price what is in present. Most expert say that it will overreach $20000. We may now just wait and see.

I highly doubt that this will happen, I just see a possible approval of ETF as a short-term bailout that can create conditions for a large price increase.

Not only that we can add up some fundamentals when we are already on the month of August which can be considered as a ghost month. Don't know if it do really affects but basing on what we saw on recent bitcoins price dip we can actually made a word or thought.The month of September last days up to October which do already the start of 4th quarter of this year. Hope we would able to break out lower lows once again depending on the upcoming news would happen.

[dothebeats]

Bearish sentiment is now looming over the market after several delays on the ETFs were imposed. My take, people will not actively speculatte until the decision date is closer. Suddenly, the price steam has waned and is now slowly dying. $7400 has been a struggle today and yesterday. After the descend from $8000, prices appear to not have any strong grip on whatever level they may be, suggesting that the bulls are retreating and waiting for another hype opportunity to produce momentum.

[Herbert2020]

Bearish sentiment is now looming over the market after several delays on the ETFs were imposed. My take, people will not actively speculatte until the decision date is closer. Suddenly, the price steam has waned and is now slowly dying. $7400 has been a struggle today and yesterday. After the descend from $8000, prices appear to not have any strong grip on whatever level they may be, suggesting that the bulls are retreating and waiting for another hype opportunity to produce momentum.

i wouldn't call this a "Bearish sentiment" just because price didn't go to the moon because it is not dropping either. it is above $7k while it was below it before this rise happened. but i agree that everyone seems to be waiting for the SEC decision about ETF so that they can decide which way the market is going to go and go with it.
the only problem that i see is the fact that SEC is delaying ETF and pushing it back so this trend may continue for a while!

[GeckoTrader]

OWNER OF THE NYSE TO BEGIN BTC TRADING

Intercontinental Exchange (ICE), owner of the NYSE has announced that it will list a physically settled BTC contract.

ICE had previously hinted that they were exploring BTC trading in New York but nothing was clear cut.

Their new BTC platform named Bakkt has been in development partnered with the likes of Microsoft and Starbucks.

This story is still breaking but it should be seen as good news, allowing more money to flow into cryptocurrency.

There is no telling what effect this news will have as it may well already be baked into the price.
.

[Pursuer]

OWNER OF THE NYSE TO BEGIN BTC TRADING
...
There is no telling what effect this news will have as it may well already be baked into the price.

it is strange that news like this doesn't have the effects that they should technically have on the price these days. if this was any other time, something like this could at least trigger a 10% rise and price would have gone up to $8000 but for some reason it seems like there is some sell pressure in the market which is preventing the rise from happening!

[GeckoTrader]

BTC

BTC is currently on a slow grind up within the current consolidation zone between $7,500 and $7,250.

We’re currently printing higher lows as we march towards the 0.236 fib level but it would not surprise us to see a bearish retreat and retest of $7,265 level as we could potentially be in a bear flag pattern. 

We would view any break and close below $7,200 as a shorting opportunity to around the $6,860 level.

On the other hand, if we witness some convincing buy volume at the $7,200 mark, we would consider going long with targets as high as $7,800 but more conservatively, would look at possibly exiting at $7740 or even $7,520 depending on the bullish momentum.

[GeckoTrader]

OWNER OF THE NYSE TO BEGIN BTC TRADING
...
There is no telling what effect this news will have as it may well already be baked into the price.

it is strange that news like this doesn't have the effects that they should technically have on the price these days. if this was any other time, something like this could at least trigger a 10% rise and price would have gone up to $8000 but for some reason it seems like there is some sell pressure in the market which is preventing the rise from happening!

Yeah, you are very true. It seems that price manipulation is on its finest. The bears are still strong and could possibly retest the all time lows of bitcoin this year. As per my opinion, institutional investors wants to enter in crypto space.

[bitcoin31]

Bitcoin after price pumping it will dump again after 1 weeks of experiencing pumping the price. But I still believe on the bitcoin any issue or any dumping price happen this year they will recover because they have many investor will invest again.

[favelle75]

Its good that its snapped aroun 7400$. This is a good level to re enter to train.
Bitcoin will hit over 13000$ in few weeks and also there are few ore coin which are going to rise too.

[Reatim]

Its good that its snapped aroun 7400$. This is a good level to re enter to train.
Bitcoin will hit over 13000$ in few weeks and also there are few ore coin which are going to rise too.

I doubt that we can even break 5 digits in the next few weeks. But at the current price, yes, its a good buying point. But don't expect a sudden jump on the price because price manipulation is very strong and I strongly believed that the bearish sentiments is not over, probably the bears will continue to dominate as long as they can unless bulls wrestle the market from them. $8K will be a struggle again.