Bitcoin Has Been Quietly Bullish Since $5700

[rodalutor]

I see a strong resistance between $6,300 and because of the steady and slow movement, price have been around there for a week. This will not be easy to be broken and if that happens, I should think that the bullish have been confirmed.

Breaking 6300 is no indication of any bullishness. The fact there is resistance at that level should confirm we are still in a bearish period. We keep seeing lower highs and lows so negativity is still on the cards although the momentum seems to have slowed.

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[buwaytress]

I do see the higher lows, everyone does, but six weeks is really not that much of a yardstick, and it's barely three months since the year's low in June, so I don't think we can say for sure we're not going to retest those depressions of 5.5k. Any drastic sell off, with sustained volumes, at this level? 6k would break easily and then 5.5 is only the next floor. Breaking that would probably trigger another wall of orders, then we're back to groping in the dark.

Why Bitcoin ETF though? Haven't we already given up on that?

[Harlot]

How can you call something bullish if it still is on just one support level up from the 5,700$ level. If you look at it in a bigger picture we are in the deeper end of a bearish chart and there is no need to sugarcoat it with a lie. A 500$ difference is no match for the value loss by BTC overtime, I may have to consider my words once it goes back up the 9,000$ level again which can confirm that we are now out of the triangle.

[rodalutor]

I do see the higher lows, everyone does, but six weeks is really not that much of a yardstick, and it's barely three months since the year's low in June, so I don't think we can say for sure we're not going to retest those depressions of 5.5k. Any drastic sell off, with sustained volumes, at this level? 6k would break easily and then 5.5 is only the next floor. Breaking that would probably trigger another wall of orders, then we're back to groping in the dark.

Why Bitcoin ETF though? Haven't we already given up on that?

People won't give up on ETF's as long as they think it's going to be the answer to the market downtrend and cause the good times to return. What most fail to realize is that the market can be in a downtrend just as easily with or without an ETF. It will have little or no bearing on significant price trends in my opinion.

[sunanbonang]

how much impact does the ETF have on the price of bitcoin?
yesterday the SEC rejected 7 bitcoin ETF applications and the price of bitcoin immediately dropped sharply, but not long ago bitcoin prices rose again. this proves that ETF do not have a major effect on the price of bitcoin.

[trako]

accurately determined. but in 2017 there was a steady rise. and $ 19,000. market rose very fast. and there was an expectation in humans. it was now compared with bitcoin 19k. therefore, the fixed exchange on the bitcoin usually doesn't attract anyone's attention.
bitcoin should be at a minimum of $ 9,000 to get us to the point where we started. ethereum should be traded at $ 700. if there was a movement towards this level, we could say that the bull season began.

[mike4001_]

As of this date, Bitcoin's YoY return is 60%.

Verify @ https://www.coinbase.com/charts

Wait for December ... :-/

[figmentofmyass]

I do see the higher lows, everyone does, but six weeks is really not that much of a yardstick, and it's barely three months since the year's low in June, so I don't think we can say for sure we're not going to retest those depressions of 5.5k. Any drastic sell off, with sustained volumes, at this level? 6k would break easily and then 5.5 is only the next floor. Breaking that would probably trigger another wall of orders, then we're back to groping in the dark.

i'd love for price to actually drop to new lows, then reverse up on gigantic volume. that would be a huge reversal signal. the little fakeout yesterday didn't put things to the test yet. just more blueballs. we're still holding onto this tiny range, so i'm prepared for anything.

i would definitely prefer a break to the upside because it would be so much more obvious and easier to trade. i have a nagging suspicion that a dip below $6000 will get bought again, so i'm really hesitant to short until a downtrend is established again.

[magneto]

Bitcoin has been making higher lows since hitting $5754 (Bitfinex USD/BTC) on June 24th and first to $5877 on August 14th (Bitfinex USD/BTC) then on September 8th at $6118 (Bitfinex USD/BTC).

After failing to gather enough selling momentum to decisively break below $6000 it's looking like the market is in waiting mode for SEC to decide on the fate of a Bitcoin ETF.

How likely is SEC to green-light an ETF, let me know your opinions.

I wouldn't say that bitcoin has been "quietly bullish".

Markets are still overall pretty bearish with the dominant sentiment being exactly that. Bullish prospects including the prospect of a trend reversal at the moment is still extremely unlikely.

I believe prices are either going to stabilize at this level for a few more months, or more likely, have a dip down to the $5k zone as it finally bottoms before the recovery comes. ETF isn't likely to get approved at all, and even if it does, it would only provide a short term rally to the market in my opinion.

[bitcoindusts]

I see a strong resistance between $6,300 and because of the steady and slow movement, price have been around there for a week. This will not be easy to be broken and if that happens, I should think that the bullish have been confirmed.

Breaking 6300 is no indication of any bullishness. The fact there is resistance at that level should confirm we are still in a bearish period. We keep seeing lower highs and lows so negativity is still on the cards although the momentum seems to have slowed.

Yes, you are right. Breaking a little over $6K is no indicator of a bullish season. It would take more than that to declare that the bull started running. And a good indicator are altcoins on the rise too. Once bitcoin goes bullish, it will surely make the whole crypto economy go wild too.

[timerland]

Bitcoin has been making higher lows since hitting $5754 (Bitfinex USD/BTC) on June 24th and first to $5877 on August 14th (Bitfinex USD/BTC) then on September 8th at $6118 (Bitfinex USD/BTC).

After failing to gather enough selling momentum to decisively break below $6000 it's looking like the market is in waiting mode for SEC to decide on the fate of a Bitcoin ETF.

How likely is SEC to green-light an ETF, let me know your opinions.

Seems like prices actually benefited from the SEC's postponement on the CBOE ETF. I don't really understand why, but it sure seems like markets are reacting to that news quite positively actually, even though it means they're waiting for another few months for the decision.

Prices are probably not going to be going into bullish territory. With this period of stability after the correction came a few weeks ago, I think that there is a possibility that we may see pumps to $7-8k.

However, just like markets have acted before, it's likely that prices won't come close to breaking the psychological barrier of $10k while we're still in the bear market. We'd still have to wait until at least the second half of 2019 in my opinion, based on historical bear market timeframes to see any real developments in the upward direction that would come to anything close to last year's bull market, imho.

[STT]

The longer we go with out a lower low is a good thing is what I’m getting at I guess.. and the lower high is only $7400, we can break that

I did see someone draw alot of positives from higher lowers, which is a rising base to the action.     Its not a bad conclusion to form but also I think it needs confirmation before assuming we go upwards.  Often situations take a while to develp pressure in either direction, this would relate to closing of short position and generally the market realising we are accumulating price positively.

Obviously the trend since 2017 has been negative generally.   I drew in the line and as a trend it matches highs of about a year ago Sept 2017 but I imagine this is a thing over months hence I used weekly bars

[btc78]

Bitcoin has been making higher lows since hitting $5754 (Bitfinex USD/BTC) on June 24th and first to $5877 on August 14th (Bitfinex USD/BTC) then on September 8th at $6118 (Bitfinex USD/BTC).

After failing to gather enough selling momentum to decisively break below $6000 it's looking like the market is in waiting mode for SEC to decide on the fate of a Bitcoin ETF.

How likely is SEC to green-light an ETF, let me know your opinions.

Damn ETF fanatic would you please stop that stupid issue its a pain in the ass when most of the topic talking about that shit when the truth is how many failure we have got from this

Bitcoin is not bullish because it cant even go to $7,000 this is still a dry market and we have nothing to be thankful..let us just start to accept this market flow and the value as well

[justspare]

Breaking 6300 is no indication of any bullishness. The fact there is resistance at that level should confirm we are still in a bearish period. We keep seeing lower highs and lows so negativity is still on the cards although the momentum seems to have slowed.

As long as we are even still inside the wedge for bitcoin I would say there is nothing to be bullish about at the moment. I hope this would not be like a repetition of 2014 where bitcoin would move sideways for a while before going back lower, and within this period, the altcoins will be making some ATH statement on their charts. I guess at this stage, only time can tell how things would pan out. I would be more bullish on bitcoin if we are able to break $7k at this point and stay above it for a while.

Breaking a little over $6K is no indicator of a bullish season. It would take more than that to declare that the bull started running. And a good indicator are altcoins on the rise too. Once bitcoin goes bullish, it will surely make the whole crypto economy go wild too.

The thing with a market is that things are not bullish until you have a clear signal of bullishness which in this case of bitcoin, the fact that we are still inside a falling wedge, which is usually considered bullish anyway when you break out from, but still inside, the market is still as bearish as ever. Sure, we have seen some pretty good bounce lately in the $6k region, but how far we go is only going to be known with time, and let's even close above $7000 before we start considering anything.

[nidacoinlove]

Bitcoin has been making higher lows since hitting $5754 (Bitfinex USD/BTC) on June 24th and first to $5877 on August 14th (Bitfinex USD/BTC) then on September 8th at $6118 (Bitfinex USD/BTC).

After failing to gather enough selling momentum to decisively break below $6000 it's looking like the market is in waiting mode for SEC to decide on the fate of a Bitcoin ETF.

How likely is SEC to green-light an ETF, let me know your opinions.

I wouldn't say that bitcoin has been "quietly bullish".

Markets are still overall pretty bearish with the dominant sentiment being exactly that. Bullish prospects including the prospect of a trend reversal at the moment is still extremely unlikely.

Yes I believe that we still need more time to go to a bullish trend. An increase for a day or two around 2%-3% doesn't mean that the bears are out of run. It's good to be optimistic about the crypto market but it's far better to realize the actual situation of market. We could term it bullish only when the market tern into green for a minimum of one week.

   
I believe prices are either going to stabilize at this level for a few more months, or more likely, have a dip down to the $5k zone as it finally bottoms before the recovery comes. ETF isn't likely to get approved at all, and even if it does, it would only provide a short term rally to the market in my opinion.

ETF stuff is already over, it is final that Bitcoin is not going to enter into it. I don't think that ETF would have been a great effect on the demand and the price of the Bitcoin. It may have a benefit for a selected group of people but on a vast scale, the crypto enthusiasts may not have saw a benefit of it.