Bitcoin Weekly Update: Range Lows Swept As Predicted, What Next After $2200 move

[cryptoadvocate]

Last weekly update I posted I said Bitcoin would sweep the lows around $7,625 which is exactly what happened before BTC rocketed up $2,200 off the back of news from China. This week I talk about what's next for Bitcoin and the key levels to watch.

https://www.cryptoadvocate.net/post/btc-eth-weekly-update-10-28-2019

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[Darooghe]

Well, In my opinion there is quite clearly a bullish pennant forming as time goes by, so the bulls score a point with that one since its a continuation pattern by definition. however, caution is still advised to the bulls. I don't think this pattern should be trusted blindly without taking other indications in mind. flags and pennants have a very particular history of being tricky in Bitcoin. The Working ones often have a very narrow range and don't form any kind of wedge like this one. canonical flags and pennants taken straight out of the books, like those you see on stocks or Forex, have some real risk here of breaking to the opposite direction of the pole. I'm just sitting on the sideline at the moment, but if I were to trade, it would be probably as a bull.

[btc_angela]

So, are we still in the bullish trend?

according to the link you posted:

Consolidation here or a close above $9,600 and I think high $10,000's could be in play. If price does head south from here, the prior weekly range will be key - if $8,750 acts as support it will be a fantastic entry, if price close back inside the range it would make sense that range lows or at least the mid-level around $8,200 gets re-tested.
Support: $8,750
Resistance: $9,600

I think we have fairly good support around $8750-$9k as the price didn't go that low. And currently trading in a sideway patterns of $9k-$9300, so I guess we are still in the bullish trend unless we broke that $8750 support line.

[Wexnident]

So, are we still in the bullish trend?

according to the link you posted:

Consolidation here or a close above $9,600 and I think high $10,000's could be in play. If price does head south from here, the prior weekly range will be key - if $8,750 acts as support it will be a fantastic entry, if price close back inside the range it would make sense that range lows or at least the mid-level around $8,200 gets re-tested.
Support: $8,750
Resistance: $9,600

I think we have fairly good support around $8750-$9k as the price didn't go that low. And currently trading in a sideway patterns of $9k-$9300, so I guess we are still in the bullish trend unless we broke that $8750 support line.

Yep. The bullish run to 10k last time was quite a push, so it consolidated at around the 9k$ ish price, which is quite a good thing. So far, a few weeks have passed and we haven't touched upon the 8750$ price so I'd say the sideway pattern of 9k$ should continue UNLESS something big happens. Though I expect a dump could possibly happen, around end of november lets say, when comparing the halving last time and this time that is.

[adroitful_one]

It's really looking like somewhere around $8750-$9,000 is where we'll end up for a little while before another jump up to over $10,000. That's a good trend upwards in my opinion. This time, if we can get some support at $10,000 or higher, then we may have a constant trend upward and hopefully towards new all time highs in a few months.

[kolonel_x]

It's really looking like somewhere around $8750-$9,000 is where we'll end up for a little while before another jump up to over $10,000. That's a good trend upwards in my opinion. This time, if we can get some support at $10,000 or higher, then we may have a constant trend upward and hopefully towards new all time highs in a few months.

I think bitcoin will get support of $ 10,000 and the market trend has started, currently around $ 9,300 but it won't take long because the support is so fast to $ 10,000 let's wait what will happen in December will the support be achieved?

[ChrisPop]

Bitcoin is looking like re-accumulation at the moment, possibly a pennant or a descending triangle forming. Whatever way you look at the formation I would only look for lower targets once we break the $8900-$9000 level. Until then I have no reason to be bearish at all. Fundamentals are now stronger than always on BTC and technicals are neutral and perhaps a little bull biased. I'm not a financial advisor so my post should be interpreted accordingly.

[cryptoadvocate]

It's really looking like somewhere around $8750-$9,000 is where we'll end up for a little while before another jump up to over $10,000. That's a good trend upwards in my opinion. This time, if we can get some support at $10,000 or higher, then we may have a constant trend upward and hopefully towards new all time highs in a few months.

Have to take out 9500 first, hasn't been able to get any sustained support above there

[jostorres]

Bitcoin is looking like re-accumulation at the moment, possibly a pennant or a descending triangle forming. Whatever way you look at the formation I would only look for lower targets once we break the $8900-$9000 level. Until then I have no reason to be bearish at all. Fundamentals are now stronger than always on BTC and technicals are neutral and perhaps a little bull biased. I'm not a financial advisor so my post should be interpreted accordingly.

It has been really hard to break or sustain that barrier but I know that it will surely be broken once bitcoin can gather the momentum to do so or once we can get any encouraging news like the one that forced the value of bitcoin to recover from $7500 of recent which we saw how china became interested in the use of blockchain technology and even encouraging their own citizens not to allow the opportunity to pass them by.

I am sure that we will have another additional $5000 hopefully before the end of this year making us recover back to the time of this year when we once reached the value of $13800. All these times has just been accumulation period for the whales and those that really understand the future of bitcoin already getting so close.