Big pop up again

[cellard]

As we approached sub $6k and actually hit $5.9k... we see another huge pump to $6400. Impressive, a $500 dollar move up just like that, on a single candle. Someone bought a pretty decent amount of coins.

The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.

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[fabiorem]

This is what Wall Street call "price discovery". Its the point where they cant suppress the price any longer.

But the issue remains: will it go up from there? Will this bottom go up? Or will the price keeps swinging over it?

[STT]

I think the big pop up is part of a repeated process, what we have to achieve really is a rise on the daily candles.   I'm posting a chart with that large time frame here and I've drawn in a negative channel or downtrend to show our rough rate of decline even while we find buying some points.   It must close out the positive buying over 24hr not just the shorter time frames.

The main reason for this is the global aspect to BTC trading and recognition by people of multiple countries to a new price level.    I think pricing takes time in this way, to find all sellers and then also buyers for that price



This decline ratio or gradient exists for all of August so far.  We must go sideways at least if not upwards to outrun that trend

[The Sceptical Chymist]

This is what Wall Street call "price discovery".

Wall Street loves meaningless buzz-phrases like that.  Drives me insane sometimes.  If you read an analysts report, you'll see bloated "analysis" which purports to show why a stock is going to be higher or lower.  In other words, it's fluff.  If they were honest, those analysts would write that they're pulling predictions out of their asses.

Anyhow, I didn't realize bitcoin had dropped so much.  I haven't seen it below $6k for a while now, but sometimes things happen when I'm sleeping and then gets reversed by the time I wake up.  I'm fine with where it's at right now, which is around $6.3k.  I don't pretend to know where bitcoin is headed, but frankly we could be a lot lower than we are.  I'm grateful for that.

[LeGaulois]

Bottoming formations can take a longer time, I suppose there is still some space for Bitcoin. I just hope we won't go below the $5,000. We just need  a couple of million USD injected in the Bitcoin market to give the faith, or a good old economic crisis in a country like Greece, lol

[aoluain]

As we approached sub $6k and actually hit $5.9k... we see another huge pump to $6400. Impressive, a $500 dollar move up just like that, on a single candle. Someone bought a pretty decent amount of coins.

The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.

I have been seeing various comments about some entity trying to short the market
and drive the price down. Im not a whale but im still buying bitcoin at the current
values.

I know it doesnt really matter as most of us are looking at the long term but are
there moves to take the prices down?

[KenChanYu]

As we approached sub $6k and actually hit $5.9k... we see another huge pump to $6400. Impressive, a $500 dollar move up just like that, on a single candle. Someone bought a pretty decent amount of coins.

The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.

I have been seeing various comments about some entity trying to short the market
and drive the price down. Im not a whale but im still buying bitcoin at the current
values.

I know it doesnt really matter as most of us are looking at the long term but are
there moves to take the prices down?

If we're aiming at the top value in the future, we must act as how other long term traders did so well. Remain bitcoin fanatic and avoid those discouragement hinder your motivations. Because that's the only reason why sudden wrong decisions fall upon on you. We might lose our hope and the result is panic.

[richminded]

This is what Wall Street call "price discovery". Its the point where they cant suppress the price any longer.

But the issue remains: will it go up from there? Will this bottom go up? Or will the price keeps swinging over it?

We’ve been here so many times this year, and seeing the previous price movement, always a bounce back after hitting this level. Maybe the theory of the OP is right since the support level are strong between the price range of $5k-$6k where buyers and sellers agreed the bottom price. No one can answer your question but as an optimist hodler, Maybe we see a new bottom but I know it will to rise again.

[figmentofmyass]

As we approached sub $6k and actually hit $5.9k... we see another huge pump to $6400. Impressive, a $500 dollar move up just like that, on a single candle. Someone bought a pretty decent amount of coins.

that dump the other day from $7100s to $6100s was more impressive though.

it's bitcoin, both the pumps and the dumps are always impressive!

The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up.

i hope you're right, as i find range markets and bull markets easier to trade (especially after we've already fallen 70% from the top). but i'm skeptical that miners have endless capital to prevent liquidating forever. we need real demand to turn things around.

[maarx]

As we approached sub $6k and actually hit $5.9k... we see another huge pump to $6400. Impressive, a $500 dollar move up just like that, on a single candle. Someone bought a pretty decent amount of coins.

The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.

Yup! Good to see the support at the crisis. Last 7 months have been completely balancing not falling below $5K and yes this encourages the investors leaving out the hope that there wont be much fall or loss if they invest in bitcoin. The past two weeks were holding the value between $6K to $7.3K and believe that there wont be another big fall this year. The value is expected to move forward. Hope to hit minimum $8k in a week and cross $9k this month. Lets watch the show.

[pooya87]

As we approached sub $6k and actually hit $5.9k... we see another huge pump to $6400. Impressive, a $500 dollar move up just like that, on a single candle. Someone bought a pretty decent amount of coins.

the thing about "hitting" a price like this and then rising back up is that you shouldn't just focus on the numbers but also on the how tos.

market is still pretty small and on top of that people aren't trusting exchanges to leave their money there so despite the strong buy support there, a bigger sell can drop the price. which was $5995. it is hard to figure it out now but it was about 200BTC volume on that candle in a 14096BTC daily volume on bitstamp.

The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.

maybe it is ALSO miners but i don't think that is all. it is a lot of traders who know $6k as the bottom and buy there.

[davis196]

The price support level depends mostly of the amount of sellers,who are stupid enough to sell at a given(or lower) price.A stable btc price of around 5900-6500 USD means that the amount of stupid traders is little or close to zero,while the majority  of the smart traders just HODLs.The main problem is the lack of strong increase in bitcoin demand.

[Tankdestroyer]

But the issue remains: will it go up from there? Will this bottom go up? Or will the price keeps swinging over it?

This bottom will not go up so long as the main problem(as indicated in the quote below) is still there. Therefore the price will keep swinging over it until the main concern is solved. Nevertheless, I believe we are not seeing the bottom yet because there are no signs of the main problem being solved soon even with all the upcoming ETF approvals.

The main problem is the lack of strong increase in bitcoin demand.

[BrewMaster]

right now the $6k price is acting as an elastic band thingy which you can only stretch too much before it is  released from your fingers, slips out and hits you in the eye giving you a black up because you played with it too much beyond its elasticity.

and right now we have some people with black eyes because they thought $6k is not strong but in fact it was.
the next 48 hours can determine which way we go if they decide to dump coins on the market and push it down and only if the buy support couldn't but it up, the market may finally grant the newbies wishes for lower prices otherwise say goodbye to it

[Findingnemo]

As we approached sub $6k and actually hit $5.9k... we see another huge pump to $6400. Impressive, a $500 dollar move up just like that, on a single candle. Someone bought a pretty decent amount of coins.

The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.

At $6000 looks like strong resistance level since we have crashed many times to that level but didn't fall much beyond than that,so it means people use that $6000 at reference to buy and waut for that bump to happen and later to sell for decent money.But as a true bitcoin believer we need to hold it more to bring up the prices again to the next level.

[cellard]

As we approached sub $6k and actually hit $5.9k... we see another huge pump to $6400. Impressive, a $500 dollar move up just like that, on a single candle. Someone bought a pretty decent amount of coins.

the thing about "hitting" a price like this and then rising back up is that you shouldn't just focus on the numbers but also on the how tos.

market is still pretty small and on top of that people aren't trusting exchanges to leave their money there so despite the strong buy support there, a bigger sell can drop the price. which was $5995. it is hard to figure it out now but it was about 200BTC volume on that candle in a 14096BTC daily volume on bitstamp.

The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.

maybe it is ALSO miners but i don't think that is all. it is a lot of traders who know $6k as the bottom and buy there.

But as a trader, you perform technical analysis, and if you apply TA, I don't really see $6k anymore as a bottom, unless you believe in what, a quintuple bottom at this point? I mean we were discussing a triple bottom a month ago, now it has bounced back, so quadruple bottom is at play if it keeps going up.

So out of any TA, there must be a fundamental reason for this. The only fundamental analysis I can do towards this solid $6k resistance is the cost-of-mining-1-bitcoin theory, which true or not, becomes a self fulfilling prophecy at this point.

[1Referee]

But as a true bitcoin believer we need to hold it more to bring up the prices again to the next level.

As a true Bitcoin believer people need to be realistic. It's perfectly possible to test $5000 in the coming weeks or months (no I don't imply it will actually happen, just that the possibility is there). Following the long term downtrend has been the most consistent and profitable indicator, and people keep ignoring it because they blindly assume that $6000 is the safe haven support level.

If the downtrend continues, we'll see the next lower high settle somewhere around $7000 (give or take a few hundred). The 2014/2015 bear market counted exactly 4 lower lows from where we went up, and currently we're working towards the potentially 3th lower low. It basically means that if the situation repeats itself, which might or might not happen, we're at least half way through which is a good thing.

[pooya87]

As we approached sub $6k and actually hit $5.9k... we see another huge pump to $6400. Impressive, a $500 dollar move up just like that, on a single candle. Someone bought a pretty decent amount of coins.

the thing about "hitting" a price like this and then rising back up is that you shouldn't just focus on the numbers but also on the how tos.

market is still pretty small and on top of that people aren't trusting exchanges to leave their money there so despite the strong buy support there, a bigger sell can drop the price. which was $5995. it is hard to figure it out now but it was about 200BTC volume on that candle in a 14096BTC daily volume on bitstamp.

The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.

maybe it is ALSO miners but i don't think that is all. it is a lot of traders who know $6k as the bottom and buy there.

But as a trader, you perform technical analysis, and if you apply TA, I don't really see $6k anymore as a bottom, unless you believe in what, a quintuple bottom at this point? I mean we were discussing a triple bottom a month ago, now it has bounced back, so quadruple bottom is at play if it keeps going up.

So out of any TA, there must be a fundamental reason for this. The only fundamental analysis I can do towards this solid $6k resistance is the cost-of-mining-1-bitcoin theory, which true or not, becomes a self fulfilling prophecy at this point.

sometimes it is more than enough reason to keep a price up above some arbitrary level. it doesn't even have to be true it just needs to be accepted by majority of investors which seems to be the case here.
on top of that each time we test $6k and it stands strong it increases the confidence in that number so next time the target of everyone else would be there.

i usually don't use TA because i am not good at it and also i believe it doesn't work for bitcoin. but yeah if you see it as a descending triangle then it should have dropped below and went lower.

[Idrisu]

As we approached sub $6k and actually hit $5.9k... we see another huge pump to $6400. Impressive, a $500 dollar move up just like that, on a single candle. Someone bought a pretty decent amount of coins.

The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.

We should not celebrate this as the market is generally bearish.  I think we are going to have corrections back to below $6000 in days to come as investors are having doubts of ETF approval.

[Pursuer]

As we approached sub $6k and actually hit $5.9k... we see another huge pump to $6400. Impressive, a $500 dollar move up just like that, on a single candle. Someone bought a pretty decent amount of coins.

The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.

We should not celebrate this as the market is generally bearish.  I think we are going to have corrections back to below $6000 in days to come as investors are having doubts of ETF approval.

I still don't think price an fall below $6000 without ETF rejection. doubts are not enough reason for people to start selling their coins and for the buyers (the buy support at $6k) to stop buying as we were proven a day before. but if ETF is rejected (which is very likely!) we can see a big panic sell drop.