No rise in the price of BTC in this August 2018

[exstasie]

It looks to me like the market is bucking the 8/22 shakeout:



Price is ramping back up to the highs, and I suspect this will continue into the low $7,000s. There's a gap that might get filled there, as Peter Brandt points out.

Is it true there are no more ETF deadlines waiting in the wings until late September? I could see the market drifting upwards for a while as we head into that decision.

[magneto]

Very bad news for BTC holders. BTC price is not moving upwards in August 2018. Looks like the rest of the days of August will be in downtrends for BTC price chart. The red is dominating green for all altcoins. Looks like another panic month for longtime holders.

Long term holders would not panic in these situations.

In fact, it's an excellent point for accumulation right now with prices down so much. We've seen the $6k support hold up relatively well, and even though I don't think that it's going to be the bottom of this bear market, it's going to be very close to the bottom from this point onwards until the recovery comes in.

It's almost impossible for bitcoin to fall under $3-4k, simply because of the huge buying pressure at those levels.

Besides, these price movements are expected in a bear market. It's not anything out of the ordinary. The market sentiment is still bearish, obviously, and bullish prospects aren't really in the question right now. And that too, is completely expected.

[marcbitcoins]

Very bad news for BTC holders. BTC price is not moving upwards in August 2018. Looks like the rest of the days of August will be in downtrends for BTC price chart. The red is dominating green for all altcoins. Looks like another panic month for longtime holders.

Even Bitcoin price is not moving up but at least we are stable at base line of $6,000 because if the price will fall below of that bottom line then for sure expect many will leave this investment because their confident level to continue to buy and hold will reduce. I see no panic for now because after ETF rejection we can see the Bitcoin price keep moving up slowly meaning the people don't care anymore about this latest event.

[yndye]

Very bad news for BTC holders. BTC price is not moving upwards in August 2018. Looks like the rest of the days of August will be in downtrends for BTC price chart. The red is dominating green for all altcoins. Looks like another panic month for longtime holders.

I don't think it's the long time holders that are in panic though but those who recently bought in that is expecting a quick profit but then it is not what they expected because the price just keep going down. There may be times when the price goes up but then it would go down again. If you check the price now, it is going up and if it continues to go up after a few days or even a few hours, it would go down again which is bad for those who wanted big profits investor but for traders it would be like a paradise if you were able to trade it profitably.

[exstasie]

It's almost impossible for bitcoin to fall under $3-4k, simply because of the huge buying pressure at those levels.

Never say never. It really depends how many people think it's impossible, and whether they're long. Markets like to cause "maximum pain"; they go to prices where the most traders will lose the most money -

Max pain, or the max pain price, is the strike price with the most open contract puts and calls - and the price at which the stock would cause financial losses for the largest number of option holders at expiration.

But old trading wisdom aside, $3K is obviously an important S/R level. And come to think of it, there's a long term log trend in the $3-4K area for the next few months. Good reasons for a bottom in that area.

[tomahawk9]

We've actually managed to go past the resistance level (6500), if the price holds around the current prices (6646 at the moment of this post), then we could actually test 7k at the end of the month.

If the prices goes down again under 6500, I believe the 6k floor should hold pretty well before the next rally starts. But,to be honest, we're in the accumulation phase, which I call the "boring" phase, so we shouldn't expect too much and just let the market do its own thing.

August started with $7500. So even Bitcoin at any chance go beyond $7000 in August it will still be a negative month.

Still, it isn't as bad as OP thinks, OP said: "Very bad news for BTC holders.". To bitcoin holders, especially those holding for the long-term, the drop in August and not seeing a significant increase is far from being "bad news", if anything it has been a great month because of the accumulation period. It could be a negative month, yes, but for some people it was a positive month (not in terms of prices, obviously) because it gave them the opportunity to buy cheap.

[maarx]

None is sure about what would the exact price in the next hour. When we had a massive spike in December 2017, everyone expected 2018 would be another year of a marvelous spike relating to the past growth trend. Fluctuations are crypto's nature and its unpredictable. When one pitches into trading, he/she has to have more confidence and patience. I understand its painful when you are in need of money but need to. Today we had a bit spike and hope to have a come back.

[timerland]

Very bad news for BTC holders. BTC price is not moving upwards in August 2018. Looks like the rest of the days of August will be in downtrends for BTC price chart. The red is dominating green for all altcoins. Looks like another panic month for longtime holders.

Actually, with the prices consolidating at $6k, we could well see a short term rally coming soon, pushing prices above $7k.

But you're right for the most part. Market sentiment remains quite bearish right now, and even if there was a rally, it wouldn't last very long before the correction brings prices down to previous levels. A lot of people actually thought that August was going to be the month when prices will start recovering, because of the ETF. But to me, the ETF was never going to get approved in the short term anyways, and even if it was, it would most likely only cause temporary FOMO within the market, and no major trend reversals.

It's not necessarily a bad month. The $6k support still held up. I'm probably not as positive as some others. Even though I think that a short term rally is possible, the recovery is probably not going to happen until next year after prices bottom, which we may not have even seen yet. It's not something that is just this month.

[xuan87]

Why should we panic, the price is moving forward and backward,the swing hasn't been too bad, so I guess BTC still in a good shape, it's a bit  disappointing that the price hasn't able to go up, but the market situation is not too good and the etf result hasn't been in our favor, so just need to be more patience about the situation

[atayating]

The price of bitcoin is already stable relative to the altcoin, because we can see that bitcoin is slowly rising, while the altcoin is still falling!

[exstasie]

It looks to me like the market is bucking the 8/22 shakeout:

Price is ramping back up to the highs, and I suspect this will continue into the low $7,000s. There's a gap that might get filled there, as Peter Brandt points out.

So we got our push into the $7,000s....not quite to Peter Brandt's $7,270 target, but close enough:



I closed half my long and ended up getting stopped out on the rest with yesterday's dumps. I'm back to waiting mode.

I like the look of this 4-hour candle. If it closes this way, that's a bullish engulfing right off the prior highs. I'd like to see this level hold and to form a bull flag/pennant before getting too bullish again.

[MRY]

I don't think so, at this time bitcoin prices have started to rise even a little and for some people have been able to get profit from the bitcoin they buy when bitcoin prices are very low, so if we can see and use opportunities well then we will still be able to get profit

[samlaode]

I don't think so, at this time bitcoin prices have started to rise even a little and for some people have been able to get profit from the bitcoin they buy when bitcoin prices are very low, so if we can see and use opportunities well then we will still be able to get profit

The time he created this thread was August 21 when bitcoin reversed to $6350, predicted to be pessimistic at the time. Now the bitcoin price has risen compared to that time $700 and many also make some profit.

[R9s]

I have sold all my valuable altcoins and used them to buy bitcoin for preservation. If Bitcoin continues to fall, then I will let them sleep in the wallet all the time! Until the bull market is coming!

[r32godzilla]

Very bad news for BTC holders. BTC price is not moving upwards in August 2018. Looks like the rest of the days of August will be in downtrends for BTC price chart. The red is dominating green for all altcoins. Looks like another panic month for longtime holders.

As it has been mentioned as long term holders by OP,there is nothing bad news for them as they actually don't bother short term fluctuations.It would be bad news only for day traders who would find it difficult to make profit as price fluctuations were their main source to make profit.

[YuginKadoya]

Very bad news for BTC holders. BTC price is not moving upwards in August 2018. Looks like the rest of the days of August will be in downtrends for BTC price chart. The red is dominating green for all altcoins. Looks like another panic month for longtime holders.

As it has been mentioned as long term holders by OP,there is nothing bad news for them as they actually don't bother short term fluctuations.It would be bad news only for day traders who would find it difficult to make profit as price fluctuations were their main source to make profit.

Well at the end of the day the day traders would not really mind because in my opinion they are aware that the market is in a bearish movement right now and many of them are not really engaging that much with a day trade with bitcoin, Maybe there are some traders that will make a trade, And that traders are a hopeful ones that think the fluctuation would surely move their way, I really think day traders would not be bother by it at all.

[vagsun]

Its very mournful, that the price of btc had not rose in this august 2018. Today is the last day of this month and the price of btc is $6.9k. Really its a very plaintive news for the btc investors. Hope it will rise soon ,so that all the investors could enjoy maximum profits from their investment.

[shanghai]

Bitcoin did not increase in August, it was down a lot compared to the beginning of the month. Who said a slight increase this month is not accurate, it only slightly recovered.

[Kemarit]

Its very mournful, that the price of btc had not rose in this august 2018. Today is the last day of this month and the price of btc is $6.9k. Really its a very plaintive news for the btc investors. Hope it will rise soon ,so that all the investors could enjoy maximum profits from their investment.

I wouldn't be disappointed at the current price, I just checked last year price and it seems we are just above $4000, so year-to-year we are in a positive growth. That's the problem we always wanted to maximum our profits, but we should understand that there's a lot of factors affecting the price.

@exstasie - yeah I'm also looking at around that price ($7200-$7300), but it all good, and I'm happy with the recent movement. This is just a shallow retrace for me, so its still a good indication that we can make a break out run around $7200-$7300. Let's see how it goes.

[phpartisanmaster]

Very bad news for BTC holders. BTC price is not moving upwards in August 2018. Looks like the rest of the days of August will be in downtrends for BTC price chart. The red is dominating green for all altcoins. Looks like another panic month for longtime holders.

It does not matter because bitcoins will still grow even more before the year ends so keep on holding your coins today.