Bullish outlook for BTC - will it last?

[TravelMug]

the overall outlook for bitcoin is bullish and it will remain that way but in the short term it is currently impossible to predict what kind of market we are going to have unless price can break some of the major resistances such as $8000 for example then we can be more confident about the trend that bitcoin is following. for now it is sideways with a very strong bottom at $6k.

The overall outlook of bitcoin may be bullish as people certainly want it to be bullish, but nothing is actually guaranteed or certain yet at this moment. Sure, the $6k region has been holding and a new trend starting from there, might actually help see if the trend line will end up being broken upward to start a new trend or not.

Certainly, all we have is the time and trend to know where the market leads eventually but seeing the quick reactions of bear recently, I would not be too optimistic.

Right! A small movement in the market right now is not a depiction of bullish movement. Moreover, the only way I will be very bullish right now is if we close weekly above 7k.
Secondly, the bears are still very strong and sometimes these days, trading the market requires a little bit of carefulness with how fast the bears can strike. Time though is all we have now.

Of course, a +/- 5%-7% is not a clear depiction of a bullish movement. There are thousands of traders around + the whales who can moved the price is either direction. We don't need to jump and get excited for a sudden bump because it can be wipe out in matter of minutes, just remember what had happened a few weeks ago, $6500-$7300 and then boom, in just 30 minutes all weeks of hardwork pushing the price to that level is gone!!!

For it to say that bearish trend is at least at the tail end is that bitcoin touch $10K and sustain that price along the way.

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[zazarb]

There is no real answer for this question. In this market you can only predict but you will never be hundred percent correct. And it is not looking like bull market are happening right now.

[splacque]

RSI at 62, major trend lines crossing soon around $7600, then a dip to $6500 and then moon?

That's what this article says: https://www.cryptonewsinc.com/a-bullish-start-of-september-for-bitcoin-will-it-last/

Agree or disagree?

The prediction about the dip was pretty accurate. At the time, I expected that to happen as well, even though some people within the market thought that it was going to be a long term trend reversal.

I probably disagree with the prediction regarding the rebound, however.

Personally, it's more likely at this point to see prices continue to dip until a new bottom is found or $6k support is tested again, compared to prices going straight up "to the moon". With such bearish sentiments still remaining in the market, it's almost impossible for a bull market to emerge at this stage. Expect sideways movements and small corrections in the next few months.

Yeah! And so far so good, we have traded below the $6500 region for some days now and I certainly believe that an bounce from here at all would likely be a short term bounce as long as we are still below the trend line and based on the falling wedge, the chances of the market going a little bit lower than where we are presently is kind of certain, but we will get to see over time. Any break below $5860 should definitely be sending us quickly to as low as $5k or a bit lower.