Bitcoin Price Intraday Analysis: BTC/USD Rejects Bulls, Once Again

[tosmartak]

Bitcoin Price Intraday Analysis: BTC/USD Rejects Bulls, Once Again
Bitcoin price on Thursday extended its prevailing bearish correction sentiment and dropped as much as 6.5 percent from the yesterday’s low near $6,710.

The BTC/USD in the very first hours of today’s session formed lower highs and lower lows towards 6731-fiat and 6303-fiat. It very much set the sentimental course for the rest of the Asian and European session. Both the trading sessions lacked strong bullish corrections, putting BTC/USD on a slow path to the downside. At the early European hours, the pair retested 6306-fiat as the range bottom, only to recover towards 6500-fiat.

In the opinion of many strategists, Goldman Sachs’ decision to halt its long-planned cryptocurrency desk over regulatory issues caused the latest BTC/USD correction. However, the factor is too lousy to correlate for a market that has been in a massive bearish formation since November 2017. Even in the recent price action, we noticed the pair’s bullish momentum getting slowed down near our previous Rising Wedge resistance. We had expected a breakout scenario, anyway.
https://www.ccn.com/bitcoin-price-intraday-analysis-btc-usd-rejects-bulls-once-again/

This decline was caused by investors who began to worry about warnings from a number of regulators and increased crackdown on the Bitcoin market

It is not even about investors worrying anymore, this is the fact that the market is generally bearish and there is nothing we can do about it. Obviously the whales who are the market makers are out to chase out the weak hands totally but for those who are smart enough , it would be another great opportunity just to buy at a lower value. I believe that by now things like this should be expected in this market as long as people realize the bears are still in control.

[CandyCoconut]

Very sad news! Its price fell down for another time. I don't know when it will rise. Most of new investor fearing but not ray of hope yet.

[CuteSeal]

Prediction fails again and again.I believe this new source. A few month ago bitcoin fall in bear market that is price decreased. A long time passing, no ray of hopes of its improvement.Analysers say, before the end of this year, price will be recovered.

[Bardman]

The market has been quashing any bullish momentum for the past 6 months or more now. From here though I believe soon there will be some significant movement one way or another. Each time the breakout is to a lower level. That suggests to me that either the resistance around 5800 will soon fold or that the soon the breakout will succeed because each time it's not being allowed to go quite as high for fear that it won't be able to be brought back down again.

Exactly, this time we are only 1000$ away from a change in the weekly trend. The 5700-6200 are has been a strong support 4 times in a row. In fact the weekly charts are showing a descending wedge which is a bullish indicator. I would only worry if we fall below 5500$ at this point.

[MarchionessBold]

Why are we ignoring the fact that a 100 million worth of dumped also happened beside the Goldman Sachs halt? Manipulation is what created the unrest in this space and now people are slowly diverting the whole crash towards Goldman Sachs' decision to not join exchange market. Even if they did, it wouldn't have a significant effect in market

[Tapyaks72]

Why are we ignoring the fact that a 100 million worth of dumped also happened beside the Goldman Sachs halt? Manipulation is what created the unrest in this space and now people are slowly diverting the whole crash towards Goldman Sachs' decision to not join exchange market. Even if they did, it wouldn't have a significant effect in market

It just creating a scenario that would justify their manipulation in reality they wanted to make the to go down to make them into an advantage points to buy cheaper bitcoin in preparation for the bull run. If you think it as an opportunity this is the right time to reload your portfolio before it happens.

[sufiasyl]

BTC/USD Rejects Bulls, Once Again a news to be disappointed. Also, there is a fluctuation in prices but the good news is recovered towards 6500-fiat. But I think the decision of Goldman Sachs to issue long-planned Cryptocurrency can be effective for correction.

[ETHTachometer]

I don't think there will be any pull back like this in the remaining months of this year. Though I wouldn't really blame Goldman Sachs' incident behind the crash of price but a pull back was imminent because of the price rising at a very faster pace than it should have been. The recovery will definitely place Bitcoin to a good position by the time the year ends.