I personally think bitcoin is bullish right now.

[Bardman]

I know people have been saying that since forever. This whole year people have been yelling ''bullish'' every day however, memes aside I truly think bitcoin is bullish. Obviously we are in a downtrend but I just find it funny when people lose their minds because bitcoin went from 7400 to 6700 in a day when in december we had $3000+ moves to the upside. No one was complaining back then huh? Technically speaking when you look at the weekly/daily chart you can see we are basically in a descending wedge which is, technically speaking, a bullish indicator. We have been forming weekly lower highs all year, however if the support area around 6000$ holds again this time, we will be in a really good position to actually break the lower highs, we would only need a 1000$~ move to break it for the first time in basically a year.

Not to mention the clear interest, governments/entities/businesses are taking in bitcoin. ETF's, Nasdq, etc etc, even if they aren't approved.

[1713534008]

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[reactorjuno]

I know people have been saying that since forever. This whole year people have been yelling ''bullish'' every day however, memes aside I truly think bitcoin is bullish. Obviously we are in a downtrend but I just find it funny when people lose their minds because bitcoin went from 7400 to 6700 in a day when in december we had $3000+ moves to the upside. No one was complaining back then huh? Technically speaking when you look at the weekly/daily chart you can see we are basically in a descending wedge which is, technically speaking, a bullish indicator. We have been forming weekly lower highs all year, however if the support area around 6000$ holds again this time, we will be in a really good position to actually break the lower highs, we would only need a 1000$~ move to break it for the first time in basically a year.

Not to mention the clear interest, governments/entities/businesses are taking in bitcoin. ETF's, Nasdq, etc etc, even if they aren't approved.

I read your post earlier and forgot to reply.

I wanted to post this:


So here is what happened since the last down trend.
I am expecting the price of Bitcoin to go down a little more, perhaps down to $6,000. We can see that if the price goes down $200 or $300 more, the RSI still has a "comfortable" margin for a bullish trend again soon. We'll see this in a few weeks time.

[Bardman]

I know people have been saying that since forever. This whole year people have been yelling ''bullish'' every day however, memes aside I truly think bitcoin is bullish. Obviously we are in a downtrend but I just find it funny when people lose their minds because bitcoin went from 7400 to 6700 in a day when in december we had $3000+ moves to the upside. No one was complaining back then huh? Technically speaking when you look at the weekly/daily chart you can see we are basically in a descending wedge which is, technically speaking, a bullish indicator. We have been forming weekly lower highs all year, however if the support area around 6000$ holds again this time, we will be in a really good position to actually break the lower highs, we would only need a 1000$~ move to break it for the first time in basically a year.

Not to mention the clear interest, governments/entities/businesses are taking in bitcoin. ETF's, Nasdq, etc etc, even if they aren't approved.

I read your post earlier and forgot to reply.

I wanted to post this:


So here is what happened since the last down trend.
I am expecting the price of Bitcoin to go down a little more, perhaps down to $6,000. We can see that if the price goes down $200 or $300 more, the RSI still has a "comfortable" margin for a bullish trend again soon. We'll see this in a few weeks time.

That's only short term, though, if we hold the 6000~ level we will be in a pretty ok situation. Again quite close to change the trend and the shorts are still almost at an ATH so the potential for a short squeeze is still there. I'll be cautious though, some small fud could crash or push the market easily right now.

[1Referee]

Institutional interest is something a lot people are focusing on, which rightfully speaking is definitely a next level form of recognition and it takes away Bitcoin's "criminal" edge amongst corporate entities, but it doesn't seem like their interest goes beyond cash settled products yet.

We need to build sustainable growth based on actual user demand, which at the same time is a far more sustainable form of growth. That's why I am extremely happy with how LN is growing out of its 'beta' shell slowly but surely. There are various clients already allowing you to utilize LN to conduct smaller payments and it works extremely well. Even so well, that it almost seems like I'm using some sort of centralized payment service because of how fast the payments are. It's next level shit.

Bitcoin has always been bullish, people just get emotionally wrecked by this bear market. Once we're going up again for a couple of months, no one will even look back at the bear market.

[Tytanowy Janusz]

if the support area around 6000$ holds again this time, we will be in a really good position to actually break the lower highs, we would only need a 1000$~ move to break it for the first time in basically a year.

If the support will hold. If not we will see 4-5k few days later. Question is - will it hold?

In my opinion there is no chance to it to hold. If market will act normal we we see 6k break in next 2 weeks. Only good news can save BTC.
Support is weaker with every bounce. Why?
1- With second bounce traders were buying on 6k to profit till 12k. Now with resistance close to 6700 it might not be worth to take risk.
2- Those who bought in february, may, with every dip close to 6k are slowly getting into half year into position without any profit. They are slowly getting bored and are looking where to sell
3- Shorters know that braking 5,5-6k will dump market instantly to 4k (stoplosses, overlaveraged longs) - big short from whale is getting more profitable and less risky - it might be easier to earn for big whale shoring at 6k rather than buiying to sell at 6500
4- all willing to buy at 6k range already did. Now we are seeing only low volume speculation


Take a look at silver few years ago and how its end up.



Looks similar to BTC? 27$ support looks as strong as 6000$ for btc



Thats how it end showing bottom at 15$. We need good news to help this support. Otherwise we will see another support at 4-5k what will postopne next pump from december 2018 too december 2019.

[reactorjuno]

if the support area around 6000$ holds again this time, we will be in a really good position to actually break the lower highs, we would only need a 1000$~ move to break it for the first time in basically a year.

If the support will hold. If not we will see 4-5k few days later. Question is - will it hold?

In my opinion there is no chance to it to hold. If market will act normal we we see 6k break in next 2 weeks. Only good news can save BTC.
Support is weaker with every bounce. Why?
1- With second bounce traders were buying on 6k to profit till 12k. Now with resistance close to 6700 it might not be worth to take risk.
2- Those who bought in february, may, with every dip close to 6k are slowly getting into half year into position without any profit. They are slowly getting bored and are looking where to sell
3- Shorters know that braking 5,5-6k will dump market instantly to 4k (stoplosses, overlaveraged longs) - big short from whale is getting more profitable and less risky - it might be easier to earn for big whale shoring at 6k rather than buiying to sell at 6500
4- all willing to buy at 6k range already did. Now we are seeing only low volume speculation


Take a look at silver few years ago and how its end up.



Looks similar to BTC? 27$ support looks as strong as 6000$ for btc



Thats how it end showing bottom at 15$. We need good news to help this support. Otherwise we will see another support at 4-5k what will postopne next pump from december 2018 too december 2019.

A little depressing to read, but what you wrote makes some sense, at least to me. Now for a big news, I am thinking about the ETF, cannot see anything else than that in the short or middle term. Technically the ETF would not be good news for the supporters of the original wallpaper, but it would be good for those looking for short term profits (would definitely have a positive impact on the price if it happens).

[Tytanowy Janusz]

A little depressing to read, but what you wrote makes some sense, at least to me. Now for a big news, I am thinking about the ETF, cannot see anything else than that in the short or middle term. Technically the ETF would not be good news for the supporters of the original wallpaper, but it would be good for those looking for short term profits (would definitely have a positive impact on the price if it happens).

Well it might be anything. Big bank willing to invest, country willing to hold small part of its reserves in BTC (f.e. Malta which is soo positive to crypto) , Founds willing to invest in BTC, MT gox case solved by burning remaining BTC  and manny more. It might not be something that everyone know it'll happend. Funny thing is that we might see it firstly on chart and then (after all insiders bought) as a news.

And my prediction is as I said "if market will act normal". We all know how manipulated it can be. https://bitcointalk.org/index.php?topic=4460964.msg39964620#msg39964620. Here you can read my math speculation about bitcoin beeing pumped to 20k tommorow which was made only to show that in trading nothing is certain but people didnt get it and are posting shitcomments for 3 months that it was not pumped (hahaha). At the end it may all depend on 1 whale and his point of view - best way to earn.

[Crashing]

I know people have been saying that since forever. This whole year people have been yelling ''bullish'' every day however, memes aside I truly think bitcoin is bullish. Obviously we are in a downtrend but I just find it funny when people lose their minds because bitcoin went from 7400 to 6700 in a day when in december we had $3000+ moves to the upside. No one was complaining back then huh? Technically speaking when you look at the weekly/daily chart you can see we are basically in a descending wedge which is, technically speaking, a bullish indicator. We have been forming weekly lower highs all year, however if the support area around 6000$ holds again this time, we will be in a really good position to actually break the lower highs, we would only need a 1000$~ move to break it for the first time in basically a year.

Not to mention the clear interest, governments/entities/businesses are taking in bitcoin. ETF's, Nasdq, etc etc, even if they aren't approved.

We are on a bear market (way more than 20% drop from the 52 high) and you say we are bullish? Sorry but it's not a very good way to trade to mix aspirations with reality. The trend is bearish. Don't fight the trend.

[LFC_Bitcoin]

Institutional interest is something a lot people are focusing on, which rightfully speaking is definitely a next level form of recognition and it takes away Bitcoin's "criminal" edge amongst corporate entities, but it doesn't seem like their interest goes beyond cash settled products yet.

We need to build sustainable growth based on actual user demand, which at the same time is a far more sustainable form of growth. That's why I am extremely happy with how LN is growing out of its 'beta' shell slowly but surely. There are various clients already allowing you to utilize LN to conduct smaller payments and it works extremely well. Even so well, that it almost seems like I'm using some sort of centralized payment service because of how fast the payments are. It's next level shit.

Bitcoin has always been bullish, people just get emotionally wrecked by this bear market. Once we're going up again for a couple of months, no one will even look back at the bear market.

I’m admittedly not very well researched on LN but this sounds really good buddy. How long does 1 confirmation take?

[exstasie]

Not to mention the clear interest, governments/entities/businesses are taking in bitcoin. ETF's, Nasdq, etc etc, even if they aren't approved.

But that doesn't equate to a bull market. It doesn't necessarily mean new demand is going to overtake all the new supply from late 2017 and early 2018 buyers.

Great things are built during bear markets, and I'm sure all this interest from governments and Wall Street isn't for nothing. But the exchange/broker sector grew a lot during the 2014-2015 season too. So did other services, payment processors. Lots of new market participants like hedge funds and market makers entered the market too. It's all part of the larger market cycle.

[Slow death]

I know people have been saying that since forever. This whole year people have been yelling ''bullish'' every day however, memes aside I truly think bitcoin is bullish. Obviously we are in a downtrend but I just find it funny when people lose their minds because bitcoin went from 7400 to 6700 in a day when in december we had $3000+ moves to the upside. No one was complaining back then huh? Technically speaking when you look at the weekly/daily chart you can see we are basically in a descending wedge which is, technically speaking, a bullish indicator. We have been forming weekly lower highs all year, however if the support area around 6000$ holds again this time, we will be in a really good position to actually break the lower highs, we would only need a 1000$~ move to break it for the first time in basically a year.

Not to mention the clear interest, governments/entities/businesses are taking in bitcoin. ETF's, Nasdq, etc etc, even if they aren't approved.

People are think on the following: the price of bitcoin has reached more than $17000 and it is hard to imagine that something that was $18,000 has fallen to $6000, every press always makes that comparison, it does not matter if you or the greatest genius in the world try to explain something different. the fact is that in the head of most people this price of $6000 is a big disappointment and that thought will change only on the day when the price is more than  $18000. Days behind I was reading an article, when I paid attention was well stamped: "Bitcoin lost more than 70% since it reached more than  $18000." and had many comments from people saying that the price is very low. There is no way to change people's thinking.

[xuan87]

I know people have been saying that since forever. This whole year people have been yelling ''bullish'' every day however, memes aside I truly think bitcoin is bullish. Obviously we are in a downtrend but I just find it funny when people lose their minds because bitcoin went from 7400 to 6700 in a day when in december we had $3000+ moves to the upside. No one was complaining back then huh? Technically speaking when you look at the weekly/daily chart you can see we are basically in a descending wedge which is, technically speaking, a bullish indicator. We have been forming weekly lower highs all year, however if the support area around 6000$ holds again this time, we will be in a really good position to actually break the lower highs, we would only need a 1000$~ move to break it for the first time in basically a year.

Not to mention the clear interest, governments/entities/businesses are taking in bitcoin. ETF's, Nasdq, etc etc, even if they aren't approved.

People are think on the following: the price of bitcoin has reached more than $17000 and it is hard to imagine that something that was $18,000 has fallen to $6000, every press always makes that comparison, it does not matter if you or the greatest genius in the world try to explain something different. the fact is that in the head of most people this price of $6000 is a big disappointment and that thought will change only on the day when the price is more than  $18000. Days behind I was reading an article, when I paid attention was well stamped: "Bitcoin lost more than 70% since it reached more than  $18000." and had many comments from people saying that the price is very low. There is no way to change people's thinking.

The price had reached 17k and most of the people buy at the wrong time, that is why people keep on complaining the price is so low, most of the people that complained are the people that only interested in Bitcoin when the price is high, for old user, Bitcoin already got a good rising, we already very grateful to see today's price

[marketone]

I know people have been saying that since forever. This whole year people have been yelling ''bullish'' every day however, memes aside I truly think bitcoin is bullish. Obviously we are in a downtrend but I just find it funny when people lose their minds because bitcoin went from 7400 to 6700 in a day when in december we had $3000+ moves to the upside. No one was complaining back then huh? Technically speaking when you look at the weekly/daily chart you can see we are basically in a descending wedge which is, technically speaking, a bullish indicator. We have been forming weekly lower highs all year, however if the support area around 6000$ holds again this time, we will be in a really good position to actually break the lower highs, we would only need a 1000$~ move to break it for the first time in basically a year.

Not to mention the clear interest, governments/entities/businesses are taking in bitcoin. ETF's, Nasdq, etc etc, even if they aren't approved.

People think about the following: the price of bitcoin has reached more than $17000 and it is hard to imagine that something that was $18,000 has fallen to $6000, every press always makes that comparison, it does not matter if you or the greatest genius in the world try to explain something different. the fact is that in the head of most people this price of $6000 is a big disappointment and that thought will change only on the day when the price is more than  $18000. Days behind I was reading an article, when I paid attention as well stamped: "Bitcoin lost more than 70% since it reached more than  $18000." and had many comments from people saying that the price is very low. There is no way to change people's thinking.

The price had reached 17k and most of the people buy at the wrong time, that is why people keep on complaining the price is so low, most of the people that complained are the people that only interested in Bitcoin when the price is high, for old user, Bitcoin already got a good rising, we already very grateful to see today's price

When you compared with previous years prices almost bitcoin is in a good position but people who bought the bitcoin at the ATH are kept asking when the market will recover. My suggestion is always we have to keep sell order according to the money we have because when we buy at a high value in the same way, we have to buy them low in order to average it.

[pooya87]

Obviously we are in a downtrend

first of all we are NOT in a downtrend. second of all you just contradicted yourself. we can't be on a downtrend and be bullish at the same time!
i believe you are calling the "small drop" a downtrend which is a mistake. a downtrend is a trend not just a drop.

when you look at the weekly/daily chart you can see we are basically in a descending wedge which is, technically speaking, a bullish indicator.

i am no good when it  comes to patterns but this doesn't seem like a descending wedge to me. for a couple of months now the high and lows are pretty much the same with the bottom at $6k. which makes me to believe we have not yet started to be bullish.

[nl247]

Looking from the onset, I have not seen a reason  to say Bitcoin has not been bullish and it certainly depends on each person's perception about the short term and the long term.

In the short term there will always be noises and possible downtrend which those who bought at the peak as a result of FOMO only will be worried about how far low the price has gone in the SHORT TERM, but that does not change anything in the future as there is still great room for development and improvement.

[Pursuer]

Well it might be anything. Big bank willing to invest, country willing to hold small part of its reserves in BTC (f.e. Malta which is soo positive to crypto) , Founds willing to invest in BTC, MT gox case solved by burning remaining BTC  and manny more. It might not be something that everyone know it'll happend. Funny thing is that we might see it firstly on chart and then (after all insiders bought) as a news.

if bitcoin starts rising only because of things you mentioned such as banks investing in it or countries,... then it means bitcoin has already failed and will not survive for long. the fact is bitcoin has been rising (and will do in the future) only because it doesn't need these things. because bitcoin as a decentralized currency that nobody controls already creates enough incentive for people all around the world to want to own some of it and benefit from using it. the rest are only additional pushes on an already rising price.

[Mytoken]

I agree with you, I also believe that Bitcoin still has the potential for bullishness. I don't think Bitcoin needs to rely on ETFs and Nasdq! Bitcoin and blockchain are interdependent!

[Bardman]

if the support area around 6000$ holds again this time, we will be in a really good position to actually break the lower highs, we would only need a 1000$~ move to break it for the first time in basically a year.

If the support will hold. If not we will see 4-5k few days later. Question is - will it hold?

In my opinion there is no chance to it to hold. If market will act normal we we see 6k break in next 2 weeks. Only good news can save BTC.
Support is weaker with every bounce. Why?
1- With second bounce traders were buying on 6k to profit till 12k. Now with resistance close to 6700 it might not be worth to take risk.
2- Those who bought in february, may, with every dip close to 6k are slowly getting into half year into position without any profit. They are slowly getting bored and are looking where to sell
3- Shorters know that braking 5,5-6k will dump market instantly to 4k (stoplosses, overlaveraged longs) - big short from whale is getting more profitable and less risky - it might be easier to earn for big whale shoring at 6k rather than buiying to sell at 6500
4- all willing to buy at 6k range already did. Now we are seeing only low volume speculation


Take a look at silver few years ago and how its end up.



Looks similar to BTC? 27$ support looks as strong as 6000$ for btc



Thats how it end showing bottom at 15$. We need good news to help this support. Otherwise we will see another support at 4-5k what will postopne next pump from december 2018 too december 2019.

A little depressing to read, but what you wrote makes some sense, at least to me. Now for a big news, I am thinking about the ETF, cannot see anything else than that in the short or middle term. Technically the ETF would not be good news for the supporters of the original wallpaper, but it would be good for those looking for short term profits (would definitely have a positive impact on the price if it happens).

''Shorters know that braking 5,5-6k will dump market instantly to 4k'' Not necessarily though. The 6000$ level was broken once on Bitfinex and saw no follow through. Also every time bitcoin approaches 30 on the RSI we see a bounce. At this point the weekly chart looks like an equilibrium pattern with a high, low, lower high and higher low?


We would have to see another lower high and then a bear break, which could happen but we would be close to 30 RSI again.

[Bardman]

Obviously we are in a downtrend

first of all we are NOT in a downtrend. second of all you just contradicted yourself. we can't be on a downtrend and be bullish at the same time!
i believe you are calling the "small drop" a downtrend which is a mistake. a downtrend is a trend not just a drop.

when you look at the weekly/daily chart you can see we are basically in a descending wedge which is, technically speaking, a bullish indicator.

i am no good when it  comes to patterns but this doesn't seem like a descending wedge to me. for a couple of months now the high and lows are pretty much the same with the bottom at $6k. which makes me to believe we have not yet started to be bullish.

Yes we are. ''A downtrend occurs when the price of an asset moves lower over a period of time. While the price may move intermittently higher or lower, downtrends are characterized by lower peaks and lower troughs over time. ''

And I'm bullish simply because the pattern is getting tighter and tighter so a big break is coming soon.

''for a couple of months now the high and lows are pretty much the same with the bottom at $6k.'' Not really, weekly highs are pretty clear, 12k - 10k - 8.5k - 7.4k
The lows have been pretty much the same but I consider that stronger than if they were lower and lower.

[Crashing]

A downtrend by definition is a trend, not just a down spike. We went from 19891 to 5755. Calling this a down spike is a little "inaccurate". We are on a bear market, fight the trend at your own risk.