I personally think bitcoin is bullish right now.

[exstasie]

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.

Interesting observation, thanks for sharing. It looks like a potential bullish three drives pattern: https://www.forex.com/en-us/education/education-themes/technical-analysis/bullish-3-drive-pattern/

We're looking for a slight lower low, shorter term. $6,000 would be perfect for that pattern, and for bullish divergence. If bulls can show a sign of strength there, it'll be really promising for a bullish resolution from this sideways. Fingers crossed for that. I'm dying for a trend to trade!

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[beerlover]

And that is why we should put our hope in the future of bitcoin and others cryptocurrencies.  In reality bitcoin has have a nice growth in 2017/ 2018 than 2015/2016. I believe that In 2019 most of the agency rejecting cryptocurrencies will come up begging for adoption.

Many people do not want to see that because their attention is so much focused on the short term that they tend to forget the long term and then, with that, they make terrible decisions and mistakes in their investment judgment.

Bitcoin may not be bullish right now in the short term, but does not mean it has not been bullish in the long term and it will stop being bullish in the long term. As much as people do not want to focus on the long term, they will keep missing out on the opportunities they should be taking advantage of.

Personally we all want to think bitcoin is bullish right now, but technically, bitcoin is in an indecisive state at the moment as it is trying to find a direction. A breakdown below $5700 - $6000 range will surely cause a huge drop downward to the line of the wedge formation and then try to see how to pick up from there again, for now, nothing is certain or guaranteed in this market and all we can do is wait and see how things will turn out in coming weeks and months.

[Getcoinsite]

I dont know why stupid person here in crypto continue to cry for a bullish market without learning what will happen after this another movement,look what happened after the 2017 december bubbles?We suffer for almost a year now of recovering and still can't imagine how this happens

If i were to choose I prefer having a slowly moving market but advantageous to uptrend..situation like dip market is enough for us to understand that this is th real market and this is the true cryptocurrency world

[trako]

I think it's the opposite. The graphs show that they will not remain stable if the dip is not reached. If he breaks his $ 6,000 resistance, he'il be down to $ 4,500. difficult to define as bear or bull season. because it's unlikely that $ 4,500 will drop. so such assumptions are not healthy. We have to wait for stability.

[lauder_larger]

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 still think that we've got some more space to go potentially before we finally hit rock bottom in this bear market.

And even if we already have established the bottom at $6k, it's very likely that we're going to see further consolidation at this level for at least several more months until the end of the year, before a recovery actually starts happening.

For one, market sentiment is bearish still, and even though institutional investment is coming in, people generally do not react that positively to bullish news in a bear market as they would in a bull market. For two, previous bear markets have lasted around 1-2 years before recovery, which is a figure we have not come close yet, so I doubt that we could consider BTC bullish atm. But a bull market will come eventually, and accumulation will prove to be extremely profitable in the long run if you do so at this price level.

''previous bear markets'' there was really only 1 previous bear market, bitcoin is too new to look at the past. The space is way too different now than it was back then, more coins, more volume, more exchanges, better exchanges, potential good news, etc etc. There is no reason to think this bear trend will continue for 2 years.

Technically speaking there is no bump in the price for several months and the price is stuck between $6000 and $7000. What does it means? I wonder where bitcoin is going. Most people are thinking positively that the coming days will be better for bitcoin but the current situation tells that bullish trend holds the market for long time and no signs of improvement.

[tosmartak]

I think it's the opposite. The graphs show that they will not remain stable if the dip is not reached. If he breaks his $ 6,000 resistance, he'il be down to $ 4,500. difficult to define as bear or bull season. because it's unlikely that $ 4,500 will drop. so such assumptions are not healthy. We have to wait for stability.

That is a support, not a resistance. You break a support downward to go lower and you break a resistance upward to go higher. It is relative depending on how it is acting at certain point in time, which is why at some point resistance could turn to support and vice versa.
There is no certainty to any bullish momentum at the moment and it is always going to be hard to tell. The market is still trying to find a path and I guess only time will tell.

[The Sceptical Chymist]

I think bullishness is defined by what the market is doing, not what people are saying.  A good example of this is the silver market.  If you do a search of "silver for investment" or some such search, it's guaranteed (because of SEO) the results are going to be mostly from silver permabulls and places wanting to sell you silver--and meanwhile, the silver market has been dead for years.

And bitcoin?  It's been flat for a while now, but it could break out up or down at any time.  I don't exactly think bitcoin has been demonstrably bullish since it was on its way up to $20k, despite what you read on bitcointalk and crypto news sites.  The market will tell you if sentiment is bullish. 

I also think crypto exhibits far more manic-depressive behavior than other markets do, at least so far.  Bitcoin can easily swing between bearish and bullish in the matter of a week.  It's kind of crazy.

[exstasie]

I think it's the opposite. The graphs show that they will not remain stable if the dip is not reached. If he breaks his $ 6,000 resistance, he'il be down to $ 4,500. difficult to define as bear or bull season. because it's unlikely that $ 4,500 will drop. so such assumptions are not healthy. We have to wait for stability.

What's the significance of $4,500? I only see one minor pivot there from August 2017. If this sideways really does break down, I expect price to fall further, because so much supply has been bought over the past several months. $3K is definitely the most obvious support level, but admittedly the market often avoids the most obvious course.

In Wyckoff terms, it's definitely possible we've seen a selling climax and retest, so I disagree about the stability bit.

[prtty2gal2]

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.

It took a long time to recover and I think this is the time to bring your money here into the Bitcoin’s market so that you may get it on such low price will charge you less. It has started to increase if we compare its yesterday’s price and price today shows improvement so we have to think about it in order to achieve this golden opportunity, for huge profit it is the right time to invest right now.

[zazarb]

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.

I don't agree with any of you, Because we can not say that we are still in bear market anymore. We reach lowest limit (floor) before almoust two months if i remember corectly, when the price reached about $ 5,800, and after that price never fell below that mark.Of course I also do not think that it has now begun Bull market , because price just fluctuates between 6000$ and 7000$.

[exstasie]

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.

I don't agree with any of you, Because we can not say that we are still in bear market anymore. We reach lowest limit (floor) before almoust two months if i remember corectly, when the price reached about $ 5,800, and after that price never fell below that mark.

One of my friends always used to say, "support was meant to be broken." Maybe it hasn't fallen below that mark yet because it's only been a month, and markets don't move in straight lines.

I consider it a bear market until bulls prove otherwise by forming a higher high above $7,426. That can form the basis for an uptrend. Until then, we should bear in mind that a sideways consolidation following a leg down suggests bearish continuation: https://www.investopedia.com/trading/continuation-patterns-introduction/

It's definitely not a sure thing, but it makes me nervous to see lots of people declaring the bear market over.

[Bardman]

''previous bear markets'' there was really only 1 previous bear market, bitcoin is too new to look at the past. The space is way too different now than it was back then, more coins, more volume, more exchanges, better exchanges, potential good news, etc etc. There is no reason to think this bear trend will continue for 2 years.

were you around in 2014? "but there's so much good news! this space is nothing like it was in 2011!" new exchanges were launching and the chinese exchanges were flourishing. new merchants were coming online. crowdsales like mastercoin and ethereum were sucking up coin supply. and yet price kept falling.

there were also bear markets in the second half of 2011 and 2012, and also in mid-2013. the bear market you're thinking of was just the longest one, the only multi-year bear market. in my observation, the market moves much slower (in both directions) as time goes on, particularly after 2013. the post-bubble bear markets are likely to be more prolonged now as a result. i'd be happy to be proven wrong on this, but there's not much to go on besides historical price action and cycle analysis.

Because that was the only true bear market, going downwards for a few months cannot be considered a bear market. The MTgox hack at the time made it much worse for the market to recover after already a huge crash. So obviously the situation is far different now.

[figmentofmyass]

''previous bear markets'' there was really only 1 previous bear market, bitcoin is too new to look at the past. The space is way too different now than it was back then, more coins, more volume, more exchanges, better exchanges, potential good news, etc etc. There is no reason to think this bear trend will continue for 2 years.

were you around in 2014? "but there's so much good news! this space is nothing like it was in 2011!" new exchanges were launching and the chinese exchanges were flourishing. new merchants were coming online. crowdsales like mastercoin and ethereum were sucking up coin supply. and yet price kept falling.

there were also bear markets in the second half of 2011 and 2012, and also in mid-2013. the bear market you're thinking of was just the longest one, the only multi-year bear market. in my observation, the market moves much slower (in both directions) as time goes on, particularly after 2013. the post-bubble bear markets are likely to be more prolonged now as a result. i'd be happy to be proven wrong on this, but there's not much to go on besides historical price action and cycle analysis.

Because that was the only true bear market, going downwards for a few months cannot be considered a bear market.

bull markets = uptrends and bear markets = downtrends. you're just diluting the definition so it has very little meaning. if you zoom out far enough, bitcoin is simply in a bull market for 9 years now, with no bear market ever. that tells us absolutely nothing regarding TA or FA.

what you're doing is very similar. "bear markets have to last multiple years, therefore there was only one bear market, and because mt gox, it's really unlikely we'll have another bear market." sorry but that's a weak analysis. your logic is circular.

2010-2011 was 8 months of rising followed by 6 months of falling. was the 2011 bubble not a bull market, because it was only months long? was the 94% crash that followed really not a bear market, because you invented some arbitrary time requirement? really?

also, regarding that time requirement, any thoughts on this:

in my observation, the market moves much slower (in both directions) as time goes on, particularly after 2013. the post-bubble bear markets are likely to be more prolonged now as a result.

just like the 2014-15 bear market was the longest in history, the 2015-17 bull market was the longest in history. everything takes longer now.

The MTgox hack at the time made it much worse for the market to recover after already a huge crash. So obviously the situation is far different now.

why do you blame gox for the length of time it took to recover? sure, the situation is different now. it's been 4+ years. why does that mean a long term bear market is unlikely?

[Theb]

I don't agree with any of you, Because we can not say that we are still in bear market anymore. We reach lowest limit (floor) before almoust two months if i remember corectly, when the price reached about $ 5,800, and after that price never fell below that mark.Of course I also do not think that it has now begun Bull market , because price just fluctuates between 6000$ and 7000$.

I am with zazarb with this one BTC is neither Bearish or Bullish as it is in fact consolidating in this levels, and every time there is a price rally it will correct back to these levels around the 6,000$ area and every time it do so it will repeat the cycle of this price rallies. Another thing to note at is the price consolidation is getting narrower meaning its price range is getting smaller which is signaling for either a breakdown or break out in the near future.

[KalaiBTC]

Bitcoin is bullish by year-end now the year end is coming so nov dec jan bitcoin is bullish and we can expect price growth in this time every year so by this year end again we can expect prices of 20 thousand  dollars

Bitcoin’s value has declined again for yesterday’s price as it came to 6251 US dollar price from 6500 US dollar which shows a decrease of 250 US dollar. Increase in value is important in the current conditions because people are going towards panic situations as they have no patience to stay here in this long term investment which is needs from us to wait while the price increases and give you profit.

[Husecomang]

And that is why we should put our hope in the future of bitcoin and others cryptocurrencies.  In reality bitcoin has have a nice growth in 2017/ 2018 than 2015/2016. I believe that In 2019 most of the agency rejecting cryptocurrencies will come up begging for adoption.

You are right that these years are good than 2015-16 but the fact is this in that time people are unaware of bitcoin and the market cap was too low. You can imagine the price in 2015-16 and then we saw huge bump in the price is 2017, but didn’t continue in this year. All the situations is ambiguous and no clear idea is coming in front of the screen. Hope this bearish trend will end soon.

[henlity87]

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.

I also think the same because of the current situation. People now think that the price will pump again because they are thinking about what happened last year. Now people want to put their money in bitcoin so if the price rise again at the end of this year, they will make huge profits. That’s why the currency situation is changing in bullish situation.

[NeeNts]

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.

Different people have different thought about the coming price of bitcoin in the coming months. I think the price will be normal and there are no bullish situations in the bitcoin market. This year people are not very much interested in putting their money in bitcoin as they think that it is just a waste of time and money, better to invest in Altcoin.

[Samarkand]

...
Bitcoin can easily swing between bearish and bullish in the matter of a week.  It's kind of crazy.

I´d argue that this is caused by the fact that Bitcoin is traded 24/7 across the globe.
Other markets aren´t trading on the weekends and therefore the market cycles
in Bitcoin go much faster. A few weeks of Bitcoin trading are the equivalent to a year of stock
trading. You also have trading activity from people in countries that are prone to gambling (
a few Asian countries), which increases the volatility even more.

If that isn´t enough, I´d throw thin orderbooks into the mix as well, which increases the price
action and volatility even further!

[therwtonn]

I think it's the opposite. The graphs show that they will not remain stable if the dip is not reached. If he breaks his $ 6,000 resistance, he'il be down to $ 4,500. difficult to define as bear or bull season. because it's unlikely that $ 4,500 will drop. so such assumptions are not healthy. We have to wait for stability.

Yeah it is opposite; there is no fastness in the price and growth in bitcoin. The price is almost constant for several months. This situation will continue till people put their money in it and the investment capital increases. When people demand for bitcoin the price will automatically increases. But in these days the market is red and there are no green signals from anywhere.