Bitcoin Price Nears $6,800 Resistance as Crypto Market Records Large Gains

[oksgvardukraine2018]

Bitcoin Price Nears $6,800 Resistance as Crypto Market Records Large Gains
Over the past few hours, Bitcoin has recorded a slight 1 percent increase in price, nearing the $6,800 resistance level. The rest of the crypto market recorded large gains across the board as Electroneum and Stellar led the market with 70 percent and 20 percent gains respectively.
As CCN reported on September 22, billionaire investor Mike Novogratz laid out $6,800 and $8,800 as major resistance levels for BTC in the short-term. If BTC can break out of the $6,800 mark in the next few hours, it is highly likely for the dominant cryptocurrency to enter the $7,000 region for the first time since September 4.

Why is Bitcoin Lagging Behind
Over the past week, Bitcoin has demonstrated decent momentum and gradual increase in volume, rising from the lower end of $6,000 to $6,700. But, in comparison to other major cryptocurrencies like Ethereum and Ripple that recorded monstrous gains against the US dollar, the short-term rally of Bitcoin has been lackluster.

The discrepancy between the gains of Bitcoin and the rest of the market can be attributed to the stability of the dominant cryptocurrency. From July to September, for nearly three months, Bitcoin has demonstrated a slight loss of 9 percent. Meanwhile, Ripple and Ethereum declined by more than 45 percent.

As such, the corrective rally of the crypto market that was initiated earlier this week, which was primarily formed due to massively oversold conditions showed by major cryptocurrencies, did not lead to a large increase in the price of BTC.

But, as Novogratz stated, considering the stability in the price of BTC and its resilience in the low price range, breaking out of the $6,800 mark and eyeing an entrance into the $7,000 region could establish a strong foundation for a potential mid-term rally later this year.
https://www.ccn.com/bitcoin-price-nears-6800-resistance-as-crypto-market-records-large-gains/

[Mpamaegbu]

Don't always look at Bitcoin price in isolation to the total market. For the fact that the total market cap is still hovering around $200billion is a strong indication that we aren't yet out of the woods. The bulls are not here yet. So, let no one make a haste to buy in. I would suggest a little more wait. For all I know bitcoin can relapse again.

[pooya87]

there isn't any kind of meaningful resistance at $6800 and just because price is hovering there right now it doesn't mean it is a resistance! the real ones are around $8k price and anything until that point is just day traders playing around with each other in the market trying to make short term profit.

as for the "crypto market" i wouldn't start getting excited about altcoins yet because this is yet again another bitcoin price stability phase which has always translated to day traders paying more attention to altcoin pumps than before because there is not much of a profit to make in bitcoin when price is right where it was yesterday!

[coinwizard_]

The ceiling will be raised when a bull run starts to gather pace. That sell wall will simply crumble as bitcoin marches back through the $7k barrier and starts to test $8k again. A few hundred dollars is a small pump, when it will pump several thousand the bull will return

[Ava Duvall]

The ceiling will be raised when a bull run starts to gather pace. That sell wall will simply crumble as bitcoin marches back through the $7k barrier and starts to test $8k again. A few hundred dollars is a small pump, when it will pump several thousand the bull will return

Theres still a way to go before the bull run, so don't your hopes up to much

[Pursuer]

The ceiling will be raised when a bull run starts to gather pace. That sell wall will simply crumble as bitcoin marches back through the $7k barrier and starts to test $8k again. A few hundred dollars is a small pump, when it will pump several thousand the bull will return

based on the little experience that I have gained in these years I wouldn't trust any kind of "wall" when it comes to cryptocurrency markets. whether it is a big sell wall or a big buy wall there is a good chance that it is a fake one that is placed there by some whale(s) trying to manipulate the market into moving in a certain direction that they want.

the main characteristic of the fake walls is that they always move. for example if price is now $6800 and the wall is at $6850 you can go away and come back in a couple of hours and if price by then is $6850 the wall will be at $6900.

[davis196]

Don't always look at Bitcoin price in isolation to the total market. For the fact that the total market cap is still hovering around $200billion is a strong indication that we aren't yet out of the woods. The bulls are not here yet. So, let no one make a haste to buy in. I would suggest a little more wait. For all I know bitcoin can relapse again.

The current total market cap is above 211 billion USD,which is a good sign,I guess(I don't trust in market caps as an indicator).You say that we should wait,but what if we are too late?This might be the last chance to buy some cheap bitcoins.Some traders might regret for their decision to wait,while the bitcoin price slowly goes up.

[buwaytress]

there isn't any kind of meaningful resistance at $6800 and just because price is hovering there right now it doesn't mean it is a resistance! the real ones are around $8k price and anything until that point is just day traders playing around with each other in the market trying to make short term profit.

as for the "crypto market" i wouldn't start getting excited about altcoins yet because this is yet again another bitcoin price stability phase which has always translated to day traders paying more attention to altcoin pumps than before because there is not much of a profit to make in bitcoin when price is right where it was yesterday!

Pointed out perfectly. Resistance is a price level where, once hit, price moves in reverse, and this is known or predetermined, not determined by where the price is hovering. Same with the support converse, but traders and TA news are focused on where the numbers have been playing at and calling that the support/resistance.

Well established round numbers are the true resistance, and 8k is indeed the target we are still waiting to breach. Scalpers and day traders are going to have plenty of time to play their games before we get anywhere close. Today's dip is yet the latest example.

[Hiltohen]

there isn't any kind of meaningful resistance at $6800 and just because price is hovering there right now it doesn't mean it is a resistance! the real ones are around $8k price and anything until that point is just day traders playing around with each other in the market trying to make short term profit.

as for the "crypto market" i wouldn't start getting excited about altcoins yet because this is yet again another bitcoin price stability phase which has always translated to day traders paying more attention to altcoin pumps than before because there is not much of a profit to make in bitcoin when price is right where it was yesterday!

Right! Moreover, at this stage, as long as we are still even in a wedge or a descending triangle, the bitcoin market is still bearish. However, we might see some sideways movement as the case may be for a while, and that might really bring about some good movement for the altcoins as the case may be, but in this instance, I would say the best to do is just to be very careful with how one approaches the market as things can happen way down faster than going up.

[marcbitcoins]

There is nothing new to this update but its just good thing to see that Bitcoin is rising even do slow moving but this not what we are looking for so i hope that the others did not celebrate earlier because we don't know what will happen next that after this value the price of Bitcoin might fall again. Hope that it will not.

[Kemarit]

there isn't any kind of meaningful resistance at $6800 and just because price is hovering there right now it doesn't mean it is a resistance! the real ones are around $8k price and anything until that point is just day traders playing around with each other in the market trying to make short term profit.

Exactly. Most of the times this so called resistance doesn't tend to go where it supposed to be. Most of the time after we see the price hits some levels, it just stall, then it goes on a sideways trading. Last year alone, its hard to see where the resistance is at its making signficant growth. $10,000, $15,000 or even $19,000 seems to be the resistance but its broken time after time.

as for the "crypto market" i wouldn't start getting excited about altcoins yet because this is yet again another bitcoin price stability phase which has always translated to day traders paying more attention to altcoin pumps than before because there is not much of a profit to make in bitcoin when price is right where it was yesterday!

Altcoins have struggled already. I don't think speculators are playing on that field anymore. What's left is those ICO investors who still believes that they can make money out of it. But the smart one has already gone and shift their focus on bitcoin market as this is where the most of them can take advantage of its volatility specially day traders and scalpers.

[raven7886]

It is not that much gains compared it was like this just couple weeks ago. Prices of ripple and such went up so high that crypto market was moved just because of it and everything else followed, it just fell down again and than today happened. Like I said this kinds of swings happen all the time and it is not a wonder if it goes beyond $7k levels again but don't be surprised if it stays there for a while and fall down to $6k levels once again, and than go back up and circle happens. This is what bitcoin is about for now, anything between $5.8k and $7.2k levels is just stable and known, it is important to break that.

[Slow death]

The rest of the crypto market recorded large gains across the board as Electroneum and Stellar led the market with 70 percent and 20 percent gains respectively.

this market of altcoins has had pump and dump with frequency so that is very afraid to buy and whenever the person intends to buy must do research, because can take the risk of buying while the price had a big increase, something like 80 % and then the altcoin drop a lot and never recover. What surprises me the most is that most of the time the increases are only caused because dev says it will partner with institution X, but it does not say exact date and details.

[Kiweikoo]

there isn't any kind of meaningful resistance at $6800 and just because price is hovering there right now it doesn't mean it is a resistance! the real ones are around $8k price and anything until that point is just day traders playing around with each other in the market trying to make short term profit.

as for the "crypto market" i wouldn't start getting excited about altcoins yet because this is yet again another bitcoin price stability phase which has always translated to day traders paying more attention to altcoin pumps than before because there is not much of a profit to make in bitcoin when price is right where it was yesterday!

Right! Moreover, at this stage, as long as we are still even in a wedge or a descending triangle, the bitcoin market is still bearish. However, we might see some sideways movement as the case may be for a while, and that might really bring about some good movement for the altcoins as the case may be, but in this instance, I would say the best to do is just to be very careful with how one approaches the market as things can happen way down faster than going up.

Absolutely! One thing about a market is that the direction it decides to take can only be known with time and no one can be so sure as to how things would end up panning out eventually which is why a lot of people may not want to trade in any form or except just some short term as long as the market is still trying to find a direction which most of the time descending triangles are always bearish anyway, but even at that, nothing can be certainly guaranteed yet.

At this stage forward I would rather be particular with the upper line of the wedge and the price action on it rather than the $6800, which in this case, i am sure this should fall around the range of $7k to $7.2k.

[BrewMaster]

The rest of the crypto market recorded large gains across the board as Electroneum and Stellar led the market with 70 percent and 20 percent gains respectively.

this market of altcoins has had pump and dump with frequency so that is very afraid to buy and whenever the person intends to buy must do research, because can take the risk of buying while the price had a big increase, something like 80 % and then the altcoin drop a lot and never recover. What surprises me the most is that most of the time the increases are only caused because dev says it will partner with institution X, but it does not say exact date and details.

one of the biggest damages that the altcoin pump and dumps of last year did  was that it gave a lot of the newcomers false sense of being-experienced because literary they could close their eyes throw a stone that hit an altcoin, buy it and make profit. then many of them though they can make profit in this market but this year showed them another reality which was the dump.
which is why i believe we see a lot of newbies telling others "have patience"!

[aqila baruroh]

I still have high hopes for bitcoin and I am still confident that the price can rise high at the end of the year. some people don't believe this because bitcoin prices don't recover quickly.

[1Referee]

I still have high hopes for bitcoin and I am still confident that the price can rise high at the end of the year. some people don't believe this because bitcoin prices don't recover quickly.

It depends on what people consider to be a recovery. If people think that a recovery means that Bitcoin will reach $20,000 before the end of the year, they are delusional.

What bothers me is that perma bulls keep throwing around with $20,000-$50,000 before the year's end predictions, and that's what most rookies and bag holders hold on to. I think it's safe to say that the award for the most used term of the year will definitely be going to bull run. The mass is the real problem, and not so much the bear market because markets in general go against the mass, and that's perfectly visible right now.

The mass has been expecting a bull run on a daily basis, and what they got is the exact opposite.

[mostkey]

If you hope this amazing miracle is not the right time to surface, in some time the market is still in this circle, most people only think of a high increase, I am surprised by them, there is still a lot of time that needs to be improved to make it stronger to move further in the future, what can be done now is to better control themselves against the pitfalls that might occur in the next few days, because everyone is talking about their market just speculating without giving further statements.

[Sengoko]

The ceiling will be raised when a bull run starts to gather pace. That sell wall will simply crumble as bitcoin marches back through the $7k barrier and starts to test $8k again. A few hundred dollars is a small pump, when it will pump several thousand the bull will return

Yeah, the ceiling will really be raised, but I do not expect so much from bitcoin regarding any serious bullish activities until maybe we close the weekly candle above $7500.

However, we all know that at this stage, nothing is guaranteed, we might see the bulls in action for the short term but that does not mean the bears won’t still be looking for a perfect spot to strike and this is when we will indeed know how things would be when that time comes.

[pureclckr]

There is nothing new to this update but its just good thing to see that Bitcoin is rising even do slow moving but this not what we are looking for so i hope that the others did not celebrate earlier because we don't know what will happen next that after this value the price of Bitcoin might fall again. Hope that it will not.

It is this slow movement I expect that bitcoin would do in the short term and we will get to see some of the alts because of that having some huge gains, but I am still of the mindset that the bitcoin market may consolidate for just a short term and then we might just see the bear market for bitcoin back in action.

It is hard to tell now since the condition we are in, is more like an indecisive market condition, but however bitcoin breaks out will determine what would be of the market before the end of the year but like I said, I would not really be expecting so much, even though we can still hope for the best in the long run.