Bitcoin Volume Improves: Crypto Market Primed for a Major Short-Term Rally?

[oksgvardukraine2018]

Bitcoin Volume Improves: Crypto Market Primed for a Major Short-Term Rally?

Yesterday, on October 10, the price of Bitcoin broke out of the $6.600 mark after stabilizing at the $6,550 level for a few weeks.

The volume of Bitcoin saw an increase of 12 percent from $3.2 billion to $3.6 billion on Coinmarketcap and $2.1 billion to $2.38 billion on ShapeShift’s CoinCap.io.
Some tokens including 0x and Polymath have recorded decent 5 to 10 percent gains in the past 24 hours but the inability of Bitcoin to demonstrate a promising recovery in its volume to its previous level at around $4.3 billion has prevented the rest of the market from initiating a major rally.

Technical Analysts Predict a Big Move
The majority of technical analysts and prominent traders in the cryptocurrency sector are anticipating a large move on either the upside or downside. Currently, due to the relatively low volume of the crypto exchange market, it is not certain that the next major movement of Bitcoin will be breakout of two resistance levels at $6,800 and $7,000.

Hence, in the days to come, it is possible that BTC experiences a substantial spike in its volume and breakout of the $6,800 level or sees another shakeout before initiating a meaningful short-term rally.

“The range that never ends. It’s getting tighter though and I suspect we’ll get a big move soon. Recent PA is stuck in the one big green candle. Be careful in both directions, I wouldn’t be surprised by big shakeouts before the real move,” Don Alt said.

But, as respected trader Crypto Dog explained, the probability of BTCinitiating a positive upside movement in the upcoming days is higher than the likelihood of the dominant cryptocurrency testing the $6,000 support level, given its stability and graudal increase in volume.
https://www.ccn.com/bitcoin-volume-improves-crypto-market-primed-for-a-major-short-term-rally/

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[richman3451]

I think that in the near future the price will go a little longer until December, the price will be low and then soar sharply up to $ 10,000-15,000

[avikz]

Personally, I will be more happy to see a stable market price of bitcoin rather than experiencing "short term rally". Such kind of rally only help the speculators and no one else. Since last few weeks bitcoin's price is less volatile and moving within $6500 to $6600 level which is definitely a sign of stability! It's important to note, that bitcoin price never gone below $6500 level within the last 2-3 weeks strengthening the base of the currency! Volume is imperative here as well, because as the volume surges and we are not experiencing a short rally in price, that essentially means, it is signalling towards a stable price! I will be very happy if it continues this way for some more time!

[btcluisdiki]

I believe that btc will improve it's market condition thus, this could create a market rally in the coming weeks. Basically, with it's current market condition, this will allow btc to break the resistance at $6.5 market value going to a much higher price at $7k which I could say that it's possible to happen. BTC has been into this level where it has a plateau performance for several months and hopefully this will change the market trend into a more and better market performance.

[Herbert2020]

for some reason there is a lot of (fake) hype in the news media about bitcoin price and the rise that is apparently supposed to come. it is quite strange in my opinion that they keep posting this for a couple of days now and all of their analysis are hot air since it is based on nothing more than their guess.

what i see is a market that is pretty much similar to 2015 where price was stable at $220 and we never knew when the breakout is going to happen but we knew it is close and guaranteed.

[piebeyb]

for some reason there is a lot of (fake) hype in the news media about bitcoin price and the rise that is apparently supposed to come. it is quite strange in my opinion that they keep posting this for a couple of days now and all of their analysis are hot air since it is based on nothing more than their guess.

what i see is a market that is pretty much similar to 2015 where price was stable at $220 and we never knew when the breakout is going to happen but we knew it is close and guaranteed.

I agree with you, that's what makes me dislike news media and I don't believe what they write or do bitcoin price analysis predictions, I think it's like there are people behind them playing a role in bitcoin prices, I say no and it's not will again to be trusted, if the price of bitcoin rises towards the end of the year then what I'm worried about is that the beginning of the year will drop dramatically

[Slow death]

But, as respected trader Crypto Dog explained, the probability of BTCinitiating a positive upside movement in the upcoming days is higher than the likelihood of the dominant cryptocurrency testing the $6,000 support level, given its stability and graudal increase in volume.

I hope he is right about his prediction of price increases, that would be good news because we would rest with a lot of comments from people complaining about the price

Personally, I will be more happy to see a stable market price of bitcoin rather than experiencing "short term rally".

a great example was the case of last year where from $ 6000 was to $ 20,000 and from $ 20,000 was to $ 6,000

for some reason there is a lot of (fake) hype in the news media about bitcoin price and the rise that is apparently supposed to come. it is quite strange in my opinion that they keep posting this for a couple of days now and all of their analysis are hot air since it is based on nothing more than their guess.

probably because of the SEC decision about the ETFs

US SEC Sets November 5 Deadline for Reviewing Nine Bitcoin ETF Applications

[hugeblack]

We've been talking about heights from 6500 to 6700 or 6800, as it's a substantial spike in its volume and breakout.
It is the most significant proof of market stability which is good for technology in the future.
This news is worthless but prove Bitcoin dominates all the currencies regarding price and its effect on the rest of Altcoin prices.

BTW: stop following CNN.com news

[Tory-Tory]

Bitcoin Volume Improves: Crypto Market Primed for a Major Short-Term Rally?

Yesterday, on October 10, the price of Bitcoin broke out of the $6.600 mark after stabilizing at the $6,550 level for a few weeks.

The volume of Bitcoin saw an increase of 12 percent from $3.2 billion to $3.6 billion on Coinmarketcap and $2.1 billion to $2.38 billion on ShapeShift’s CoinCap.io.
Some tokens including 0x and Polymath have recorded decent 5 to 10 percent gains in the past 24 hours but the inability of Bitcoin to demonstrate a promising recovery in its volume to its previous level at around $4.3 billion has prevented the rest of the market from initiating a major rally.

Technical Analysts Predict a Big Move
The majority of technical analysts and prominent traders in the cryptocurrency sector are anticipating a large move on either the upside or downside. Currently, due to the relatively low volume of the crypto exchange market, it is not certain that the next major movement of Bitcoin will be breakout of two resistance levels at $6,800 and $7,000.

Hence, in the days to come, it is possible that BTC experiences a substantial spike in its volume and breakout of the $6,800 level or sees another shakeout before initiating a meaningful short-term rally.

“The range that never ends. It’s getting tighter though and I suspect we’ll get a big move soon. Recent PA is stuck in the one big green candle. Be careful in both directions, I wouldn’t be surprised by big shakeouts before the real move,” Don Alt said.

But, as respected trader Crypto Dog explained, the probability of BTCinitiating a positive upside movement in the upcoming days is higher than the likelihood of the dominant cryptocurrency testing the $6,000 support level, given its stability and graudal increase in volume.
https://www.ccn.com/bitcoin-volume-improves-crypto-market-primed-for-a-major-short-term-rally/

Of course, I'm sorry, but 12 percent is an increase in trading volume?
That's when there will be an increase to $ 5-6 billion, then we can safely say that the volume has grown.

[AzrailBogov]

I see no particular reason for joy. 12 percent is very small, it is not the changes with which we should rejoice. We must wait for the best results.