[2018-11-06] Bitcoin Price: Crypto Market May be Poised for Bullish Breakout

[Lmaooo]

Bitcoin on Tuesday confirmed another bull flag formation after reversing from its downside correction action.

The BTC/USD pair has almost negated the losses made during yesterday’s trading session, bringing the 24-hour gains to 0.46 percent. The pair found a strong intraday support level at 6372-fiat, just ahead of testing the lower trendline of the parallel channel introduced in the previous analysis. It reversed from the said level to retest its interim resistance at 6421-fiat. The BTC/USD pair is now trading at 6427-fiat on a comparatively high volume day. Coupled with the bull flag formation, it is also signaling further upside action as the US session comes into play.

The hourly signals are turning more bullish as BTC/USD continues to trend above its 100- and 200-period simple moving averages. At the same time, the RSI is also reversing to the north from its current neutral area, hinting a possibility of a strong push towards the overbought region. The Stochastic Oscillator movements are also biased towards the north, moving right towards the area defined by strong buying sentiment.

The upside bias nevertheless remains capped by a medium-term descending trendline depicted in blue. A break above it could bring BTC/USD inside a bull trap. But, an extended momentum that takes the pair above 6810-fiat could confirm a medium-term upside sentiment in the market.

BTC/USD Intraday Analysis
Our focus is likely to remain on our intraday positions, to take out the maximum profits regardless of the direction of the BTC/USD price action. So, without further ado, let’s have a look.

Our intraday positions from yesterday have allowed us to exit our long position towards 6421-fiat on a decent profit. As we now gear up for another day of trading, the levels we are watching stand slightly modified. A break above 6421-fiat has allowed us to find an ideal long target at 6450-fiat instead while keeping 6472-fiat in view. A stop-loss order at 6515-fiat is defining our risk management perspective on these long positions.

A breakout action above 6421-fiat only puts BTC/USD in a bull trap, meaning the pair could attempt a strong reversal nevertheless. So a sign of reversal coupled with an increase in volume could have us open a short position towards the lower trendline of the parallel channel formation while eyeing 6329-fiat as a potential downside target. In both these positions, maintaining a stop loss order just 5-pips above the entry point will minimize our losses.

CCN | https://www.ccn.com/bitcoin-price-crypto-market-may-be-poised-for-bullish-breakout/

[slaman29]

Wow, another bull flag formation. The words keep changing to sound like we're more sophisticated but this is just the educated version of "Bitcoin will back 2x soon" threads. I mean wow RSI plus bull flag plus Stochastic Oschillator going north. Overbought signals combining with strong buying sentiment!

Forgive me if I think this is unnecessary but this is just another example of people willing to go to a lot of trouble just to convince themselves that hey it's gonna be okay, my Bitcoin will recover.

[1BTC EQUALS 1CAR]

When you have heard this a hundred times throughout the year, you are just going to make a kind of breathing which sounds that  it's from  a very tired person. My mindset is now stuck on " If it happens, it happens". So if I don't see bitcoin breaking $10k again then I don't care about those patterns.

[dreamhouse]

Everyone is guessing. I also saw some Elliot Wave analyzers saying that the bitcoin will soon be $11000, and then will plunge to $3000 before going to $30000. Lol, we'll see.

[Slow death]

Everyone is guessing. I also saw some Elliot Wave analyzers saying that the bitcoin will soon be $11000, and then will plunge to $3000 before going to $30000. Lol, we'll see.

I also stopped believing these analyzes because they always fail, for more than 8 months I see such analyzes and always the result are disappointing. for those who constantly read the sites of ccn.com and cointelegraph.com know that every week they do these analyzes and always the analyzes are disappointing. Price prediction made by analysts are another reason to be disappointed because they also fail in their prediction

[hatshepsut93]

Today Bitcoin has jumped up $100 and people are already calling a bull market. Nothing changes, "experts" and journalists always overreact to even the slightest price movements and don't hesitate to proclaim price trends. Professional traders never trade based on analysis published on news sites and other public sources, they either use their own judgement or work with some real analysts.

[timerland]

I would still be fairly cautious in any bullish predictions at this point in time. The market is still extremely sluggish and even though we have seen some pumps in the past few weeks, these have not sustained long enough to make an impact with the reversal of the bearish trend, and each and every time has seen a correction take down the prices.

Now, based on previous bear markets, we could possibly see bitcoin prices dip even further before the recovery late next year or even in 2020.

Perhaps I'm just being extremely pessimistic, but this is how I see things going at the moment. The $6k support is still yet to be broken but I think it's quite likely that at some stage, it will. But this is all the more reason to buy and accumulate BTC for the long run right now imo.

[1Referee]

The $6k support is still yet to be broken but I think it's quite likely that at some stage, it will.

It might, but it's just not likely. If we follow the hashrate, it's clear that its growth has very likely reached a stage at which it will stabilize instead of grow further, which means that the cost to produce isn't worth putting more machines to work anymore. If we also take into consideration that the demand for Bitcoin in the OTC market is growing, where miners are the main suppliers of supply, there isn't all that much selling pressure on the spot market right now.

The only way for the price to tank below support is to have a couple of large traders lose their patience and dump it down, where bots usually follow and exaggerate the selling.

Another thing is that Tether has printed 800 million USDT today, which is quite bullish on its own. https://coinmarketcap.com/currencies/tether/#charts