[2018-12-10] First Week of December Ends with Flush of Green, Bitcoin Nears

[cybersofts]

First Week of December Ends with Flush of Green, Bitcoin Nears $3,700



Sunday, Dec. 9 — The crypto markets are showing a wave of green, as Bitcoin (BTC) trades closer to $3,700 at the end of the week, as data from Coin360 shows.

Market visualization by Coin360

After a week of breaking new year-to-date lows, the major cryptocurrency is trading at around $3,650 by press time, up more than 7 percent over a 24 hour period. The coin is still down almost 9 percent on the week and more than 44 percent on the month, according to Cointelegraph’s Bitcoin Price Index.

Bitcoin 7-day price chart. Source: Cointelegraph’s Bitcoin Price Index

Reference: https://cointelegraph.com/news/first-week-of-december-ends-with-flush-of-green-bitcoin-nears-3-700

[darkangel11]

Who are they trying to fool? A 10% drop followed by an 8% bounce back is still a 2% loss in the last week, even if you compare the tops, and to make it even funnier BTC lost 3% today. We aren't going anywhere BTC is not going to go anywhere until we get some real good news. Every month the average price of BTC is getting lower and lower and we'll probably have to go back to 3k for it to find some strong resistance.

[veleten]

Who are they trying to fool? A 10% drop followed by an 8% bounce back is still a 2% loss in the last week, even if you compare the tops, and to make it even funnier BTC lost 3% today. We aren't going anywhere BTC is not going to go anywhere until we get some real good news. Every month the average price of BTC is getting lower and lower and we'll probably have to go back to 3k for it to find some strong resistance.

it was a momentary gain too
the price is back to 3450-3550 range and it doesn't look like it is going up
although I would not connect btc price to the news, it has been proven that there is no connection whatsoever
and yes, think 3000$ ish is the bottom currently, seeing how we test new lows almost every week

[1Referee]

think 3000$ ish is the bottom currently, seeing how we test new lows almost every week

Could be, but I wouldn't be surprised to see it test $3000 flat in the coming days or weeks. Most of the "gains" that we have seen in the last days was largely a mixture of mini short squeezes and bots further inflating the price. It's not based on actual demand, and it shows with how we're falling back to the same levels again.

I would love to see the price test the $3000 level, because that's somewhat of a price most people agree on that it is an important level. It's basically a moment of truth level. If the support fails at that level, it will probably fail at any other level as well. It will indicate that there is more selling pressure to get rid of, even with how most people think the current price is low already.

[BitHodler]

I would love to see the price test the $3000 level, because that's somewhat of a price most people agree on that it is an important level. It's basically a moment of truth level. If the support fails at that level, it will probably fail at any other level as well. It will indicate that there is more selling pressure to get rid of, even with how most people think the current price is low already.

I'm afraid that if we do hit $3000 we'll break it with at most 2 attempts. The thing is that with so much believe in that level, the market will likely do the opposite similar to what it has been doing this whole year.

People fool themselves if they believe that there is a level we won't fall below because of miners needing x level to not lose money. We have seen that the difficulty adjustments take care of that...

Overall, I think we should lower out expectations significantly to not yet again be disappointed in the market. Panic sellers don't care about triggering stop loss orders, they sell because they are genuinely afraid of losing it all.