Bitcoin Drops Back to $5K Price Support After Failed Breakout

[pooya87]

this whole terminology of this topic/article is wrong.

there were no "drops back" and "failed breakout". what happened was a rise from $3k to $5k in a short time then a correction after that "actual breakout" where price came back down from the highest level (~$5500) to ~$4900 as day traders took their short term profit and started getting ready for the next leg up.

apart from that we had the Chinese FUD circulating all over the internet trying to scare people into selling which was a small part of this "correction/drop". and we are already back to $5100+

[1715202959]

1715202959

[1715202959]

1715202959

[1715202959]

1715202959

[Wind_FURY]

this whole terminology of this topic/article is wrong.

there were no "drops back" and "failed breakout". what happened was a rise from $3k to $5k in a short time then a correction after that "actual breakout" where price came back down from the highest level (~$5500) to ~$4900 as day traders took their short term profit and started getting ready for the next leg up.

The market might also be over-leveraged, and therefore must complete the Bart Pattern.

apart from that we had the Chinese FUD circulating all over the internet trying to scare people into selling which was a small part of this "correction/drop". and we are already back to $5100+

Or it's the whalecumulators setting up the market to be over-leveraged on the short side, and start another Bart Pattern. Haha.

But as plebs, we should buy the dip, and HODL.

[talkbitcoin]

i don't think fluctuations such as this one are worthy of discussion specially since we saw that it was not really a "drop" but a mere correction since price is already back up above $5k mark and that shows the market is eager for the rise and the bull run has already started.

all those previous month when price remained low and moderately stable with a high volume was the accumulation phase to this ongoing rally. it is slow right now because it is the beginning of the bull run.

[Kasabus]

This is correct but it seems bitcoin is back again trying to rise and break the resistance.
It is not hard to reach a high level again as we have been in that situation many times, when we dump we did not dump hard going to where we started when we made a big rally to that high in $5,000 level. Now, we are still in $5,000 and that explains how strong the support is.

[wuvdoll]

I think that was expected, the last time we went up without ever dropping caused us to drop even further down later on, we need to actually see this as a good sign. We are building on top of all prices we have past so we can be safe when we go even higher.

Corrections happen, the price usually goes between one or two lines and it either goes to top one or falls to bottom one, since this is our new bottom we gonna probably just wait here for a while, recollect and than go higher again, the accumulation and trading is what low prices allows and that gives us more ammo to attack the top again and even if we fail we damage it than we can try and try and try to actually break it again. That is why we need to be patient and just wait for the right time to actually make a move.

[d1ceplayer]

I tried doing partial sell too when I saw the price on $5450 but I thought of waiting for $6000, I didn’t know it will find it difficult to break above $5500, but just traders being smart I guess, nothing to worry about, it’s just preparing its way for more buy, I am sure there will be more buy within the next couple of days that will push it back to its former value, but the only thing I am not sure of is if traders will allow it be again, when it picks the next support level.

If we continue to trade this way without a major investment, we might end up getting locked in $5000 for a period of 3 months before further breaking out.

[guoyu78]

https://www.coindesk.com/bitcoin-drops-back-to-5k-support-after-failed-breakout-2

Bitcoin (BTC) has fallen back to support at $5,000 after a failed breakout Wednesday.

The number one cryptocurrency by market valuation made a strong bullish break from an ascending triangle pattern yesterday evening at 18:00 UTC, reaching a peak of $5,488 on the Coinbase exchange. However, that move was quickly rejected and an increase in selling pressure on today’s open laid the pathway for bitcoin to slide, first to $5,200 overnight, then quickly to $5,018 soon before press time.

Well like you,  many had the same mixed expression.
I mean alll become completely stunned after seeing the growth of Bitcoin in the past few days and now too completely shocked when this took the reverse gear.
The BTC price goes up when the trade volume is more. I mean when more people buy the coin. This gain the huge demand of the coin and therefore the supply is less for which the price rises up.
Let's wait for the best now and wish bitcoin will be as high as it wad in the late 2017.
Good luck to us.

The reverse was too sharp that it was not that easy to make any decision at that point if it was right to sell,  but like you said, we will still have more volumes soon that will give it another boost, we will surely get more investors and users that will bring in more funds before the third quarter of this year, that is when I am predicting that the price of bitcoin might go as high as $10,000 and the upcoming halving will push the remaining volume to it ATH we all predicted for next year.

So, we still keep waiting, till the time comes when we will clearly see that the price has once again reach where will can all take our profits.

[mrdeposit]

Yeah, now price a little above $5,000. There is the fact that the price can not move in one direction, but also this stagnation will not tell anything. Maybe we should wait a little longer.

[Yamifoud]

This is correct but it seems bitcoin is back again trying to rise and break the resistance.
It is not hard to reach a high level again as we have been in that situation many times, when we dump we did not dump hard going to where we started when we made a big rally to that high in $5,000 level. Now, we are still in $5,000 and that explains how strong the support is.

The situation will it be unpredictable, dump and pump will occurs at anytime since its is a part of crypto market journey.
We are still in $5k and seemingly good to recover after it drops down below the $5k. As we have that strong resistance we can be positive that it will move again heading for another market surge break.

[Wind_FURY]

This is correct but it seems bitcoin is back again trying to rise and break the resistance.
It is not hard to reach a high level again as we have been in that situation many times, when we dump we did not dump hard going to where we started when we made a big rally to that high in $5,000 level. Now, we are still in $5,000 and that explains how strong the support is.

The situation will it be unpredictable, dump and pump will occurs at anytime since its is a part of crypto market journey.

We are still in $5k and seemingly good to recover after it drops down below the $5k. As we have that strong resistance we can be positive that it will move again heading for another market surge break.

But it's not unpredictable. Bitcoin's bull market starts one year before the halving. I like joking around about whalecumulators, and the the plebs, but I'm truly confident that we should start buying the dip, and HODLING immediately.

[Kevin77]

The good news between all of this is that this small decrease showed that the big time traders and investors took their profits from that increase. Which means they are holding fiat currency now and even though not all of them will reuse it to buy bitcoin we can be certain that most of them will do that.

Now, that we have dropped a bit and the price is a bit behind of what it hit at its peak we can assume those people will try to break this barrier as well, and the next and next one after that, those little "corrections" allows traders to actually get their profits as fiat currency so they could than reuse it to buy more bitcoins once again than again so they could increase the price constantly. That is a way they basically reload their ammo to keep attacking.

[eaLiTy]

Bitcoin (BTC) has fallen back to support at $5,000 after a failed breakout Wednesday.

The number one cryptocurrency by market valuation made a strong bullish break from an ascending triangle pattern yesterday evening at 18:00 UTC, reaching a peak of $5,488 on the Coinbase exchange. However, that move was quickly rejected and an increase in selling pressure on today’s open laid the pathway for bitcoin to slide, first to $5,200 overnight, then quickly to $5,018 soon before press time.

It is not a big surprise that we did not break the resistance at $5500 but eventually it will break, just imagine the price valuation a few months back and how long it has gone from that stage and now the price is trying to break another resistance to continue its path to recovery after a record breaking bear run, the market looks promising and hopefully we will not see a major correction anytime soon and the momentum continues till the end of this year.

[btc_angela]

This is correct but it seems bitcoin is back again trying to rise and break the resistance.
It is not hard to reach a high level again as we have been in that situation many times, when we dump we did not dump hard going to where we started when we made a big rally to that high in $5,000 level. Now, we are still in $5,000 and that explains how strong the support is.

The situation will it be unpredictable, dump and pump will occurs at anytime since its is a part of crypto market journey.

We are still in $5k and seemingly good to recover after it drops down below the $5k. As we have that strong resistance we can be positive that it will move again heading for another market surge break.

But it's not unpredictable. Bitcoin's bull market starts one year before the halving. I like joking around about whalecumulators, and the the plebs, but I'm truly confident that we should start buying the dip, and HODLING immediately.

Only smart investors know that,  . The rest are just speculators who are willing to short bitcoin and squeeze profits daily. But smart investors doesn't care for this kind of correction, actually they are, took this opportunity to make their wallet filled by buying more and then do nothing but to HODL. 

[STT]

Get used to because stalling at previous pricing is probably quite normal now, its not really weakness its just working off previous volume.     I'm watching for momentum the 8 day average which is around 5170 I think now.

Really its just working out the price between that resistance over head and the previous positive price appreciation.  I wouldnt label it as failed breakout until we are past 6500 as thats an obvious limit till then

[tomahawk9]

i don't think fluctuations such as this one are worthy of discussion specially since we saw that it was not really a "drop" but a mere correction since price is already back up above $5k mark and that shows the market is eager for the rise and the bull run has already started.

I would wait a few more months before talking about a bull run.

I tried doing partial sell too when I saw the price on $5450 but I thought of waiting for $6000, I didn’t know it will find it difficult to break above $5500

That's why you should set profit targets, without a clear strategy you risk missing out some profits, especially in the short-term. Now that you know that you shouldn't speculate about price movements, prepare an strategy for the next uptrend, or even a downtrend (just to be on the safe side).

[jossiel]

Yeah, now price a little above $5,000. There is the fact that the price can not move in one direction, but also this stagnation will not tell anything. Maybe we should wait a little longer.

As long as it remains stagnant above $5,000 and won't go lower than that it should be fine as we wait a little bit longer. We are all waiting and talking about the bull run and this adds flavor to the market that can attract more newcomers.

I would wait a few more months before talking about a bull run.

Yes or even one more year for that.

[Wind_FURY]

This is correct but it seems bitcoin is back again trying to rise and break the resistance.
It is not hard to reach a high level again as we have been in that situation many times, when we dump we did not dump hard going to where we started when we made a big rally to that high in $5,000 level. Now, we are still in $5,000 and that explains how strong the support is.

The situation will it be unpredictable, dump and pump will occurs at anytime since its is a part of crypto market journey.

We are still in $5k and seemingly good to recover after it drops down below the $5k. As we have that strong resistance we can be positive that it will move again heading for another market surge break.

But it's not unpredictable. Bitcoin's bull market starts one year before the halving. I like joking around about whalecumulators, and the the plebs, but I'm truly confident that we should start buying the dip, and HODLING immediately.

Only smart investors know that,  . The rest are just speculators who are willing to short bitcoin and squeeze profits daily. But smart investors doesn't care for this kind of correction, actually they are, took this opportunity to make their wallet filled by buying more and then do nothing but to HODL. 

No, only the true believers of Bitcoin as better money know that. Bitcoin is hard money, capable of becoming a reserve currency one day. The state will have to accept it, and start holding it, or risk themselves to be left behind.

[Shinpako09]

It goes $4948 base on bitstamp 24 hour low but good thing it's now up to $5k again. When most are expecting a rise, the opposite thing happen that's why i'm not yet fully confident that we are already in bull run because I knew this would come along the way. Well, some are taking profit so a drop like this is normal.

[rizkyhiw]

Yeah, now price a little above $5,000. There is the fact that the price can not move in one direction, but also this stagnation will not tell anything. Maybe we should wait a little longer.

As long as it remains stagnant above $5,000 and won't go lower than that it should be fine as we wait a little bit longer. We are all waiting and talking about the bull run and this adds flavor to the market that can attract more newcomers.

I would wait a few more months before talking about a bull run.

Yes or even one more year for that.

It didn't really matter to me after Bitcoin returned in the $ 5k range and I realized that it took a lot of time to get back up quickly, all needed a very good recovery to find the right momentum to go up, we just waited when that would be clear we still need a long time to see something extraordinary.

[Reid]

And they will say it is just another correction just so they could feel good for themselves.

It is a dump for many have loss some investments buying at a larger price on 2017. Maybe now, they are thinking this could be the chance for a better ROI although there are still some losses.

I do not care much about this pricing for I am a holder but still it affects a lot of users who had been in support with bitcoin. Those hundred of dollars changes are a big deal for them.