[2019-05-18] Bitcoin’s Rally May Not Be Finished Just Yet

[CryptoBry]

The crypto markets incurred a significant amount of selling pressure late-yesterday that sent them reeling downwards, surrendering a decent portion of the recent gains they have incurred as a result of the massive rally that has been taking place since early-April.

Despite the recent drop, some analysts believe that Bitcoin’s rally may not be done just yet, as a bout of coordinated selling may have sparked this temporary downwards movement.

Although it is unclear as to whether or not the current drawback is over or if further losses are imminent, it is important that Bitcoin breaks above newly formed resistance levels in order for it to continue surging upwards.

Source: https://www.newsbtc.com/2019/05/18/despite-plummeting-towards-7000-bitcoins-rally-may-not-be-finished-just-yet/


The recent big correction was actually predicted by many analysts to be coming and it did happen triggered by that single but massive sell order of 5,000 BTC on Bitstamp pushing bitcoin down. However, we have to note that this bull run was coming from the $3,200 low in 2018 so the gain is still enormous. Now, we are hoping that bitcoin will again be energized and start surging again towards the $10,000 level and from there things can get easier as FOMO can start riding the bull.

Are you still holding that positive stance or already afraid that we are going back to the bearish territory?

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[Jating]

"Are you still holding that positive stance or already afraid that we are going back to the bearish territory?"

Of course, this rally is not yet done. Just another temporary hiccups as the price of bitcoin is already recovering, volumes are still up and more people are on the FOMO phased again.

Coordinated selling, way to term 'price manipulation'.  . Some goes to the entity who bought $100 million after April fools, 

[davis196]

"Are you still holding that positive stance or already afraid that we are going back to the bearish territory?"

Of course, this rally is not yet done. Just another temporary hiccups as the price of bitcoin is already recovering, volumes are still up and more people are on the FOMO phased again.

Coordinated selling, way to term 'price manipulation'.  . Some goes to the entity who bought $100 million after April fools, 

That price manipulation managed to succeed only for less than 24 hours.Now the price of bitcoin is 7300 USD
which isn't bad.I wonder how selling only 5000 btc can influence the entire market that much.Maybe there was a "snowball" effect that triggered panic selling for a short time.

[mindrust]

The bulls ain't out of juice yet.

They tried hard to reverse the flow but it didn't work. (for now) The price went as low as 6.2k on stamp but it immediately jumped back above $7k and right now it is around $7.3-7.5k. It was a good test to show how strong the bulls are.

As long as we stay above $7k I'm bullish for the short term, if we go back to $6k, it means the bull run is going to take longer than we expect.

[hatshepsut93]

This bull run will last for a year or even two, just like the previous ones, so ofc it's not over yet. I'm going to sit tight and hodl until I'll feel like we're close to ATH. Although to me the riskiest scenario is a short bull market - let's say it will only last 6 month and the price won't even brake ATH, and after some top around $16,000 it will enter a new bearish cycle - that would be hard to predict and will make hodlers like me lose an opporunity, because we don't want to sell anywhere lower than the last ATH.

[BitHodler]

As long as we stay above $7k I'm bullish for the short term, if we go back to $6k, it means the bull run is going to take longer than we expect.

Not necessarily. Most of the crucial wider time frame moving averages still hover below the $5000 mark, so the price technically can still bounce off these averages to settle a higher low and it will still be bullish.

Don't forget that most people who bought in this year are all in the profits, which means that we can't discard sharp corrections until the demand is so strong that their dumps won't even dent the price.

My end of the year target was to break the $6000 mark and that's exactly what I got. I expected more resistance between $6000-$6400 but the demand apparently was strong enough to break through the sales.

[o_e_l_e_o]

The recent big correction was actually predicted by many analysts to be coming

"Analysts". It doesn't take an analyst to figure out that after doubling in price in the same of a few weeks, it was due a correction.

Are you still holding that positive stance or already afraid that we are going back to the bearish territory?

Why are we calling it a bear market again so quickly? Did people honestly just think it was going to grow upwards constantly from $3,000 to $20,000 without a single downward movement? The last few weeks have seen bitcoin's highest 24 hour volumes ever. That's a much better sign of where we are headed than a relatively small and completely predictable correction.