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Author Topic: Bulls Facing Uphill Task  (Read 176 times)
D1v4c
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June 09, 2019, 11:38:47 AM
Last edit: June 10, 2019, 10:23:40 AM by D1v4c
 #1

Bitcoin price is showing signs of weakness below the $8,000 barrier against the US Dollar. BTC could make the next move either above $8,000 or below $7,700 in the coming sessions.

  • The recent recovery in bitcoin price faced a strong resistance near the $8,140 level against the US Dollar
  • The price is currently facing a strong resistance and it is likely to struggle near $8,000
  • There is a major bearish trend line forming with resistance near $7,950 on the 4-hours chart of the BTC/USD pair
  • The pair could either break the $8,000 resistance and rally or decline below the $7,700 support area.

This past week, bitcoin price started a short term recovery after trading below $7,600 against the US Dollar. The BTC/USD pair traded as low as $7,441 and settled below the 100 simple moving average (4-hours). Recently, it recovered above the $7,700 and $7,800 resistance levels. There was a break above the 23.6% Fib retracement level of the recent decline from the $8,835 high to $7,441 swing low.
Bitcoin (BTC) Price Weekly Forecast: Bulls Facing Uphill Task
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June 10, 2019, 04:13:20 AM
 #2

Thank you for sharing this article, but at least share us your thought about it. Anyways, the price is still going strong, we are still above $7k, good indication that we are still in the bullish trend although as the article says, there are lot of bumps along the way. But I'm still confident that we can go over it, just another day wherein investors are reluctant to buy in because of negative news like India banning bitcoin.

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June 11, 2019, 09:01:46 AM
 #3

The market has been performing very poor lately. It didn't move the way I expected it to move this month. With the it started off before, I was thinking that by now we would have been at the price rate of $10,000 but it is something else and the price has just been struggling and going up down between $8000 and $7000. We don't know what's next and I also noticed that nobody is talking about bull run anymore lol. It seems like they have all lost hope, even the so called experts. As their predictions are not working they had to save themselves from the embarrassment.

 
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June 11, 2019, 03:25:26 PM
 #4

It's because we are currently in a pattern wherein there's no clear path as to where the price should go. As compare to the last couple of months where all TA points to a bull run, which eventually did happen. So now, maybe the bullish trend has stop a bit and we're forming some bearish waving market, with pullbacks along the way. So yes, there is a weaknesses in the market, so just be prepared for some bearish signs just let how to play the market, just saying.

 
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June 11, 2019, 03:30:19 PM
 #5

I see it more as a consolidation stage rather than BTC having problems going back up above. Remember we were above the 9,000$ before it got down back to 8,000$ so I wouldn't say that BTC is having a hard time to go back up above. I say that BTC is consolidating again because of the lack of price action together with the volume not indicating any signs of either bullishness or bearishness so this time on inactivity might really just be a consolidation on a higher level.

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June 11, 2019, 03:39:43 PM
 #6

Just a lot of indecision around here and also a lot of chop. We're ranging between 7400 and around 8150ish at the moment, neither the bulls nor the bears are making much progress right now and this sideways chop might continue for some time. Wouldn't worry about it too much unless we break significantly out of this range. Plenty of room for scalping at the moment. I've also begun noticing some people are drawing a potential H&S forming on either the 1D or 3D (don't remember the specifics), but I personally don't think it'll play out.

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June 11, 2019, 03:57:03 PM
 #7

It is literally like this and nobody made it as clear as OP. Right now we are on a such a threadline that we are either going to have a rally and hype will be back and then we can even break the 10k barrier even go higher, like nobody really knows how high it can get, it may literally rally and go above 20k+ and break previous all time high and nobody would be shocked (of course it may take some time).

Moreover, at the same time this might the top we see for a while and we may go down because everyone will be tired of the rally and the people who bought and helped us get here might be tired and call it quits and sell which would result with us going further down. So we really have no idea what will happen in an hour let alone a week, we may be 6k tomorrow morning or 9k and both of them have equal chances.


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June 11, 2019, 04:07:35 PM
 #8

 With such fluctuations, I think investing in Bitcoin will now face many risks. Its price is not stable and it always goes up and down very oddly. If you are not sure about these types of charts, I think you should not invest in it and focus on other potential altcoins.
We do not need to keep too much BTC at this stage, its price is in danger of falling very high.

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June 11, 2019, 11:06:25 PM
 #9

Bitcoin price is showing signs of weakness below the $8,000 barrier against the US Dollar. BTC could make the next move either above $8,000 or below $7,700 in the coming sessions.

  • The recent recovery in bitcoin price faced a strong resistance near the $8,140 level against the US Dollar
  • The price is currently facing a strong resistance and it is likely to struggle near $8,000
  • There is a major bearish trend line forming with resistance near $7,950 on the 4-hours chart of the BTC/USD pair
  • The pair could either break the $8,000 resistance and rally or decline below the $7,700 support area.

This past week, bitcoin price started a short term recovery after trading below $7,600 against the US Dollar. The BTC/USD pair traded as low as $7,441 and settled below the 100 simple moving average (4-hours). Recently, it recovered above the $7,700 and $7,800 resistance levels. There was a break above the 23.6% Fib retracement level of the recent decline from the $8,835 high to $7,441 swing low.
Bitcoin (BTC) Price Weekly Forecast: Bulls Facing Uphill Task

Yes of course things like this are common after bullrun for about a week. Each pair needs to return to a stable price. Recovery that occurs during this time is usually quite long, but can be faster if there is good news.
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June 11, 2019, 11:14:40 PM
 #10

With such fluctuations, I think investing in Bitcoin will now face many risks. Its price is not stable and it always goes up and down very oddly. If you are not sure about these types of charts, I think you should not invest in it and focus on other potential altcoins.
We do not need to keep too much BTC at this stage, its price is in danger of falling very high.

Sorry but my thoughts are quite the opposite of your idea. I strongly  believe that btc has high chance of increasing its value and this is one of the good chances to increase your btc in your portfolio. This is for long term investment. But it is your money, so up to you what altcoins you want to buy.

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June 11, 2019, 11:44:36 PM
 #11

Bitcoin price is showing signs of weakness below the $8,000 barrier against the US Dollar. BTC could make the next move either above $8,000 or below $7,700 in the coming sessions.

  • The recent recovery in bitcoin price faced a strong resistance near the $8,140 level against the US Dollar
  • The price is currently facing a strong resistance and it is likely to struggle near $8,000
  • There is a major bearish trend line forming with resistance near $7,950 on the 4-hours chart of the BTC/USD pair
  • The pair could either break the $8,000 resistance and rally or decline below the $7,700 support area.

This past week, bitcoin price started a short term recovery after trading below $7,600 against the US Dollar. The BTC/USD pair traded as low as $7,441 and settled below the 100 simple moving average (4-hours). Recently, it recovered above the $7,700 and $7,800 resistance levels. There was a break above the 23.6% Fib retracement level of the recent decline from the $8,835 high to $7,441 swing low.
Bitcoin (BTC) Price Weekly Forecast: Bulls Facing Uphill Task

Yes of course things like this are common after bullrun for about a week. Each pair needs to return to a stable price. Recovery that occurs during this time is usually quite long, but can be faster if there is good news.
Are we still in the correction stage? Maybe yes! The market isn't strongly going up and it could be easier for the price it drops back at any time. We climb up high into $8.7k but last week we dump again.

People are too optimistic that it will reach into %11k this month but looking into the current flows, will be difficult to make it and even for $9k. Hope this time, will have its continuous up and make another big jump.
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June 12, 2019, 02:19:25 AM
 #12

With such fluctuations, I think investing in Bitcoin will now face many risks. Its price is not stable and it always goes up and down very oddly. If you are not sure about these types of charts, I think you should not invest in it and focus on other potential altcoins.
We do not need to keep too much BTC at this stage, its price is in danger of falling very high.

Sorry but my thoughts are quite the opposite of your idea. I strongly  believe that btc has high chance of increasing its value and this is one of the good chances to increase your btc in your portfolio. This is for long term investment. But it is your money, so up to you what altcoins you want to buy.
Long term investment gives better chance for us to be profitable, but short term, it cannot be assured as the market can be manipulated and the panic come in then dump happens. I am also focus in long term, but I cannot just let the opportunity slip when I can make money with its price volatility, trading in short term also profitable, but not recommended for everyone as it's riskier compared to long term.




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June 13, 2019, 07:40:44 AM
 #13

Bitcoin price is showing signs of weakness below the $8,000 barrier against the US Dollar. BTC could make the next move either above $8,000 or below $7,700 in the coming sessions.

  • The recent recovery in bitcoin price faced a strong resistance near the $8,140 level against the US Dollar
  • The price is currently facing a strong resistance and it is likely to struggle near $8,000
  • There is a major bearish trend line forming with resistance near $7,950 on the 4-hours chart of the BTC/USD pair
  • The pair could either break the $8,000 resistance and rally or decline below the $7,700 support area.

This past week, bitcoin price started a short term recovery after trading below $7,600 against the US Dollar. The BTC/USD pair traded as low as $7,441 and settled below the 100 simple moving average (4-hours). Recently, it recovered above the $7,700 and $7,800 resistance levels. There was a break above the 23.6% Fib retracement level of the recent decline from the $8,835 high to $7,441 swing low.
Bitcoin (BTC) Price Weekly Forecast: Bulls Facing Uphill Task
For me, I usually do not see it as weakness as many people use lol. I simply just call it correction, in as much as I want the value of Bitcoin to surge again so high after the last big decline, I think the correcting stage is not over yet.

Bitcoin has been struggling to still break the $8000 and been shuffling a little bit below $8k and a little bit above $8k, but I know that we will not have more than 11 or 2 corrections again before the price surges high above $9k. In fact, I am so optimistic that the next surge will be going for a value higher a little bit than $10k or close to $10, but at the same, fingers are crossed, time will speak.
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June 13, 2019, 08:22:36 AM
 #14

a very good description of the current cryptomarket status. as we awaits the out of the resistants and support. i hope for a bull trend. there has been 3 successive support and it fail to break below 7400. i am thinking of a bull run after today. i doubt how long it will maintain the run.

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June 13, 2019, 09:49:41 AM
 #15

a very good description of the current cryptomarket status. as we awaits the out of the resistants and support. i hope for a bull trend. there has been 3 successive support and it fail to break below 7400. i am thinking of a bull run after today. i doubt how long it will maintain the run.
It will run maybe reaching to $9000, but we are still back at again now, price is stable for awhile but having here at $8100 is already a good price to see after struggling to rise at this range. Bitcoin is facing this uphill task but we can prove it could break big resistance basing on its history, only time will tell but I'm sure once it hits over $10,000, it would be the last time for us to see the current price.

It doesn't matter how long it will take to breach at a higher level, what matters is the action continues as more price increase could create some FOMO.
I hope you are ready for the next FOMO as I can feel the bull run is just around the corner.


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June 13, 2019, 10:20:07 AM
 #16

The market has been performing very poor lately. It didn't move the way I expected it to move this month. With the it started off before, I was thinking that by now we would have been at the price rate of $10,000 but it is something else and the price has just been struggling and going up down between $8000 and $7000. We don't know what's next and I also noticed that nobody is talking about bull run anymore lol. It seems like they have all lost hope, even the so called experts. As their predictions are not working they had to save themselves from the embarrassment.
No one has lost any hope, we are simply just getting to adjust to the reality, and the reality is that there has been a change of pattern in the way bitcoin bulls chose to perform this time around which I think is even a little bit healthier for the market.

Let me simply tell you why bitcoin got the last ATH so quick, it was simply because of FOMO, and people were quite new to the system then, most people you have in the market now are still the old believers while we have very little believers.

With the experience we had in the last bull run, who do you think will react to market again speedily just seeing that the price is growing, people are beginning to take their time to slowly invest in bitcoin because they feel like, and not because FOMO forced them into it.
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June 13, 2019, 10:50:26 AM
 #17

I prefer to look at the price in the long term something like 5 months from now ... if we observe we realize that the price is getting to keep at $7400 whenever there is a big fall and this in my opinion can be very good because long term we can see a big increase, and maybe we end the year with the price of $12000

Let me simply tell you why bitcoin got the last ATH so quick, it was simply because of FOMO, and people were quite new to the system then, most people you have in the market now are still the old believers while we have very little believers.

I remember that it was a time where many people invested in the ICOs thinking that in a short time they would be very rich, it was a time of great greed and high optimism

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June 13, 2019, 11:33:55 AM
 #18

I think the uphill battles are always a thing in bitcoin when going up, do you really think that the previous going ups were easy?
Suddenly it became harder? I think whenever we want to go up it will require a lot of time and a big battle just to keep it going up for a short time breaking the resistance points.

Remember we were less than 4.2k just couple months ago and now we are double that price right now, during all that 100% increase it was simply just couple people buying couple bitcoins? We recently seen a 25 thousand bitcoins sold and the price only went from 9 thousand to 8 thousand and that is dropping which is easy, that means it required us probably buying at least 40-50 thousand bitcoins (40k-50k more than we sold not total) and that is why it has always been an uphill task.

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June 13, 2019, 11:18:25 PM
 #19

It looks like we have another break out run in the last couple of hours. BTC broke the $8k barrier and seems to be going upward now. 2 or 3 days ago, there was no clear trend, that's why many have been saying that it is a uphill battle. But now the sentiments swings around, so it we close this week above $8100, then the strength of the bulls will carry us for next week and the bearish trend will be all gone.

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June 13, 2019, 11:29:51 PM
 #20

With such fluctuations, I think investing in Bitcoin will now face many risks. Its price is not stable and it always goes up and down very oddly. If you are not sure about these types of charts, I think you should not invest in it and focus on other potential altcoins.
We do not need to keep too much BTC at this stage, its price is in danger of falling very high.
The fluctuation that makes bitcoin even profitable as our investment. We should put more money to the bitcoin consider about the fact that  when bitcoin gains the bull trend and almost whole of altcoin traders are dumping their altcoin for bitcoin. didn't you even know what will come next year for bitcoin? that's a very important event like block halving.

 
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