Monfex (OP)
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August 10, 2019, 04:12:32 PM |
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Here is the quick Monfex market analysis update. Trend analysis The price is starting to consolidate near the $11,800 mark. Reaching higher lows and lower highs, this may indicate a break out in either direction. Volatility is decreasing and the RSI is showing downward momentum.
The fast EMA (200) is starting to make a sideways move, but still showing momentum for Bitcoin .
The current trend broke below the bottom trend line of the trend that was established on July 30. This is could mean it is forming a new trend, but with the aforementioned factors taken into account, we could see some heavy movement in either direction.
What To Watch Watch for a break above $12,100. If this happens, we could see some good momentum upwards. If the price falls below $11,500 we could see a new downward trend headed to the nearest support of $11,100.
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justdimin
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August 11, 2019, 10:57:21 AM |
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I think there are times it declines and there are times it increases so it is still important to ask why it declined even if it went up. I mean when it was declining we were all speculating and when it went up we are like "well it is not declining, it went up", of course it did but why did it went down in the first place.
You all do realize that when bitcoin is bought and went up if the people who sold all their coins and dropped the price didn't do that we would have been higher right now? I mean when it was 13k and people sold the price went down and it rarely ever went back there, if people didn't sold at that time all these buys since that time would have put on top of it and we would have been over 20k right now. It is a sad reality that sellers are causing us all these problems.
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Monfex (OP)
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August 12, 2019, 03:17:41 PM |
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Bitcoin has been gaining good momentum lately and I am glad it did. It reached about 13k and faced a minor correction which I think it should have. Now that it's quite stable at 9.5k - 10.5k I think the price should start increasing in a few more days.
But wait, I see the movement of Bitcoin is reaching the resistance line. But from the chart below bitcoin will bounce back down. So, be wary of making decisions in the next few days if you are a day trader. Well this is not advice for anyone, but I only give consideration of my analysis, the rest of the decision is in your hands and hopefully this is useful. ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2FEOGEXYU.jpg&t=665&c=pbGwoIXZNLLkPQ) Based on your analysis, I can say that this is a very reasonable analysis for this market because it is certain that the value of Bitcoin will fall to a minimum of $8,000 in the coming time and will take long time to be able to return to the price of $10,000. Currently the value of Bitcoin is still very high compared to reality and I believe that holding stablecoin is the top priority option in this period because it is likely that the bear market will soon return. A drop to 8,000 is definitely reasonable. As shown here, we are recording lower highs and this could be a sign of things to come.
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Monfex (OP)
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August 12, 2019, 03:18:09 PM |
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Bitcoin has been gaining good momentum lately and I am glad it did. It reached about 13k and faced a minor correction which I think it should have. Now that it's quite stable at 9.5k - 10.5k I think the price should start increasing in a few more days.
But wait, I see the movement of Bitcoin is reaching the resistance line. But from the chart below bitcoin will bounce back down. So, be wary of making decisions in the next few days if you are a day trader. Well this is not advice for anyone, but I only give consideration of my analysis, the rest of the decision is in your hands and hopefully this is useful. ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2FEOGEXYU.jpg&t=665&c=pbGwoIXZNLLkPQ) Based on your analysis, I can say that this is a very reasonable analysis for this market because it is certain that the value of Bitcoin will fall to a minimum of $8,000 in the coming time and will take long time to be able to return to the price of $10,000. Currently the value of Bitcoin is still very high compared to reality and I believe that holding stablecoin is the top priority option in this period because it is likely that the bear market will soon return. Because of this things, many will sell their coins now, if they believe in the illustration stated at the above. If it is going to go down at 8k$, Though the price according to coinmarketcap was 11, 904$, perhaps it will take a long time before it recover again. But wait lets not forget that market is still unpredictable. The market is definitely unpredictable, but there are strong support lines that Bitcoin has to pass first before making its way down to 8,000.
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Monfex (OP)
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August 12, 2019, 03:18:39 PM |
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bitcoin is declining I think that's a normal cycle, we can't predict bitcoin in the future. can bitcoin experience price increases and price declines. so I think now the effect of rising or falling prices depends on the cycle in the market
We can't predict the future of course, it is recording lower highs as shown here and it could be a sign of things to come. https://www.tradingview.com/chart/BTCUSD/dZU6KKRE-Bitcoin-Can-t-Break-Resistance-So-Headed-to-Support/
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Monfex (OP)
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August 12, 2019, 03:18:58 PM |
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The next thing you can do is be careful from where the market move as we don't know what will happen later. But if you can make a solution from now on related to the situation, I think you don't need to panic if the market is increases or decreases. You can use one strategy that will be useful if the price increase. And you can also use the other strategy that will help you to prevent the big loss if the price decreased. So you could still move following the market, and you might get a chance to make a profit if the price increase later.
Going with the flow of the market is definitely the right way to go. Bitcoin can be very unpredictable at times, but if it breaks the 12k mark, then we can see clear skies ahead.
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Monfex (OP)
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August 12, 2019, 03:20:01 PM |
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The next thing you can do is be careful from where the market move as we don't know what will happen later. But if you can make a solution from now on related to the situation, I think you don't need to panic if the market is increases or decreases. You can use one strategy that will be useful if the price increase. And you can also use the other strategy that will help you to prevent the big loss if the price decreased. So you could still move following the market, and you might get a chance to make a profit if the price increase later.
That's totally true, that is why it is a great strategy to identify support and resistance lines. These can help you understand when there might be a sell off. Here is a TradingView idea I published that identified a bunch of resistance lines: https://www.tradingview.com/chart/BTCUSD/Ur1qmQ4Z-RESISTANCE-Trading-strategy-on-resistance-and-support/
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TheBusstop
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August 12, 2019, 07:28:14 PM |
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what do you think will be the next move after the uptrend. from my own little observation, it looks like we will continue the uptrend towards 13k price mark before another retrenchment to 10k. i doubt if the price will go below 9k this year again. i will love to see altcoins move in the same direction as bitcoin please.
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SirLancelot
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August 13, 2019, 10:57:45 AM |
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what do you think will be the next move after the uptrend. from my own little observation, it looks like we will continue the uptrend towards 13k price mark before another retrenchment to 10k. i doubt if the price will go below 9k this year again. i will love to see altcoins move in the same direction as bitcoin please.
Since we had once tested the value of $13800, I am sure that there might be a retest of it very soon if there can be a broken barrier of $12k, bitcoin will still try and target that, maybe even get to $14k before retracing back to $10k, but all still a perfect bet even if bitcoin goes back to $10k now, I have some coins that has been sold already at $12k, I would just have a better chance of buying cheaper then at $10k which would give me more coin than what I am holding right now. Every direction bitcoin goes will always be favorable if you really know how to shocking every side of the market, if bitcoin increases further now, it favors some of us, if it decreases, it still in a very big favor of us. Altcoins, I don’t really know what is going on with those ones.
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michellee
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August 13, 2019, 11:05:52 AM |
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I think this week, bitcoin was down again, but no one will know until how much the price will go down. We cannot predict how long this situation will be, but we can prevent from the down by selling some of bitcoin to buy again at a low price. I think we already make a profit in the last few weeks so we can prepare to buy the next bottom of the price. The trend still on the down and it looks like the trend will be like that for this day unless there is a massive buy from trader so the price can be lifted for a while.
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HYUP89
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August 13, 2019, 08:24:01 PM |
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all these charts looks so complicated ![Angry](https://bitcointalk.org/Smileys/default/angry.gif)
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nydiacaskey01
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August 13, 2019, 11:42:22 PM |
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One possible reason why Bitcoin price is declining is because of the Chinese ghost month which will last until end of this month. Asians who follow this tradition stay away from investing in new business ventures or try to buy anything. While other says there's not much affect, Chinse community still is a factor to consider in the sudden drop of BTC price.
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Distinctin
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August 15, 2019, 12:04:51 AM |
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One possible reason why Bitcoin price is declining is because of the Chinese ghost month which will last until end of this month. Asians who follow this tradition stay away from investing in new business ventures or try to buy anything. While other says there's not much affect, Chinse community still is a factor to consider in the sudden drop of BTC price.
This kind of tradition from the chinese maybe we will see the effect in stock market, but not much in crypto. Based on https://fitzvillafuerte.com/happens-stock-market-ghost-month.html , the ghost month in 2018 was from "August 11 to September 9" and I checked on the btc price last year here https://coinmarketcap.com/currencies/bitcoin/ and there no consistent drop of BTC price. From Aug 11 2018, BTC price at $6151, increase to 7380 on Sept 5 and in the end of the period, btc price at $6200 (approximate price only)
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Monfex (OP)
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August 16, 2019, 08:57:07 AM |
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what do you think will be the next move after the uptrend. from my own little observation, it looks like we will continue the uptrend towards 13k price mark before another retrenchment to 10k. i doubt if the price will go below 9k this year again. i will love to see altcoins move in the same direction as bitcoin please.
That uptrend seems to be over. The price collapsed back to the support of about $9,500 and it looks like we may be crawling back up right now. If it goes below $9,000 though, we may be in trouble. Goldman Sachs is bullish on Bitcoin, but even their analysts said that if it drops below the $9,000 mark, then Bitcoin is in trouble.
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Monfex (OP)
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August 16, 2019, 08:58:12 AM |
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what do you think will be the next move after the uptrend. from my own little observation, it looks like we will continue the uptrend towards 13k price mark before another retrenchment to 10k. i doubt if the price will go below 9k this year again. i will love to see altcoins move in the same direction as bitcoin please.
Since we had once tested the value of $13800, I am sure that there might be a retest of it very soon if there can be a broken barrier of $12k, bitcoin will still try and target that, maybe even get to $14k before retracing back to $10k, but all still a perfect bet even if bitcoin goes back to $10k now, I have some coins that has been sold already at $12k, I would just have a better chance of buying cheaper then at $10k which would give me more coin than what I am holding right now. Every direction bitcoin goes will always be favorable if you really know how to shocking every side of the market, if bitcoin increases further now, it favors some of us, if it decreases, it still in a very big favor of us. Altcoins, I don’t really know what is going on with those ones. Bitcoin was getting rejected hard around $12,000 and now it dropped. It looks like it has some good support at $9,500 now and we may see an upward trend soonish.
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Monfex (OP)
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August 16, 2019, 08:59:09 AM |
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I think this week, bitcoin was down again, but no one will know until how much the price will go down. We cannot predict how long this situation will be, but we can prevent from the down by selling some of bitcoin to buy again at a low price. I think we already make a profit in the last few weeks so we can prepare to buy the next bottom of the price. The trend still on the down and it looks like the trend will be like that for this day unless there is a massive buy from trader so the price can be lifted for a while.
It looks like it has some good support at $9,500 but if it goes below $9,000 we may be in trouble. Personally I got in at sub $9,000 and got out at $10,300 as it had met some tough resistance at $10,400. The chart looks good now and we may see an upward trend forming.
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Monfex (OP)
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August 16, 2019, 08:59:50 AM |
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all these charts looks so complicated ![Angry](https://bitcointalk.org/Smileys/default/angry.gif) They seem complicated at first, but once you get into TA it will open up a whole new world for you. I recommend you check out "investopedia" to brush up on the charts.
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jostorres
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August 16, 2019, 05:49:50 PM |
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I think what will happen next is the dominance will fall for bitcoin because all money went in there and people are slowly realizing there is not much money can be made from bitcoin so they gonna move that to either usdt which will drop the price (happening as of right now) and then there will be some that will move their money to altcoins which will make the real difference because then we will have altcoins going up a ton and that is where the real money comes in.
Even 1% of bitcoin moving to some coin would make it go insanely high and earn you easily x2-x3 of your investment. That is what people forgot, it takes a lot to move bitcoin but as soon as that money starts to pour into other altcoins it will be super easy to move that money and then people will use that money to fuel more bitcoin and it will repeat itself until its unsustainable.
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iam_aayushiJ
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August 20, 2019, 07:57:34 AM |
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Nice analogy and explanation, hope bitcoin keep increasing now. Meanwhile I am focusing on buying ripple with bitcoin. Ripple is currently at dirt cheap price, amongst the top 10 coins that I keep buying and selling, ripple and bnb are my top most choices.
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