Close to BIG Breakout. Will it be $7K or $13K?

[SquallLeonhart]

I think that all this while that bitcoin has been having series of correction, it is the high time for it to have that major breakout that we have been wanting and if we can just wait a little bit more, I am sure that that breakout will happen within the next 2 weeks, so for long term holder, they can still continue to wait for the value to break out to $13k, and then can decide if they want to sell then or keep waiting, but for shorter term trader, I think your suggestion is still better as we are all only predicting and even with your chart that is creating strong signal for breakout, we still have to be careful not to be misled.

In a situation like this, I just split my investment, I could take one out now and the leave the rest to risk it and see of there would be a major breakout.

[Herbert2020]

right now most of the investors are undecided and are waiting for either two things:
- a drop like what we had recently to buy cheaper coins which is why price is not going to go any lower than that and it gets increasingly difficult to push it down too because of the buy support that shaped there.
- the breakout to jump on board which is why we always see a FOMO buy right after a sideways action in bitcoin. and i guess the breakout will be to $15k instead of being so low at $13k.

[exstasie]

There's no shame in waiting for a confirmed breakout and buying the dip!

The market doesn't seem ready for breakout. Looks like bears are still defending the overhead trend line from the $13,000s. If the daily candle closes as a failure like this, we should expect to bounce back downwards into the lower end of the range:

[iv4n]

This is one of the hardest times to be a leverage trader right now. I mean it could go any direction and we have no idea what it will do.

Every time is the hardest time for leverage trading. Since I`m here traders have the same dilemmas. With this kind of questions, will it be 7k or 13k, it`s like gambling, trader have 50% chances to be right. Both are possible, we all know that, to play smart in this times means to keep your bitcoins safe, and if the price drops to buy some, I`m doing that. I`m not sure about 13k, but I believe that we will go over 11k before the new year. It`s definitely not the time for shorting, price can bounce back anytime, buy if it dips and be patient, if you don`t know what else to do.

[STT]

Seems like 13k even briefly was more likely of the two however negative I might think it would be after breaking a trend or failing in some way, it seems to drift back up which gives 13k constant credence

However we get a blip down to end the working week:



So I zoomed in as I presume this is the relevance till Monday.   Yellow is 8 day and also some trend so I think thats the most likely target we go for.   2 day average on the blue line, if we get past I guess it was just a stop loss check, cash in by some seller who then immediately buys back at a nicer price/profit.   Though I never think its one guy, its easier to characterize in that way.

[barota]

bitcoin will drop to level 7000 soon

[Wilhelm]

bitcoin will drop to level 7000 soon

Nahhh sideways forevah and then it goes booooom to da moon. Been here before... $7k only in a whale flashdump...

[BitHodler]

However we get a blip down to end the working week:
~snip~

It was to be expected with how low the volumes were today. We got an uptick on low volume that just wasn't going to hold, where the weekend made it even less likely for the price to break out.

CME closed the day in the red after a pretty firm rejection at $11.1k, which I think is healthier in case we do see the price bounce back up tomorrow. Most of the gaps we have had have always filled quite consistently.

Currently we're still being supported by the 21EMA on daily chart, but I'm not sure how long the price can be held above $10k-- one more sub $10k dive might lead to a massive dump where we take out the $9k mark.

[hatshepsut93]

All these months of sideways trading made me rethink my past predictions that this bull run will be short and might end before the next halvening. Now it looks like things will take much longer time, with multiple periods of explosive growth and sideways trading during next 1.5-2 years. $13k will be conquered sooner or later, but it won't be the only wall of this bull cycle.

[target]

This is one of the hardest times to be a leverage trader right now. I mean it could go any direction and we have no idea what it will do.

I do not deal with charts because I have seen them fail too many times but public sentiment is never wrong, if people are thinking that bitcoin will go up and hyped about it then the price will go up, however if they think bitcoin will be going down and afraid it will go down.

It is mostly because there is no regulation in bitcoin so when people are afraid they sell which directly causes it to go down or when people are hyped they buy and it directly goes up. Right now people look tired of the same price once again, it has been around the same price for a long time and people are about to say "it is enough of the same price, I am going out until something fun starts to happen".

Fudsters says the different things. If they spread fud and tells bad news, its the opposite that actually happen. Maybe its because of the disappointments that keeps going on that I only notice that same pattern but I think those fudsters aims to confuse traders who waits fundamental news.

[Pab]

It looks like that we are still in side way movement between 9500 K-10600 K
I don't believe much in dump to 7K.There is very strong support at 9K
Only one problem is lack of liquidity .Because of that quality alts are going down to btc
Benefit is that all that shitcoins will die forever and ever

[YuginKadoya]

Resistance is pretty much up ahead and I think we are not even piercing up right now and we are stock to $9000 and $10,000 USD, for now, it seems that it is ok to just buy when the price reaches a certain level from $10,000 and $11,000 it is a good small profit for now, but for me it is good to just hold it and wait for the big leap, well there isn't much for now but there is good take in being patient in every bull run we take, but the big leap may take a fall in the year 2022 and right now lets just savor a small profit for now.

[guoyu78]

bitcoin will drop to level 7000 soon

See one of them, you guys have come here again, but one thing I like about you people's prediction is that anytime there is a wish of downfall from your group, which is when bitcoin will start surging high.

Before April when bitcoin had not turned to $5000, many people were speculating that bitcoin would go down to $2000, we waited for their prediction, but rather than their prediction coming through, bitcoin started increasing in price till it crossed over to $13800 without ever touching that value, and now we are having someone predicting a huge dump from this high amount to $7000, it sounds quite so crazy to me and unreasonable prediction because bitcoin has already passed that stage of dumping that low, if there is going to even be a correction right now, highest we can dump is by  $1500.

[The Sceptical Chymist]

It seems that it broke up rather than down.

Maybe I'm missing something or being an idiot, but bitcoin hasn't broken out either way (yet).  It's been trading in a range ever since breaking out of its last range when it was hovering around $3500 for many months. 

I'm not a believer in technical analysis, but in this case I tend to agree with OP's analysis and also his advice with the stop-loss orders and whatnot.  The past market behavior of bitcoin makes me think that it's going to pop over $13k or fall below $8k--one of those things is probably going to happen.  And investors looks like they're pretty bullish right now, so my best guess is that we're headed higher rather than lower, but who knows.  Whatever happens, I doubt that bitcoin is going to fall as low as $7k.  If it does that, we're in trouble (but it'd be a damn good buying opportunity).

Benefit is that all that shitcoins will die forever and ever

Lol.  They're not dying, although a lot of them are stagnating right now.

[1Referee]

Benefit is that all that shitcoins will die forever and ever

It depends on what your definition of shitcoins is, but unfortunately they will not miraculously vanish from the crypto sphere. The thing with altcoins not showing any signs of life (relatively speaking) is that it forms a solid setup for a contrarian move.

The most intense bull runs happen when people don't expect it. Currently people are prepared for it with loaded bags (just like they did with Bitcoin last year), which only means that there is selling pressure that will curb any attempt of an altcoin season to initiate. Once people unload these bags, things will start to get interesting.

Smart money has a lot of patience and it might lead to another 6-12 months of boring market activity. Dumb money on the other hand doesn't have any patience and I'm of believe that they are on the verge of dumping.

[Bossian]

It seems that it broke up rather than down.

Maybe I'm missing something or being an idiot, but bitcoin hasn't broken out either way (yet).  It's been trading in a range ever since breaking out of its last range when it was hovering around $3500 for many months. 

I'm not a believer in technical analysis, but in this case I tend to agree with OP's analysis and also his advice with the stop-loss orders and whatnot.  The past market behavior of bitcoin makes me think that it's going to pop over $13k or fall below $8k--one of those things is probably going to happen.  And investors looks like they're pretty bullish right now, so my best guess is that we're headed higher rather than lower, but who knows.  Whatever happens, I doubt that bitcoin is going to fall as low as $7k.  If it does that, we're in trouble (but it'd be a damn good buying opportunity).

Benefit is that all that shitcoins will die forever and ever

Lol.  They're not dying, although a lot of them are stagnating right now.

Technical analysis can explain how BTC prices move 80% of the time, but you are not a believer?
Just see what some good posters post here, 80% of the time it's correct and the price touches the resistance, or the support.
Next support is around $9300, price is probably heading to that price soon or later.
Not good to buy right now, will probably buy more BTC around $9500 (September or October).

[Wilhelm]

It seems that it broke up rather than down.

Maybe I'm missing something or being an idiot, but bitcoin hasn't broken out either way (yet).  It's been trading in a range ever since breaking out of its last range when it was hovering around $3500 for many months. 

I'm not a believer in technical analysis, but in this case I tend to agree with OP's analysis and also his advice with the stop-loss orders and whatnot.  The past market behavior of bitcoin makes me think that it's going to pop over $13k or fall below $8k--one of those things is probably going to happen.  And investors looks like they're pretty bullish right now, so my best guess is that we're headed higher rather than lower, but who knows.  Whatever happens, I doubt that bitcoin is going to fall as low as $7k.  If it does that, we're in trouble (but it'd be a damn good buying opportunity).

Benefit is that all that shitcoins will die forever and ever

Lol.  They're not dying, although a lot of them are stagnating right now.

Technical analysis can explain how BTC prices move 80% of the time, but you are not a believer?
Just see what some good posters post here, 80% of the time it's correct and the price touches the resistance, or the support.
Next support is around $9300, price is probably heading to that price soon or later.
Not good to buy right now, will probably buy more BTC around $9500 (September or October).

It is a good time if you ultimately believe Bitcoin will go higher.
- If it breaks up you miss the train.
- If it breaks down you buy all the way down the dip. (Get a dollar cost average)
Trying to optimize your buy point is not a good strategy imo.

[figmentofmyass]

It is a good time if you ultimately believe Bitcoin will go higher.
- If it breaks up you miss the train.
- If it breaks down you buy all the way down the dip. (Get a dollar cost average)
Trying to optimize your buy point is not a good strategy imo.

it depends on your goals. for those who are most concerned about losing coins or "missing the train", you're right---waiting around for an optimal entry that may not come isn't worth the risk. but for those primarily concerned about USD profits and capital preservation, optimizing entry and minimizes losses is paramount. if all you care about is USD, there's always more opportunities to be had.

[Google+]

no one can guess the price movements of cryptocurrency, if your analysis is correct then it is just luck, indeed everyone is free to determine the bitcoin price movement but you should know that bitcoin price movements depend on demand, the higher the demand, the bitcoin price can be expensive , even a few more months will happen halving bitcoin that can make prices rise so rapidly.

[peter0425]

Should this not be in the speculation section of the forum as its more about prediction of what the value of bitcoin would be other than the present.

absolutely !!this must be transferred to Speculation section that you ca find here

https://bitcointalk.org/index.php?board=57.0

Because this is for bitcoin topic only that not speculative

no one can guess the price movements of cryptocurrency, if your analysis is correct then it is just luck, indeed everyone is free to determine the bitcoin price movement but you should know that bitcoin price movements depend on demand, the higher the demand, the bitcoin price can be expensive , even a few more months will happen halving bitcoin that can make prices rise so rapidly.

But atleast there’s a big  advantage if the TA is good to speculate the price soon.

And the given value of $7k - $13k is a good number to look at and would be also a good basis if you wanted to sell and wait for the fall,or just stay ho,ding till the price goes up