[2019-10-11] Bitcoin Fails at Key Price Hurdle, Risks Return to $8,000

[CryptoBry]

While many Bitcoin supporters and holders got ecstatic because of the little jump the coin made in the past days, there is a big possibility that again Bitcoin can be back at the $8,000 level.

Bitcoin is facing further losses after the bulls failed to capitalize on price gains seen this week. The cryptocurrency’s quick pullback from a 2.5-week high of $8,830 to below $8,400 this morning has invalidated a bullish breakout on the 4-hour chart seen Wednesday, as seen below.

The failure to hold above the 200-day moving average (MA) at $8,654 has also weakened the bullish outlook on the daily chart and may have shifted risk in favor of a drop to $8,000 in the next 24 hours.

The failure to hold above the long-term average – a barometer of the long-term trend and a level which has acted as stiff resistance over the last two weeks – may embolden sellers, possibly leading to the deeper slide to $8,000. A daily close above the 200-day MA is needed to revive the short-term bullish setup.

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So we should be bracing for the dip happening tomorrow and in the next few days. On the bright side, we should get ready with our available funds or stablecoins so we can buy Bitcoin at a cheaper price. This can be a bad news or a good news depending on how we look at the development. Let's prepare for 2020 by increasing our silos in the remaining days of 2019. Are you with me?

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[error08]

Since the breakout failed let's hope it can hold a bit. don't think bitcoin will drop to $8000 in the next 24 hours, it still persists at $8300 for a while refused to go down further, there still a slight hope it can rise, mmmm I mean fluctuate between $8200-$8500, testing the resistance level to take place. Consider it as a daily routine in the bitcoin market, everything that goes up will go down.

[Mahanton]

So we should be bracing for the dip happening tomorrow and in the next few days. On the bright side, we should get ready with our available funds or stablecoins so we can buy Bitcoin at a cheaper price. This can be a bad news or a good news depending on how we look at the development. Let's prepare for 2020 by increasing our silos in the remaining days of 2019. Are you with me?

Bring it on!

Im not really that afraid on what would be the price movement on next hours or days.Important thing you do know to scalp out these movements.
Dipping again on 8k? Possible it can happen and this had been prove out by Btc wayback then.If weve been here on this market for how many years
then its no surprise with these movements or just like an ordinary day.

Just be prepared on what would be your action on next ticks of the price.

[deadsilent]

If it's going to dip again, then that's a good time to buy more. Experienced traders don't take this as a bad situation but good opportunity to acquire more Bitcoin. Cause they what's Bitcoin capable of. It could drop a little then soon recovers. Anyway, I think the reason if the price dipped is the rejection of ETF by SEC. People are hyping this news and we saw some good pump at the price. I smell long red days coming. So always watch the market. For those newbie traders always use the stop limit function to prevent losses.

[error08]

If it's going to dip again, then that's a good time to buy more. Experienced traders don't take this as a bad situation but good opportunity to acquire more Bitcoin. Cause they what's Bitcoin capable of. It could drop a little then soon recovers. Anyway, I think the reason if the price dipped is the rejection of ETF by SEC. People are hyping this news and we saw some good pump at the price. I smell long red days coming. So always watch the market. For those newbie traders always use the stop limit function to prevent losses.

But bitcoin remain persists at $8300, probably the new resistance point.
Although bitcoin ETF was expected to be rejected, but a little bit hype could encourage the price jump over $8600.
The market seems pretty sturdy at the moment, not surprising if bitcoin trying to break through the price wall again.

[buwaytress]

Feels a little redundant to say there's a risk of returning to 8k when it was only ever even at that sudden surge under 2% away from 8k. I'd be more interested in the risks of going to new quarterly lows. Would really like to test our resolve this close to the end of year. And put those lowest 5.5k TAs to the sword.

All the same, doesn't look like any of that to happen before Monday.

[magneto]

It's honestly expected. I saw the pump as a bull trap from the get go because of how strong resistance was at $8.5k the last few times that it was tested, and how long we've hovered around the $7.9-8k price level without movement. Besides, the bearish sentiment within the market is still overwhelming.

A correction back down to below $8k is absolutely within my expectations. Unless there is some major event to propell market sentiment upwards, like a SEC approval (which is not happening, given that another ETF has just gotten rejected and they've now moved onto targeting TON ICO), then I'd say markets still got some way to slip before bottoming.

It's a good time to start dollar cost averaging for sure. BTC is becoming undervalued considering that halving is next year.

[Lucius]

It's honestly expected. I saw the pump as a bull trap from the get go because of how strong resistance was at $8.5k the last few times that it was tested, and how long we've hovered around the $7.9-8k price level without movement. Besides, the bearish sentiment within the market is still overwhelming.

When you say that $8.5k was tested a few times and that price is hovered for long around $7.9-8k, do you know that price is starting to drop on September 24 from $9800 to $8370, and after that we have seen drop under $8000 few times. It's been less than three weeks since then, and the only serious attempt to break through $8.5k level was 3 days ago ($8600).

Obviously, the bears are running the game now, and they have power to dump enough coins and move the price back anytime. Bakkt, ETFs, China-USA trade war and similar things are just something that people try to correlate with price. The price can go either way, we should not be surprised by any outcome, $5000 or $15 000 by the end of this year are relatively possible outcomes.

[1Referee]

BTC is becoming undervalued considering that halving is next year.

There is no such a thing as an undervalued or overvalued Bitcoin.

Bitcoin doesn't have to increase any further even though it usually does so before a block halving. Markets don't have to repeat the exact same pattern over and over. Bitcoin is designed to handle lower miner profitability by adjusting its difficulty lower, which we have seen Bitcoin do last year despite all the fud articles about a death spiral.

Another retest of the $7770 level and I'm sure that we're heading towards $7000 (give or take $200) which I consider the first potential bottom area. It's never a good thing to keep ramming on the same support level over and over so don't be surprised to see another ~15% drop this month from current levels.

[veleten]

want to point out that returning to 8.000$ is not a risk or something to be feared of
its a very realistic level , seeing the price stabilize at 8300 is after a 2000$ drop and currently , there are no signs of it going back to 10k
the volumes are low , the ATH that many were expecting is not going to happen this year , I'm almost certain about it
I'm comfortable with any bitcoin price that is > 5.000$  , under that level it is time to buy
lets wait for the seasonal , end of the year levels and then expect the halving  breakthrough in price in 2020

[timerland]

Seems pretty realistic we'll see returns back to the 8,000 level within a couple days, but I wouldn't expect anything drastic in the coming days, I think we are going to have pretty boring markets until the end of the year, with Bitcoin just hovering around the 7-9k level recently.

I didn't expect BTC to be so low following recent events, I guess there are no stream of big investors in the market now, let's just hold out until the halving and then we'll definetly see movement then.

[BitHodler]

I guess there are no stream of big investors in the market now, let's just hold out until the halving and then we'll definetly see movement then.

Big investors aren't really that different from the smaller fishes in the sense that they don't touch Bitcoin when it doesn't go up, unless they are trying to accumulate, but they have done that well below current prices already.

Following the technicals, there is not much reason to be bullish, more to be bearish---it was the exact opposite back in April this year when the market broke yearly high after yearly high.

People somehow haven't accepted the bearish sentiment yet, which I think they will when they see the price plummets to lower lows. $6k isn't all that far fetched.... unpopular opinion, but what non bullish opinion isn't unpopular on this forum?