Bitcoin seems to be going up rapidly this morning

[adroitful_one]

Within the last few hours, Bitcoin has gone up $500 and still seems to be going up. Anyone have any speculation as to why? Looking at the 1day chart, I don't see any indication that the price would be going up today. In fact, it looks like it should be going down.. But, I'm pretty happy as I've just acquired some within the last day or two. That investment is already paying off.

[carlfebz2]

Lots of charts flying around lately which do shows some technicals that we might able to go down even further but the price is going into the opposite way.
Reasons? No one knows but these movements can be utilize up to generate some profits if you do short trades.
Usually i do always have the time to read up WO which is entertaining when it comes to Bitcoin price talks https://bitcointalk.org/index.php?topic=178336.0

[Theb]

If you are thinking about Bitcoin had made a reversal then think again since this might just be a bull trap and  some whales might just be pumping the market. I would still observe the market and see where will Bitcoin will go since 8,266$ isn't on any support level right and the next known support is around 8,500$+. And just by looking at the chary now its obvious that we are still in a bearish momentum any hints of a bull run are highly unlikely to happen.

[exstasie]

Within the last few hours, Bitcoin has gone up $500 and still seems to be going up. Anyone have any speculation as to why? Looking at the 1day chart, I don't see any indication that the price would be going up today.

Sellers look exhausted. There was an attempt to push new lows last night, but it was a weak, low volume dump. The subsequent reaction from bulls suggests it's at least time for a decent bounce, if not more.

If we get one more spike upwards towards $8,600 before a significant pullback, then we'll have impulsive form. That would suggest more upside is on the way. Then we can target the low-mid $9,000s or higher.

[mk4]

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Within the last few hours, Bitcoin has gone up $500 and still seems to be going up. Anyone have any speculation as to why? Looking at the 1day chart, I don't see any indication that the price would be going up today.

Come on now. You should know this for now. It's most likely just the typical price volatility of bitcoin(and other cryptocurrencies). Not every price movement needs to have a reason for it to move(besides the typical supply and demand), and also, don't look at TA as something that could predict price movements. TA surely cant predict people's emotions can it? Only use TA for taking a look at odds, and risk:reward ratios, not as something to use to predict markets.

[teosanru]

Here is the snippet of what I posted yesterday. We were on the descending triangle support on the 4h chart after which we went up to breaking the triangle upwards. We can see the current candle down and next 3-4 candles can be pretty bullish. Also looks like we are making a double bottom on the support which means possible targets could be around 8900-9000 area which is the calculated as a distance from neckline to bottom stretched upwards on the neckline. Also going above 9k BTC could regain some bullish momentum on daily chart too.

[MonsterV]

This is yesterday's chart after BTC experienced a MA break on TF1W (Long Red Candle) and will bounce back, so I suggest buying gradually over next few days. And pump this time there is no big news that affects because it is purely that the trade is in oversold point.

Sellers look exhausted. There was an attempt to push new lows last night, but it was a weak, low volume dump. The subsequent reaction from bulls suggests it's at least time for a decent bounce, if not more.

If we get one more spike upwards towards $8,600 before a significant pullback, then we'll have impulsive form. That would suggest more upside is on the way. Then we can target the low-mid $9,000s or higher.

Yeah right, I think bitcoin has indeed been oversold yesterday and that was lowest price I saw in a few weeks ago. From my analysis this time, bitcoin will pump up to $9,000+, so this time it's quite safe to buy indeed when viewed from TA.

[MathGame]

The bitcoin price is going upward because there's slight change in the market which shows a strong sign of recovery. We don't know whether this is for long term but we all want bitcoin price to hit roof soon.

[adroitful_one]

Here is the snippet of what I posted yesterday. We were on the descending triangle support on the 4h chart after which we went up to breaking the triangle upwards. We can see the current candle down and next 3-4 candles can be pretty bullish. Also looks like we are making a double bottom on the support which means possible targets could be around 8900-9000 area which is the calculated as a distance from neckline to bottom stretched upwards on the neckline. Also going above 9k BTC could regain some bullish momentum on daily chart too.

Nice, thank you for this post. I thought it might have been overselling or perhaps someone bought a pretty large amount and the rest were just fear of missing out. But, the 24 hour chart didn't look like it was that oversold yesterday. The reason I made this post was to hopefully see if someone had an explanation for it. It wouldn't hurt to try and be able to pick up on things like this.

[teosanru]

Here is the snippet of what I posted yesterday. We were on the descending triangle support on the 4h chart after which we went up to breaking the triangle upwards. We can see the current candle down and next 3-4 candles can be pretty bullish. Also looks like we are making a double bottom on the support which means possible targets could be around 8900-9000 area which is the calculated as a distance from neckline to bottom stretched upwards on the neckline. Also going above 9k BTC could regain some bullish momentum on daily chart too.

Nice, thank you for this post. I thought it might have been overselling or perhaps someone bought a pretty large amount and the rest were just fear of missing out. But, the 24 hour chart didn't look like it was that oversold yesterday. The reason I made this post was to hopefully see if someone had an explanation for it. It wouldn't hurt to try and be able to pick up on things like this.

You are welcome! It did look in the oversold zone yesterday but being in an oversold area solely doesn't means that bullish momentum can arrive you need to find some sort of divergence between the chart & the RSI which happened when RSI took support at 30 level which is the edge of oversold zone this signifies change in trend from bearish to sideways. Moreover creation of pattern further validates bullish reversal.

The bitcoin price is going upward because there's slight change in the market which shows a strong sign of recovery. We don't know whether this is for long term but we all want bitcoin price to hit roof soon.

Don't rely on it if you are getting in for a long term trade. It's just a sign of some side ways movement on the 4 hour chart, daily still looks pretty bearish to me.

[BitHodler]

Come on now. You should know this for now. It's most likely just the typical price volatility of bitcoin(and other cryptocurrencies). Not every price movement needs to have a reason for it to move(besides the typical supply and demand), and also, don't look at TA as something that could predict price movements.

It's funny if you think about how hard we have gone down in the last couple of weeks and how silent people were, but when the price shows an increase of a few percent (which is peanuts) people wake up to get excited.

TA is useful in the sense that you can seperate bear from bull markets, and it seems that we aren't very far from making lower lows in the coming days. People can cheer themselves up as much as they want, but the direction is down.

Overall, just like how we don't go up in a straight line, we don't go down in a straight line-- there will be bounces from time to time, but as long as the trend is down, these bounces will be sold into heavily.

[exstasie]

It's funny if you think about how hard we have gone down in the last couple of weeks and how silent people were, but when the price shows an increase of a few percent (which is peanuts) people wake up to get excited.

TA is useful in the sense that you can seperate bear from bull markets, and it seems that we aren't very far from making lower lows in the coming days. People can cheer themselves up as much as they want, but the direction is down.

The spike the OP pointed out looks like the right leg of a W-bottom. I'm not really excited, but it represents a trade opportunity. For those looking to sell or re-short the bounce, it's worth noting. Even in a bear market, a bounce to the low $9,000s is likely.

[Yamifoud]

Have to think for the start of the bull run? It was rallying well by now and I have to think that it keeps soaring until halving.
Hope this will takes a lead of the entire market to bounce back and encourage more investors to reinvest again. And we are in the 4th quarter already, much exciting to see how the market reacts after Bitcoin change its course back high again.

[jhongzjhong]

It's funny if you think about how hard we have gone down in the last couple of weeks and how silent people were, but when the price shows an increase of a few percent (which is peanuts) people wake up to get excited.

TA is useful in the sense that you can seperate bear from bull markets, and it seems that we aren't very far from making lower lows in the coming days. People can cheer themselves up as much as they want, but the direction is down.

The spike the OP pointed out looks like the right leg of a W-bottom. I'm not really excited, but it represents a trade opportunity. For those looking to sell or re-short the bounce, it's worth noting. Even in a bear market, a bounce to the low $9,000s is likely.

This is expected that bitcoin will bounce the price in the market. Based on the TA above it shows that it will hit more than $9k within this week. I noticed that every time bitcoin price sharply down it has always an opposite reaction and now rapidly goes up and look like after a month there is another correction. However, I don't bother my mind to create a different technical analysis. Instead, I will wait for the result and be prepared.

[nelson4lov]

It's about time for a recovery. The dump from 10k was very brutal. I think this is a relief rally for the bulls. Bitcoin was trading in range for a little over a month. And when the range broke, It went downhill. Despite the minor price recovery today, I'm not convinced that we've hit the bottom of the current downtrend yet. I expect more dips in the next couple of days (or weeks). But well, I can't predict the future.

[jmigdlc99]

Within the last few hours, Bitcoin has gone up $500 and still seems to be going up. Anyone have any speculation as to why? Looking at the 1day chart, I don't see any indication that the price would be going up today. In fact, it looks like it should be going down.. But, I'm pretty happy as I've just acquired some within the last day or two. That investment is already paying off.

Glad to know you're on the upside now. But really, who can tell whats next with bitcoin, hasn't it always been this roller coaster of a ride, never knowing or expecting when you'll be on top or at the bottom. I've learned to desensitize myself to fluctuations like these and now only trade up or average down when there are clear headline news that indicate massive price movement (like bitcoin etf decisions or the "halvening").

[voltesbit777]

He did rise slightly, just yesterday he was below 8000 $ according to today's coinmarketcap at 8366 $ hopefully since it's been a bit of a gradual bitcoin rise in the market, but I can say it's still a good opportunity to buy bitcoin in market as he goes up, just keep accumulating while he is low.

[Ararbermas]

Within the last few hours, Bitcoin has gone up $500 and still seems to be going up. Anyone have any speculation as to why? Looking at the 1day chart, I don't see any indication that the price would be going up today. In fact, it looks like it should be going down.. But, I'm pretty happy as I've just acquired some within the last day or two. That investment is already paying off.

day trading is the only key on this kind of performance of bitcoin mate..  And it's very risky if you let your money keep rotating within because you know sometimes it fluctuate So hard. so much better to monitor the chart  and do day trading in order to gain profits while the direction of bitcoin still uncertain.  

[Oasisman]

Within the last few hours, Bitcoin has gone up $500 and still seems to be going up. Anyone have any speculation as to why? Looking at the 1day chart, I don't see any indication that the price would be going up today. In fact, it looks like it should be going down.. But, I'm pretty happy as I've just acquired some within the last day or two. That investment is already paying off.

I dont recall theres a specific indications if the price goes up or down?
The answer to your question was already in the last part of your statement. We dont want to confuse ourselves with the hype news, TA's, and other predictions about the prices because they arent accurate, and it wont gonna be effective if people wont buy the news. The movement of the price doesnt depend on those I have mentioned, but it all depend on us (investors/traders). Simply buy and sell, supply and demand that causes the price movements.

[ethereumhunter]

Yes, I see that too. In the exchange, bitcoin price becomes stronger than a few days, and the candle has back to the green candle. I hope that could attract more investors to invest in bitcoin so that will push the price to a higher rate. We could see it might have a chance to rise for more than $8500 in this week or even higher, especially if there is any positive reaction from traders at the market. If that happens, then we will see a rise of bitcoin again this month.